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1 www.usvieda.org FY 2023 ANNUAL REPORT VIRGIN ISLANDS ECONOMIC DEVELOPMENT AUTHORITY ST.CROIX DISTRICT 116 King St. Frederiksted, St. Croix, U.S. Virgin Islands, 00840 m 340-773-6499 ST. THOMAS-ST. JOHN DISTRICT 8000 Nisky Shopping Center Suite 620, 2nd Floor St. Thomas, U.S. Virgin Islands, 00802 m 340-714-1700 k info@USVIEDA.org K www.USVIEDA.org 1 www.usvieda.org FY 2023 ANNUAL REPORT Message from the Board Chairman As a member of the Virgin Islands Economic Development Authority’s (“USVIEDA” or “Authority”) Board of Directors, I acknowledge the crucial role we play in shaping strategies that positively impact the residents of the U.S. Virgin Islands. In our capacity, my colleagues and I witness proposals and projections transform into actual investments, emphasizing the critical role of USVIEDA’s programs. In Fiscal Year 2023, the Board’s actions resulted in new businesses receiving tax incentives to invest in the Territory. This will not only generate direct, indirect, and induced tax revenue for years to come but will also lead to the creation of new jobs for our residents. Notably, the Hotel Development Act’s bonding and fee options played a crucial role in the return of Frenchman’s Reef, one of our major private employers, which will undoubtedly bolster the tourism sector by significantly increasing the Territory’s hotel room capacity. Recognizing the backbone of our economy lies in our small business community, USVIEDA successfully secured $57.5 million in State Small Business Credit Initiative (“SSBCI”) funding this fiscal year. This funding aims to assist local businesses in accessing much-needed financing, and I anticipate an increase in lending activity in the upcoming fiscal year as the SSBCI program complements USVIEDA’s loan products to support a greater number of entrepreneurs. Given our status as a U.S. Territory, the relationships we establish and maintain with federal partners are pivotal to the success of our economic development initiatives. In August, USVIEDA had the privilege of hosting meetings with local business owners during the visit of Undersecretary of Commerce for Minority Business Development Donald “Don” R. Cravins, Jr. These meetings provided valuable insights into the USVI’s business environment and areas where entrepreneurs require assistance. At the end of his visit, Undersecretary Cravins announced the allocation of $3 million to M. Gill and Associates, a Minority Business Development Agency (“MBDA”) consultant, to operate a Capital Readiness Program in the USVI, Puerto Rico, and Florida. This program is expected to offer technical assistance, fostering the growth of businesses and improving access to capital, bonding, and contracting opportunities for entrepreneurs. The future holds many exciting prospects for the USVI, and I eagerly anticipate continuing the important work of USVIEDA to bring about meaningful and progressive economic change to the Territory. I thank the Honorable Governor Albert Bryan Jr. for his support of the Authority and applaud the dedication of the USVIEDA team, particularly under the leadership of CEO Wayne L. Biggs, Jr. I am also honored to have the trust to serve as Chair of this esteemed body, alongside my fellow Board members. Kevin A. Rodriquez Chairman USVIEDA Board of Directors 2 www.usvieda.org FY 2023 ANNUAL REPORT 3 www.usvieda.org FY 2023 ANNUAL REPORT Message from the CEO In Fiscal Year (“FY”) 2023, the Virgin Islands Economic Development Authority (“USVIEDA” or “Authority”) embraced collaboration, leveraging partnerships with the public, private, and non-profit sectors to enhance the economic and social landscape for the Territory’s residents. Through these alliances, we anticipate impactful change, not only in the short term but also for future generations. The achievements outlined in this report are closely aligned with the objectives of Vision 2040, the U.S. Virgin Islands’ 20-year strategy aimed at transforming the Territory’s economic environment into one that is more resilient, vibrant, and prosperous. A few of the Authority’s highlights from FY 2023 include: À Launching the VI Slice Moderate-Income Homeownership Program (“VI Slice”), a gap financing program to help eligible Virgin Islanders acquire their first home. By the end of FY 2023, a total of five (5) VI Slice-assisted mortgages had been closed, with four (4) on St. Croix and one (1) on St. Thomas. À Securing $57.5 million in State Small