ST. THOMAS — Governor Kenneth Mapp reviewed the applications of three companies seeking Economic Development Authority (EDA) benefits this week, approving one while denying two, a press release Government House issued this afternoon has made known.
In a decision handed down on Tuesday, the governor approved tax benefits to Spectrum Engineering, Inc.
According to a blurb on the company’s website, “Spectrum Engineering provides comprehensive services in the areas of environmental, civil, process, mechanical, and structural engineering. From environmental reporting and conceptual planning to total turn-key project delivery which includes system design, regulatory permitting, construction management, start-up and employee training, we offer a complete package.”
However, today, the governor denied benefits to Leeward Capital Corporation and Perpetual Motion Management, LLC.
“In reviewing the applications it was clear to me that both Leeward’s and Perpetual Motion’s applications do not adequately meet the appropriate ratio of investment in our economy for an award of tax holidays as outlined in the vision and purpose of our tax incentive program. If I were to approve the benefits, the applicants would receive benefits that would far outweigh the levels of investment in our economy,” Mr. Mapp said.
A quick search for Leeward Capital produces a top result of a website that has been listed for sale, and Perpetual Motion’s website, at the time of writing, did not include an “About Us” page that clearly defines the firm’s vision.
Decision letters were sent to Wayne Biggs, acting chief executive officer of the EDA, for the appropriate action.
Tags: eda benefits, governor kenneth mapp, us virgin islands
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