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  3. How does the TIF application process work in the U.S. Virgin Islands?

How does the TIF application process work in the U.S. Virgin Islands?

  • Developer applies to the VIEDA for certification to perform TIF project.
  • Application must be supported by TIF project’s preliminary development plan. Required contents of the plan listed in the Virgin Islands law Title 29 V.I.C. Section 1204(a).
  • VIEDA determines whether to certify project based on criteria outlined in the VI law.
  • VIEDA determines boundaries of TIF area.
  • Type of property tax assessed of TIF area.
  • VIEDA calls a public hearing re: the suitability of the proposed project.
  • VIEDA approves TIF development plan and certifies TIF project.
  • Payment of application processing fee.