Business Credit Initiative (“SSBCI”) 2.0 funding from the U.S. Department of the Treasury (“Treasury”), four times the amount of SSBCI 1.0. This substantial funding, along with diverse SSBCI program offerings, is poised to catalyze larger-scale projects, fostering increased commercial lending activity in the Territory. À Commencing a global marketing campaign, utilizing Vision 2040 as a guide, to develop a formalized foreign direct investment (“FDI”) strategy as we take a more targeted approach to attracting investors to the Territory. The agency is also undergoing a rebranding process to give us a fresh, new look as we connect with both our internal stakeholders and external audience. À Executed 11 certificates with Beneficiaries of the Virgin Islands Economic Development Commission (“VIEDC”) tax incentive program. The commitments made by these businesses represent the potential of over $31 million in capital investment, 65 full-time jobs created or retained, and over a period of five years, approximately $10.7 million in taxes paid. The Authority ended FY 2023 on a high note. We are actively engaging with 20 promising leads to foster their investment interest through consistent communication. USVIEDA’s diverse range of products and services continued to make an impact as we used tax credits and neighborhood revitalization tools to transform our enterprise zones, offer technical assistance to startups, and effectively manage Federal Emergency Management Agency (“FEMA”) funding for major capital projects and hurricane repairs at our industrial parks. I appreciate the support of the Honorable Governor Albert Bryan Jr. and his administration, along with the 35th Legislature of the Virgin Islands, as USVIEDA carries out its mission. The guidance from our Governing Board and the dedication of the Authority’s team of professionals have enabled the accomplishment of numerous goals in FY 2023. The USVIEDA team looks forward to continuing our partnerships in the coming fiscal year to improve the quality of life and place for the people of the U.S. Virgin Islands. Wayne L. Biggs, Jr. Chief Executive Officer Virgin Islands Economic Development Authority 4 www.usvieda.org FY 2023 ANNUAL REPORT Board Of Directors 1Jose` A. Penn appointed as Board Secretary in March 2023. 2Positive T. Nelson appointed as Cannabis Czar – Special Advisor to the Governor at the Virgin Islands Department of Agriculture in April 2023. Kevin A. Rodriquez Chairman Deputy Chief of Staff Governor Albert Bryan Jr. Governor’s Staff Representative Gary Molloy Vice Chairman Commissioner Virgin Islands Department of Labor José A. Penn Secretary1 Chief Financial Officer of Penns’ Apartment Rental, Inc.; Penns’ Jeep Rental, Inc. and Penns’ Trucking Services, Inc. (St. John Representative) Philip Payne Board Member Owner and CEO of Dyer & Payne, Inc. (St. Croix Representative) Positive T. Nelson Board Member Office of the Governor Special Advisor/Cannabis Czar Anise I. Hodge Board Member Deputy Executive Director Virgin Islands Port Authority 5 www.usvieda.org FY 2023 ANNUAL REPORT VIEDA Management Team October 1, 2022 – September 30, 2023 3Rosa Thomas, Assistant Chief Executive Officer, resigned from her position on March 31, 2023. 4Dwayne Benjamin was hired as the new Assistant Chief Executive Officer on August 1, 2023. 5Shanell Petersen, Director of Marketing & 2040 Vision, resigned from her position on October 6, 2022. 6Celina D. Morris, Executive Assistant to the CEO, was promoted to the position of Director of Marketing on April 2, 2023. Wayne L. Biggs Jr. Chief Executive Officer Rosa C. Thomas3 Assistant Chief Executive Officer Dwayne A. Benjamin4 Assistant Chief Executive Officer Tracy L. Bhola, Esq. General Counsel Kelly Thompson Webbe Chief Financial Officer Margarita A. Benjamin Managing Director Economic Development Nadine Marchena Kean Managing Director Enterprise Zone Commission Shanell Petersen5 Managing Director of Marketing & 2040 Vision Monique T. Samuel Managing Director Economic Development Bank Sharmane Brookes Director, State Small Business Credit Initiative MISSION STATEMENT The U.S. Virgin Islands Economic Development Authority (USVIEDA) strives to be a customer service-based organization that creates positive/public private sector partnerships for the enhancement of economic growth and development by meeting the challenges of the global economy and serving the needs of the business community while embracing our unique cultural heritage and preserving our pristine natural environment. Mark C. Finch Director, Physical Plant Economic Development Park Corporation Celina D. Morris6 Director, Marketing Kali Richardson Director, Human Resources 6 www.usvieda.org FY 2023 ANNUAL REPORT 7 www.usvieda.org FY 2023 ANNUAL REPORT Table of Contents Message from the Chairman of the Board.................................................................................01 Message from the Chief Executive Officer............................................................................... 