Summary – EZC Decision Meeting 20250527
Virgin Islands Enterprise Zone Commission Decision Meeting of Tuesday, May 27, 2025 Summary During the Enterprise Zone Commission (“EZC”) Governing Board Meeting on Tuesday, May 27, 2025, the Governing Board heard recommendations from the EZC Team regarding three (3) compliance matters and the establishment of four (4) new zones, and voted as follows: Regular Session: ➢ Action Items: ❖ COMPLIANCE: • BrandChamp, Inc & Waterfront Development & Management, LLC – Modification BrandChamp Inc. & Waterfront Development & Management, LLC (“BrandChamp”) were granted tax exemption benefits for the rehabilitation of a building located in the Savanne-Downstreet Enterprise Zone at 80 Kronprindsens Gade, St. Thomas. BrandChamp committed to investing $ $25,000 and to employing eight (8) employees who are residents of the Virgin Islands. On March 27, 2025, BrandChamp filed a petition requesting an employment modification. The Governing Board voted (5 – 0) to: 1. Approve BrandChamp Inc. …
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Virgin Islands Enterprise Zone Commission Decision Meeting of Tuesday, May 27, 2025 Summary During the Enterprise Zone Commission (“EZC”) Governing Board Meeting on Tuesday, May 27, 2025, the Governing Board heard recommendations from the EZC Team regarding three (3) compliance matters and the establishment of four (4) new zones, and voted as follows: Regular Session: ➢ Action Items: ❖ COMPLIANCE: • BrandChamp, Inc & Waterfront Development & Management, LLC – Modification BrandChamp Inc. & Waterfront Development & Management, LLC (“BrandChamp”) were granted tax exemption benefits for the rehabilitation of a building located in the Savanne-Downstreet Enterprise Zone at 80 Kronprindsens Gade, St. Thomas. BrandChamp committed to investing $ $25,000 and to employing eight (8) employees who are residents of the Virgin Islands. On March 27, 2025, BrandChamp filed a petition requesting an employment modification. The Governing Board voted (5 – 0) to: 1. Approve BrandChamp Inc. & Waterfront Development & Management, LLC’s modification request to change its employment amount from eight (8) employees, three (3) temporary & five (5) permanent full-time) to two (2) permanent full-time employees. 2. Require all other terms and conditions of the EZC Certificate to remain unchanged and in full force and effect. ❖ APPLICATIONS: • Conn Jay Davis, II – Tax Credit Conn Jay Davis, Il (“CJD”) applied for Enterprise Zone Tax Credits available to rehabilitate athree-story building located in the Garden Street – Upstreet Enterprise Zone at #12 Crystal Gade & 2E Bjerge Gade, St. Thomas. CJD committed to investing $633,000 and to employing nine (9) employees, seven (7) temporary employees and two(2) permanent full-time employees, who are residents of the Virgin Islands. The Governing Board voted (5 – 0) to: 1. Find Conn Jay Davis, Il to be eligible for the EZC Tax Credit Program. 2. Grant Conn Jay Davis, Il is deserving of a grant of tax incentive benefits for #12 Crystal Gade & 2E Bjerge Gade located in the Garden Street-Upstreet Enterprise Zone. 3. Require the tax incentives to be 100% of the benefits authorized by law for a period of 10 years in accordance with the provisions of Title 29 VI. CODE ANNOTATED, Chapter 19. ❖ OTHER: 1. Frederiksted Enterprise Zone - Expansion The Governing Board voted (5 – 0) to: o Forward a recommendation with the appropriate map and legal description to the Governor to expand the Frederiksted Enterprise Zone for his review and approval pursuant to Title 29 VIC Chapter 19, §1003(1). 2. Garden Street – Upstreet Enterprise Zone - Expansion The Governing Board voted (5 – 0) to: o Forward a recommendation with the appropriate map and legal description to the Governor to expand the Frederiksted Enterprise Zone for his review and approval pursuant to Title 29 VIC Chapter 19, §1003(1). 3. Cruz Bay, St. John - New Commercial Zone Designation The Governing Board voted (5 – 0) to: o Forward a recommendation with the appropriate map and legal description to the Governor to designate the historic town of Cruz Bay, Saint John as a Commercial Zone for his review and approval pursuant to Title 29 VIC Chapter 19, §1003(1). 4. Enterprise Cruz Bay, St. John - New Commercial Zone Designation The Governing Board voted (5 – 0) to: o Forward a recommendation with the appropriate map and legal description to the Governor to designate the Charlotte Amalie Downtown, Saint Thomas as a Commercial Zone for his review and approval pursuant to Title 29 VIC Chapter 19, §1003(1).