Summary – EDC Public Hearing 20250527
1 Virgin Islands Economic Development Commission Public Hearing of Tuesday, May 27, 2025 Summary During the Virgin Islands Economic Development Commission (“VIEDC”) Public Hearing on Tuesday, May 27, 2025, the VIEDC Governing Board heard one (1) application presentation as follows: ❖ APPLICATIONS: • DV USVI Investment LLLP – New Application [Category III – Hotel; Investment: $103,500,000; Jobs: 150; Location: St. Thomas, VI] DV USVI Investment LLLP (“DV USVI”) seeks VIEDC tax incentive benefits as a Category III – Hotel/Guesthouse. On July 15, 2024, DV USVI filed an application with the Virgin Islands Economic Development Commission (“VIEDC”) for tax incentive benefits as a Category III – hotel/guesthouse. DV USVI shall own, construct, and develop a resort and amenities normally associated with a hotel to be located on Estate Smith Bay property. DV USVI shall invest its own money to fund the acquisition and renovation of project property. …
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1 Virgin Islands Economic Development Commission Public Hearing of Tuesday, May 27, 2025 Summary During the Virgin Islands Economic Development Commission (“VIEDC”) Public Hearing on Tuesday, May 27, 2025, the VIEDC Governing Board heard one (1) application presentation as follows: ❖ APPLICATIONS: • DV USVI Investment LLLP – New Application [Category III – Hotel; Investment: $103,500,000; Jobs: 150; Location: St. Thomas, VI] DV USVI Investment LLLP (“DV USVI”) seeks VIEDC tax incentive benefits as a Category III – Hotel/Guesthouse. On July 15, 2024, DV USVI filed an application with the Virgin Islands Economic Development Commission (“VIEDC”) for tax incentive benefits as a Category III – hotel/guesthouse. DV USVI shall own, construct, and develop a resort and amenities normally associated with a hotel to be located on Estate Smith Bay property. DV USVI shall invest its own money to fund the acquisition and renovation of project property. DV USVI plans include 300 spacious guest rooms in two (2) buildings, a third building will house administrative offices and the conference and banquet facilities, a fourth building will contain the Wellness Center, and the fifth building will be devoted to infrastructure. The hotel will offer four (4) pools, a waterpark, banquet and conference facilities, and a wedding deck to round out the outdoor facilities. DV USVI commits to employing 150 full-time employees within one (1) year of commencement of hotel operations. DV USVI also commits to invest a minimum capital investment of $103,500,000 in the benefited business. DV USVI further agrees to meet all statutory and special conditions, and other applicable requirements for the grant of tax incentive benefits. DV USVI s is located on the island of St. Thomas.