03 Board of Directors........................................................................................................................ 04 Management Team...................................................................................................................... 05 Mission Statement....................................................................................................................... 05 Overview: U.S. Virgin Islands Economic Development Authority..........................................10 Virgin Islands Economic Development Commission................................................................ 11 Economic Development Commission Applications Division...................................................12 Economic Development Commission Compliance Division................................................... 24 Virgin Islands Economic Development Park Corporation.........................................................32 Enterprise Zone Commission...................................................................................................... 36 Economic Development Bank.................................................................................................... 42 Incubator Program....................................................................................................................... 50 Marketing and Public Relations...................................................................................................52 Financials - Summary...................................................................................................................73 Staff of the U.S.V.I. Economic Development Authority...........................................................74 8 www.usvieda.org FY 2023 ANNUAL REPORT USVIEDA at a Glance Administration & Finance À No. of Consecutive Unmodified Audit Opinions from External Auditors - 12 À Total Operating Budget - $6.61M Human Resources À Total Employee Headcount – 45 À Number of Employees in the St. Croix District – 20 À Number of Employees in the St. Thomas/St. John District – 25 À New Hires – 8 Marketing & Public Relations External Marketing À Trade Shows and Conferences Attended/Sponsored – 8 À Number of Leads/Hot Projects – 20 À Total Investment Potential of Hot Projects - $613.5M À Number of Site Visits Hosted – 10 Internal Marketing/PR À News Stories – 69 À News Conferences – 3 À Radio Interviews – 25 À Video Interviews – 2 Virgin Islands Economic Development Commission (VIEDC) À Total VIEDC Applications Received – 12 ¼ New Applications Received – 11 ´ Jobs to be created – 83 ´ Approximate wages to be paid - $3.7M ´ Approximate investments to be made - $14.2M ´ Approximate charitable contributions to be made - $225.5K ´ Approximate total taxes over a five-year period - $167M ¼ Modification Applications Received – 1 ¼ Potential Future Economic Impact of Total Applications Received ´ Jobs created/retained – 88 ´ Approximate wages to be paid - $4.6M ´ Approximate investments to be made - $14.2M ´ Approximate charitable contributions to be made - $285.5K ´ Approximate total taxes over a five-year period - $169M À Certificates ¼ Certificates executed – 11 ¼ Full-time jobs created/retained – 65 ¼ Approximate wages to be paid - $4.3M ¼ Approximate investments to be made - $31.6M ¼ Approximate charitable contributions to be made - $393.3K ¼ Approximate total taxes over a five-year period - $10.7M À Total Active VIEDC beneficiaries – 91 À Beneficiary Orientations Conducted – 21 À Site Visits Conducted – 21 À Total Compliance Fees Collected - $484K Economic Development Bank (EDB) À Total Amount in Collections - $647K À Loan Delinquency Rate - 1.0% À Total Value of Loans Approved - $230K 9 www.usvieda.org FY 2023 ANNUAL REPORT State Small Business Credit Initiative (SSBCI) À Value of Transactions ¼ Primary Lender Share – $3.2M ¼ SSBCI Share - $1.6M À Number of businesses assisted – 4 VI Slice Moderate-Income Homeownership Program (VI