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VIEDA Board of Directors to consider applications for tax incentives, low-interest loans from businesses on October 27

CHARLOTTE AMALIE, St. Thomas, U.S. Virgin Islands – October 18, 2022 – Wayne L. Biggs, Jr., chief executive officer of the Virgin Islands Economic Development Authority (VIEDA), announces that a Public Hearing will be held for the Virgin Islands Economic Development Commission at 9AM on Thursday, October 27, 2022 for the following applicant applying for tax incentives provided by the VIEDC and Beneficiaries petitioning for waivers as follows:

  • Hibiscus Beach, LLC d/b/a Hibiscus Beach Hotel is a U.S. Virgin Islands limited liability company that was organized on October 5, 2018. Hibiscus Beach seeks Economic Development Commission tax incentives as a Category III for its ownership, construction and development of a boutique hotel and amenities normally associated with a hotel, to be located on St. Croix.
  • CREF3 USVI Hotel Owner, Inc. (“CREF3”) f/n/a DiamondRock Hotel Owner, Inc. is an existing beneficiary operating as a Category III hotel/guesthouse business, including ancillary activities normally associated with a full-service hotel. CREF3 is seeking an extension of a waiver of its full-time employment requirement.
  • Salt Pond Holdings, LLC (“Salt Pond”) is an existing VIEDC Beneficiary is a Category IIA designated service business, providing private merchant banking services and family office services, which encompass trading in stocks or securities and financing operations for businesses located outside the USVI. Salt Pond is seeking a waiver of its full-time employment requirement.

VIEDC shall deliberate on the aforementioned waivers at its Governing Board Decision Meeting immediately following the public hearing.

A Governing Board Decision Meeting will also be held for the Economic Development Bank (EDB) on small business loan applications received by the EDB. 

The VIEDA advises the public that the Board of Directors may go into executive session with respect to any decision at any time during the meetings as provided in 1 V.I.C. § 254.

This meeting will be conducted via Zoom, a software-based platform for video and audio communications.  *Registration is required to participate in the Board meeting.

Interested individuals are invited to register and join the meeting, via Zoom, through the following link:

Zoom Registration Linkhttps://us02web.zoom.us/meeting/register/tZModOqgpjgrHNTsKkV-5ngqHS1hZbqsbbn0 .

After registering, individuals will receive a confirmation email containing information about joining the meeting. Meeting registrants are reminded that the link they receive after registration should not be shared with anyone as all persons are required to register on their own behalf.  

As Board meeting agendas become available, they can be found on the VIEDA website at  www.usvieda.org/about-usvieda/board-directors/board-meeting-agenda.

Following the meeting, summaries of the Board’s decision(s) will also be available to the public on the VIEDA website at https://usvieda.org/about-usvieda/board-directors/board-meeting-summaries.

For more information, please email info@usvieda.org.

“The Bryan-Roach Administration is investing in the Territory’s people, infrastructure and future through transparency, stabilizing the economy, restoring trust in the government and ensuring that recovery projects are completed as quickly as possible. Visit http://transparency.vi.gov .”

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