The V. I. Economic Development Authority (VIEDA), through its Economic Development Commission’s Board of Directors, recently held its final regular public hearing and decision meeting for 2014, where it decided on application matters concerning 13 businesses.
See the first six decisions here. The remaining seven decisions can be found below.
Tropico Management, LP: The EDC Board voted to vacate its decision of Sept. 1, 2011 to terminate St. Croix-based Tropico Management, LP’s benefits effective April 30, 2011 and voted to grant suspension of benefits from May 1, 2011 to Sept. 30, 2013. The EDC Board also voted to acknowledge this business’s wholly-disregarded entities Tropico Equity Partners, LLC; Tropico Edgewood Partners, LLC; Tropico Messadonia Equity Partners, LLC; Tropico Northview Equity Partners, LLC; Tropico Taft Equity Partners, LLC; and Tropico Riverside Equity Partners, LLC, as beneficiaries under the reactivated certificate, effective Oct. 1, 2013 to April 30, 2018. The EDC Board voted for a waiver of the business’s employment and charitable contribution requirement, and required Tropico to employ a minimum of eight employees, excluding its owners; make a minimum contribution of $30,000 annually from Oct. 1, 2013 to April 30, 2018; and be required to make the pro-rated contribution for 2013 of $7,500 and 2014 charitable requirement within 90 days of the Board’s decision. In response to the business’s request for modification of benefits pursuant to Act No. 7651, the EDC Board found that Tropico Management LP and its wholly-owned disregarded entities are not deserving of the extended tax benefits and to deny the business’s application to extend its term of benefits for a period of 15 years at 100 percent of benefits, according to the provisions of law.
Tropico Management LP provides business management, and investment trading and advisory services, consulting services, accounting and tax services, financial modeling, and related business services to clients outside the U.S. Virgin Islands.
International Capital & Management Company, LLC: The EDC Board found that St. Thomas-based International Capital and Management Company, LLC is deserving of the grant of tax exemption benefits and will continue to promote the economic development of the U.S. Virgin Islands; and voted to submit its findings and recommendation to the Governor of the U.S. Virgin Islands to approve a modification of benefits to extend the initial benefit period from 10 to 20 years–10 years at 100 percent of benefits and 10 years at 100 percent of benefits for an additional investment in excess of $10 million in the beneficiary’s business to be made by International Capital and Management Company, LLC, the beneficiary or its affiliated entity, International Capital and Management Company, LLLP.
International Capital & Management Company, LLC provides business consulting and management services, construction management and advisory services, investment management and reporting services, accounting and private merchant banking services, and the operation of a corporate university.
B & B Manufacturing, Inc.: The EDC Board voted to table this matter pending a review of the application of Act No. 7651 to extensions for tax benefits.
Harborside Corporation d/b/a Bolongo Bay Beach Resort: The EDC Board voted to reconsider its grant of benefits, which specifically excluded activities prior to Oct. 9, 2013. The Board voted to change the conditions of St. Thomas-based Harborside Corporation’s grant of benefits for specifically excluded trade or business to exclude gross receipts tax benefits prior to June 1, 2013 and all remaining tax benefits prior to Oct. 1, 2013; and hotel management services for Water Bay Condo units and the Villa Olga operations. Benefits also do not extend and are not available to vacation-ownership and condominium owners or to the sale of condominium or vacation-ownership units.
Harborside Corporation operates a hotel on St. Thomas.
Sunshine Shopping Center, Inc.: The EDC Board reconsidered St. Croix-based Sunshine Shopping Center, Inc.’s extension application based on the change in applicable law, specifically intervening law Act No. 7651, in which a change occurred after the public hearing and prior to the issuance of the certificate of benefits. The EDC Board voted to extend its application for benefits for an additional 15 years and modify benefits effective 2013.
Sunshine Shopping Center, Inc. owns and operates a shopping center on St. Croix.
Carambola Golf Club, LLC: The EDC Board reconsidered St. Croix-based Carambola Golf Club, LLC’s extension/modification application based on the change in applicable law, specifically intervening law Act No. 7651, in which a change occurred after the public hearing and prior to the issuance of the certificate of benefits. The EDC Board voted to extend the initial grant of benefits from a term of 10 years to a term of 30 years–for an additional 20 years at 100 percent of benefits–and to modify its grant of benefits effective Jan. 1, 2013.
Carambola Golf Club, LLC operates a golf course on St. Croix.
Westin St. John Hotel Company, Inc.: The EDC Board reconsidered Westin St. John Hotel Company, Inc. and its wholly-owned subsidiaries WVC St. John and Westin Vacation Management Company’s extension/modification application based on the change in applicable law, specifically intervening law Act No. 7651, in which a change occurred after the public hearing and prior to the issuance of the certificate of benefits. The Board voted to recommend an additional term of 10 years at 90 percent benefits for an additional investment in the beneficiary’s business of more than $10 million.
Westin St. John Hotel Company, Inc. operates a hotel on St. John.
Image Credit: Renaissance Carambola, St. Croix
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