Slice) À Number of VI Slice Transactions Closed – 5 ¼ St. Croix - 4 ¼ St. Thomas – 1 À Value of VI Slice Transactions - $350.3K Incubator Program À New clients assisted – 18 Enterprise Zone Commission (EZC) À Total Applications Received – 11 ¼ Potential Total Economic Output - $7.78M À Companies with Active Certificates – 27 À Approx. Grant Funds Managed - $999K Economic Development Park Corporation (EDPC) À Park Occupancy (St. Croix) – 93% À Park Occupancy (St. Thomas) – 100% À Combined Park Occupancy Rate – 96.5% À Number of Tenants (St. Croix) – 9 À Number of Tenants (St. Thomas) - 4 10 www.usvieda.org FY 2023 ANNUAL REPORT OVERVIEW: U.S. Virgin Islands Economic Development Authority The Virgin Islands Economic Development Authority (USVIEDA) was created to “aid the Government in the performance of its duties to develop the economy of the Virgin Islands as a semi-autonomous government instrumentality on February 1, 2001 to assume, integrate and unify the functions of the Government Development Bank (GDB), the Economic Development Commission (EDC), the Industrial Park Development Corporation (IPDC), the Small Business Development Agency (SBDA), and the Enterprise Zone Commission (EZC) under one executive board in order to achieve maximum efficiency, streamline operations, and develop comprehensive programs to promote and enhance the economic development of the Territory.” In fiscal year 2014 through Virgin Islands legislation, the GDB and the SBDA were merged to create the Economic Development Bank (EDB) in which the SBDA exists under the EDB. The IPDC was also changed to the Virgin Islands Economic Development Park Corporation (EDPC). Legislation also included a commercial zone to be under the Enterprise Zone Commission. The Authority accomplishes its mission by 1) attracting multi-national investors to establish or relocate their businesses to the United States Virgin Islands, 2) providing financial assistance through its lending arm, namely the Economic Development Bank, to emerging and established small to medium-sized businesses in the Territory, 3) offering space for lease to businesses at the economic development parks through the Virgin Islands Economic Development Park Corporation, and 4) assisting Virgin Islands residents and business owners with rehabilitating their properties located in blighted and distressed areas that were once vibrant economic centers of activity in the Territory. The Authority is funded by the general fund based on a budget request from the Governor and the USVIEDA Board of Directors which must ultimately be approved by the Legislature of the Virgin Islands. The powers of the Authority are exercised in a seven- member board which consists of three (3) members that are appointed by the Governor from among heads of cabinet-level executive departments or agencies or from among the Governor’s executive staff, three (3) members who are not employees of the Government of the United States Virgin Islands and are appointed by the Governor with the advice and consent of the Legislature, and one (1) member appointed from the board or executive staff of the Government Employees’ Retirement System, the Virgin Islands Port Authority or the University of the Virgin Islands. Two VIEDA employees (right) head to the office of the Virgin Islands Economic Development Authority on St. Croix, U.S. Virgin Islands. 11 www.usvieda.org FY 2023 ANNUAL REPORT Virgin Islands Economic Development Commission The Virgin Islands Economic Development Commission (VIEDC) was created by Virgin Islands legislation and is charged with the promotion of the growth, development, and diversification of the economy in the United States Virgin Islands by 1) developing the human and economic resources of the Territory, 2) preserving job opportunities for residents of the U.S. Virgin Islands, and 3) promoting capital formation to support economic development in the Territory. The VIEDC consists of two entities, the Applications Division, and the Compliance Division. The Applications Division is the first point of contact for a business that seeks to apply for economic development benefits. Economic development benefits are “various tax exemptions and tax subsidies for which any person, member of a partnership, partnership or corporation” is granted according to Virgin Islands law. In exchange, businesses that receive economic development benefits are to create job opportunities and generate tax revenues in the U.S. Virgin Islands. The Applications Division also oversees the VIEDC Small Business Program and the VIEDC Eligible Suppliers Program. The Compliance Division ensures that companies receiving VIEDC tax incentives understand and comply with the terms of their certificates. 12 www.usvieda.org FY 2023 ANNUAL REPORT VIRGIN ISLANDS ECONOMIC DEVELOPMENT COMMISSION APPLICATIONS UNIT 13 www.usvieda.org FY 2023 ANNUAL REPORT APPLICATIONS DIVISION During FY 2023, the Virgin Islands Economic Development Commission (“VIEDC”) received a total of 12 applications (11-New). TABLE 1: VIEDC Applications Received Fiscal Year 2023 NO COMPANY NAME TYPE OF APPLICATION CATEGORY TYPE OF BUSINESS STATUS AS OF 09/30/2023 1. Mangrove Eco Boutique Hotel Properties, LLC and Mildred A. Lang, Trust u/a/d New III Hotel Approved 2. Smith’s Fancy New III Boutique Hotel and Hotel Management Consulting Incomplete 3. WWTS, LLC d/b/a Worldwide Tap and Still New IV Management Consultant Approved 4. Kartion VI, LLC New III SBP-Recreation Incomplete 5. M Kogan Consulting, Inc. New III Hotel Withdrawn 6. International Capital and Management Company, LLC Modification IV Business Management Incomplete 7. West Indies Petroleum USVI Limited, LLC New III Oil Bunkering Pending Decision Meeting 8. H4 Ventures LLC New IV SB – Designated Service Business Pending Decision Meeting 9. 340 Worldwide LLC New IV Designated Service Business Pending Decision Meeting 10. KCV Associates, Inc. d/b/a St. John Brewers New II SB- Manufacturing Incomplete 11. United Investors, LLC New III Concrete Manufacturer Incomplete 12. DASREP, LLC New III Wholesale Incomplete The 12 applications received for VIEDC tax incentives represent potential future economic impact of a minimum of 88 jobs to be created/retained, $5.3 million to be paid out in wages and over $14.3 million to be made in capital investment and $355,500 in charitable contribution. These Applicants also represent the potential for the US Virgin Islands to realize approximately $26.2 million in taxes over a five-year period. Of the total, 11 new applicants received represent approximately 83 jobs, over $4.4 million in wages, approximately $14.3 million in investments and $275,500 in charitable contribution. Projected total taxes over a five- year period is approximately $24.5 million. 14 www.usvieda.org FY 2023 ANNUAL REPORT TABLE 2: VIEDC Public Hearing NO NAME OF APPLICANT PUBLIC HEARING Description Island 1. Conlon & Co. USVI, LLLP 10-11-2022 New St. Croix 2. Maritain, LLC 10-11-2022 New St. Thomas 3. Hibiscus Beach, LLC d/b/a Hibiscus Beach Hotel 10-27-2022 New St. Croix 4. Coconut Grove, LLC 12-13-2022 New St. Thomas 5. Ferrer, LLC 12-13-2022 Modification / Extension St. Thomas 6. Spyglass Capital, LLC 12-13-2022 New St. Thomas 7. STR Management, LLC 12-13-2022 Modification / Extension St. Thomas 8. Tysam Tech, LLC- Small Business 12-13-2022 New St. Croix 9. Mangrove Eco Boutique Hotel Properties, LLC and Mildred A. Lang, Trust u/a/d May 24, 2000, a Joint Venture 04-13-2023 New St. Thomas 10. WWTS, LLC d/b/a Worldwide Tap and Still 05-23-2023 New St. Thomas 11. 340 Worldwide, LLC 08-29-2023 New St. Thomas 12. H4 Ventures, LLC 08-29-2023 New St. Thomas 13. West Indies Petroleum USVI Limited, LLC 08-29-2023 New St. Thomas NO NAME OF APPLICANT PUBLIC HEARING Description Island 1. Morabeza Capital Management, LLC 12-13-2022 Change in Ownership St. Thomas APPLICATIONS PROCESSED IN FOURTH FISCAL YEAR 2023 VIEDC PUBLIC HEARING: During FY 2023, VIEDC held a total of six (6) public hearings, where presentations were made by 13 applicants. Additionally, one applicant presented their petition to change ownership at the request of the VIEDC Board. 15 www.usvieda.org FY 2023 ANNUAL REPORT VIEDC DECISION MEETINGS: During FY 2023, a total of seven (7) decision meetings were held to consider 11 VIEDC applications. All were approved, including two (2) that were previously tabled. TABLE 3: VIEDC Decision Meeting Cases NO NAME OF APPLICANT DECISION MEETING TYPE OF APPLICATION STATUS 1. Capture VI, LLC 10-11-2022 New Approved 2. Octavia Consulting Group, LLC 10-11-2022 New Approved 3. WVJD, LLC 10-11-2022 New Approved 4. Conlon Co. USVU, LLP 12-08-2022 New Approved 5. Conlon Co. USVU, LLP 12-08-2022 1-26-2023 New Tabled Approved 6. Maritain, LLC 12-08-2022 01-28-2023 New Approved 7. Spyglass Capital, LLC 01-26-2023 New Approved 8. Tysam Tech, LLC 01-26-2023 New Approved 9. Mangrove Eco Boutique Hotel Properties, LLC and Mildred A. Lang, Trust u/a/d May 24, 2000 a Joint Venture 05-23-2023 New Approved 10. WWTS, LLC d/b/a Worldwide Tap and Still 07-11-2023 New Approved 11. Coconut Grove 8-29-2023 New Approved 16 www.usvieda.org FY 2023 ANNUAL REPORT TABLE 4: Petitions Received for the Fiscal Year 2023 NAME OF APPLICANT DECISION MEETING TYPE OF PETITION STATUS 1. Silent Drift, LLC 10-11-2022 Extension of Time to complete project Approved 2. Capture VI, LLC 10-27-2022 Amended Grant of Incentives Approved 3. Octavia Consulting Group LLC 10-27-2022 Amended Grant of Incentives Approved 4. Sterisil International, LLC 11-10-2022 Change in Ownership Approved 5. Universal Concrete 11-10-2022 Change in Charitable Contribution Approved 6. Celebrity Financial 12-08-2022 Admission of Shareholder Approved 7. Evolve USVI, LLC 12-08-2022 Change in Ownership Approved 8. KCV Associates, Inc. d/b/a St. John Brewers 12-08-2022 Reconsideration Denied 9. United Electronics Industries Services, LLC 12-08-2022 Reconsideration Approved 10. Morabeza Capital Management, LLC 12-13-2022 Admission of Members Tabled 11. Northside Ventures, LLC 12-13-2022 Reconsideration Approved 12. Tycheros Capital Management VI, LLC f/k/a Tycheros Capital Management VI, Inc. 12-13-2022 Reconsideration Approved 13. Systilogic, LLC 12-13-2022 Admission of Disregarded Entity and Real Property Tax Exemptions Approved 14. WVJD, LLC 12-13-2022 Amended Grant of Incentives Approved 15. Cypress Mortgage Capital, Inc. 1-26-2023 Extension of time to Commence Tax Incentives Approved 16. Alpine Group USVI, LLC 02-28-2023 Admission of New Partner Approved 17. Silent Drift, LLC 02-28-2023 Extension of Time to Complete STARS Project Approved 18. YHG Hotel LLC 02-28-2023 Third Extension of Time to Commence Tax Incentives Approved 19. Yusuf Drinking Water, Inc. 02-28-2023 Extension of Time to Commence Tax Incentives Approved PETITIONS During FY 2023, a total of 371 petitions were received of which 33 were approved2, one (1) was denied, and three (3) were tabled. 1 An ownership change and admission of disregarded entity petition was submitted by Sunset Cove, change in ownership petition by Octavia and change in ownership of IGY AYH Yacht Haven USVI LLC and YHG Hotel LLC was submitted but has not been heard. 2 Includes one (1) petition that was tabled and subsequently approved 17 www.usvieda.org FY 2023 ANNUAL REPORT Three (3) approved Applicants provided updates on their status to the Governing Board. NAME DATE TYPE STATUS 1. YHG Hotel LLC 03-16-2023 Update on Hotel Project No Action Required 2. Silent Drift, LLC 05-23-2023 Update on Film Production No Action Required 3. CREF3 USVI Hotel Owner, Inc. 08-01-2023 Hotel Development Project No Action Required NAME OF APPLICANT DECISION MEETING TYPE OF PETITION STATUS 20. Northside Ventures, LLC 03-16-2023 Amended Grant of Incentives Approved 21. Systilogic, LLC 03-16-2023 Admission of Disregarded Entities Approved 22. Amalie Global, Inc. 04-13-2023 Addition of New Member Approved 23. Lovango Island Holdings, LLP 04-13-2023 Admission of Disregarded Entities Approved 24. Royalton USVI, LLC 04-13-2023 Extension of Time to Commence Tax Incentives Approved 25. Tycheros Capital Management VI, Inc. 05-23-2023 Amended Grant of Tax Incentives Approved 26. IGY-AYH 07-11-2023 Change in Ownership Approved 27. Octavia Consulting, LLC 07-11-2023 Change in Ownership Approved 28. Sunset Cove, LLC 07-11-2023 Change in Ownership Interest/ Admission of Disregarded Entity Approved 29. Yacht Haven, LLC 07-11-2023 Change in Ownership Approved 30. Neighborhood Establishment 07-11-2023 Admission of new owner Approved 31. Virgin Bay Capital, LLC 07-25-2023 Amended Grant of Tax Incentives Approved 32. CREF 3 USVI Hotel Owner, Inc. 08-29-2023 Name Change Approved 33. Haborside Corporation d/b/a Bolongo Bay Beach Resort 08-29-2023 Change in Ownership Approved 34. Lovango Island Holdings, LLP 08-29-2023 Retroactive commencement of Benefits Tabled 35. Sunshine Shopping Center, Inc. 08-29-2023 Admission of New Shareholder Tabled 36. Tysam Tech, LLC 08-29-2023 Amended Grant of Incentives Approved 37. Silent Drift, LLC 08-31-2023 Extension of Time to complete project Approved 18 www.usvieda.org FY 2023 ANNUAL REPORT TABLE 5: VIEDC Certificates of Benefits Fiscal Year 2023 COMPANY NAME TYPE STATUS 1. Cinnamon Bay Resort, LLC d/b/a Cinnamon Bay Resorts & Campground* New In Process 2. Yusuf Drinking Water, Inc.* New Pending Election 3. YHG Hotel, LLC New Pending Election 4. Lovango Island Holdings, LLP New In Process 5. By-the-Sea- Resort Properties, LLC New Executed 6. Celebrity Financial, Inc. New In Process 7. Paragon Surgical Center, LLC New In Process 8. Virgin Bay Capital LLC New In Process 9. Centripetal VI, LLLP New Executed 10. 2400 Services, LLC New Executed 11. Digital Lending Innovation, Inc. New Executed 12. Octavia Consulting Group, LLC New Executed 13. Virgin Islands Coffee Company, LLC d/b/a Virgin Islands Coffee Roasters New Executed 14. Red Bay Holdings, LLC New Executed 15. Perfected Claims, LLC New (Corrected) Executed 16. Systilogic, LLC New Executed 17. Capture VI, LLC New In Process 18. WVJD, LLC New In Process 19. Hibiscus Beach, LLC d/b/a Hibiscus Beach Resort New Executed 20. Conlon & Co. USVI, LLP New Executed 21. Tycheros Capital Management VI Group Joint Venture New Pending Election 22. Northside Ventures, LLC New Pending Election 23. Maritain, LLC New Pending Election 24. Spyglass Capital, LLC New Pending Election CERTIFICATES During FY 2023, a total of 11 certificates of benefits for tax incentives were executed. Based upon the commitments made by these 11 Beneficiaries, the Territory will realize new and continued employment at a minimum of 65 full-time employees, approximately $4,331,020 in salaries and wages, $31,609,600 in capital investment, and $393,300 in charitable contributions annually. It is also estimated that the Territory will potentially generate direct taxes over five (5) years of more than $10.7 million should the business operations materialize as projected. 19 www.usvieda.org FY 2023 ANNUAL REPORT CERTIFICATE AMENDMENTS: During FY 2023, a total of three (3) Modified Certificates were executed and five (5) certificates for amendments or modifications were in various stages of the process at the end of the fiscal year. COMPANY NAME REQUEST DATE TYPE STATUS 1. Amalie Global Inc. 10/30/2019 03/17/2023 Board Approval 02/27/2020 & 04/13/2023 Amended Appendix A-1 & B In Process 2. Tree Limin’ Extreme, LLC 1/12/2022 Amended Appendix B In Process 3. Evolve USVI 12/12/2022 Amended Appendix A-1 In Process 4. Universal Concrete, LLC 11/10/2022 1st Modified In Process 5. AAC – Air Ambulance Caribbean, Inc. d/b/a AeroMD 7/9/2020 1st modified EXECUTED 6. United Electronic Industries Services, LLC 1st Modified EXECUTED 7. Neltjeberg Bay Enterprises, LLC 12/8/2020 1st Modified EXECUTED 8. Alpine Group USVI, LLC 4/20/2022 2nd Modified Certificate PENDING 20 www.usvieda.org FY 2023 ANNUAL REPORT FISCAL YEARS VIEDC/USVIEDA HISTORICAL DATA PENDING APPLICATIONS 2022 2023 No. of Prior Applications Pending Beginning Fiscal Year 15 17 Current Year Applications Received* 21 12 Applications Withdrawn/Returned 0 -1 TOTAL APPLICATIONS PENDING 36 28 No. of Prior Applications Processed (Approved-9; Denied-0; Tabled-0) 11 11 No. of Current Year Applications Processed (-Approved-2; Denied-0) 10 2 Balance at End of Period 17 15 Table 6: Economic Development Commission – FY Historical Application Information FY 2021 FY 2022 FY 20233 # of Apps Received 23 21 12 # of Apps Approved 11 8 2 # of Apps Tabled or Denied 0 2 0 # of Apps Transfer to RT Park 0 0 0 # of Apps Pending 11 12 9 # of Apps Withdrew 1 0 1 Job Opportunities 108 115 83 Approx. Wages of Apps $11,086,073 $10,061,413 $4,660,7914 Minimum Potential Investment of Apps. $8,974,150 $7,691,146 $14.230,000 35 – New Applicant 4Excluding Incomplete Applicants data 21 www.usvieda.org FY 2023 ANNUAL REPORT INQUIRIES FROM POTENTIAL INVESTORS During FY 2023, the Applications Unit responded to a total of six (6) inquiries. TABLE 7: VIEDC Business Inquiries Fiscal Year 2023 No. Type of Business Location 1. Concrete Plant St. Croix 2. Call Center TBD 3. Motor Sports VI St. Thomas 4. Hotel Development St. John 5. Hotel Development Maryland 6. Hotel Development St. Thomas VIEDC BUSINESS MEETINGS FISCAL YEAR 2023 During FY 2023, Managing Director and/or staff participated in nine (9) meetings held in person, via conference call, or video call with prospective investors as follows: No. Name Type of Meeting Date 1. Legacy Development Hotel 10-18-2022 2. Kartion, LLC (Pamela Clarke-Finley) VIEDC Pre-Application Meeting 03-22-2023 3. Starfish & Unicorn Hotel Investor 04-19-2023 4. Crescendo Worldwide Consulting Service 05-04-2023 5. Concordia Eco Park Recreation 05-22-2023 6. M. Kogen Consulting VIEDC Pre-Application Meeting 05-24-2023 7. Haven Development LLC HDA Pre-Application Meeting 07-31-2023 8. Cane Bay Pre-Application Meeting 08-10-2023 9. Elisium LLC Pre-Application Meeting 08-14-2023 ELIGIBLE VI SUPPLIER PROGRAM During FY 2023, a total of 16 applications for Eligible VI Supplier status were filed (11-Approved; 2-Pending; 3-Denied; and 1-Closed). TABLE 8: EDC Eligible VI Suppliers Fiscal Year 2023 No. Date Received Name of Company Business Location Status 1. 10/25/2022 Cornerstone Insurance Services, Inc. St. Thomas Approved 11/28/2022 2. 12/9/2022 DSG Carpentry, LLC St. Thomas Denied 2/31/2022 3. 2/9/2023 Lance D. Bryan dba Bryan’s Wielding St. Thomas Approved 2/9/2023 22 www.usvieda.org FY 2023 ANNUAL REPORT No. Date Received Name of Company Business Location Status 4. 3/16/2023 Gibbs Bully dba Gibbs Landscaping & Maintenance St. Croix Denied 3/16/2023 5. 3/24/2023 Alfonso M. Lopez Fire Safety Equipment Co., LLC St. Thomas Approved 6/6/2023 6. 3/29/2023 Anchor Services, LLC dba Shield Insurance St. Thomas Approved 5/25/2023 7. 4/11/2023 Oliver Exterminating of St. Thomas, Inc. St. Thomas Approved 5/31/2023 8. 4/17/2023 Hughes Electric, Inc. St. Thomas Approved 4/19/2023 9. 4/17/2023 H&W Construction Corporation St. Thomas Approved 5/12/2023 10. 6/22/2023 Replastic Recycle, LLC St. Croix Denied 9/30/2023 11. 8/24/2023 AVG Contracting, LLC dba Nova Janitorial Services St. Thomas Closed 12. 9/1/2023 Time Capsules Media Group, LLC St. Thomas Approved 13. 9/7/2023 Account Ability, LLC dba Account Ability Business Services St. Croix Pending 14. 9/14/2023 Caribbean Pool Maintenance & Repairs, LLC St. Thomas Pending 9/30/2023 15. 9/19/2023 LeatherVI-TTZ, LLC dba Business World St. Croix Pending 9/30/2023 16. 9/21/2023 Dyhmond Nicholls dba Rock Cities Printing St. Thomas Pending 9/30/2023 ELIGIBLE SUPPLIERS FY 19 FY 20 FY 21 FY 22 FY 23 Received 21 16 19 27 16 Approved 15 11 14 17 8 Denied 2 1 0 1 3 Pending 3 4 5 8 4 Withdrawn/Closed 1 0 0 1 1 ELIGIBLE VI SUPPLIER ANNUAL UPDATES: During FY 2023, a total of 38 updates were processed. No. Date Received Name of Company Status Date Issued 1. 10/3/2022 Dennis R. Sheraw Good Standing 10/4/2022 2. 10/3/2022 Cruzan Environmental Services, Inc. Good Standing 10/4/2022 3. 10/3/2022 Merchants Market St. Croix, LLC Good Standing 10/5/2022 4. 10/3/2022 S.G.F. Construction, LLC Good Standing 10/5/2022 5. 10/11/2022 J. Benton Construction, LLC Good Standing 10/18/2022 6. 10/11/2022 Optimal Construction Management Good Standing 10/18/2022 23 www.usvieda.org FY 2023 ANNUAL REPORT No. Date Received Name of Company Status Date Issued 7. 10/25/2022 GEC, LLC Good Standing 10/31/2022 8. 10/25/2022 William R. Nash V.I., Inc. Good Standing 10/31/2022 9. 11/1/2022 James Adams Electrical, LLC Good Standing 11/3/2022 10. 11/2/2022 V.I. Coffee Company, LLC Good Standing 11/3/2022 11. 11/3/2022 North Shore Partners, Inc. Good Standing 11/3/2022 12. 11/8/2022 On The Level, Inc. Good Standing 11/10/2022 13. 11/9/2022 Housekeeper Pro, LLC Good Standing 11/10/2022 14. 12/27/2022 Baker Magras & Associates Good Standing 12/29/2022 15. 1/1/2023 All Points Construction Good Standing 1/4/2023 16. 1/4/2023 Centerline Car Rentals Good Standing 1/18/2023 17. 1/12/2023 All American Concierge Good Standing 1/19/2023 18. 1/12/2023 A Rocka Real Estate Good Standing 1/19/2023 19. 1/23/2023 Performance Construction Good Standing 1/24/2023 20. 2/3/2023 Broadband VI Good Standing 2/10/2023 21. 2/6/2023 PR Construction & Heavy Equipment Good Standing 2/10/2023 22. 2/14/2023 Falken USVI, LLC Good Standing 2/22/2023 23. 3/24/2023 Carib Oil, Inc. Good Standing 3/28/2023 24. 5/23/2023 Vivot Equipment Corp. Good Standing 5/31/2023 25. 5/26/2023 Synergy Fitness & Wellness Center, LLC Good Standing 5/31/2023 26. 6/12/2023 St. Thomas Concierge Services, Inc. Good Standing 6/13/2023 27. 6/13/2023 Spenceley Office Equipment, Inc. Good Standing 6/15/2026 28. 7/6/2023 R&T Unlimited Security, LLC Good Standing 7/7/2023 29. 7/6/2023 Professional Design Builders, Inc. dba Customs Builders Good Standing 7/7/2023 30. 7/6/2023 Petroleum Broker, LLC Good Standing 7/7/2023 31. 8/7/2023 M-Squared, LLC Good Standing 8/8/2023 32. 8/9/2023 The Medina Cleaning Service Good Standing 8/10/2023 33. 8/17/2023 Silicone Distributors, Inc. dba Rooftops Good Standing 8/25/2023 34. 8/24/2023 Island Designs Storm Water & Landscape Services Good Standing 8/28/2023 35. 8/31/2023 T-Mac dba Caribbean Packaging Good Standing 8/31/2023 36. 8/31/2023 VI Equipment Rental and Construction Inc. Good Standing 8/31/2023 37. 9/1/2023 Impex Trading Intl. dba Sea Chest Good Standing 9/18/2023 38. 9/5/2023 MSI Building Supplies Good Standing 9/18/2023 24 www.usvieda.org FY 2023 ANNUAL REPORT COMPLIANCE DIVISION Mission/Mandate FY 2023 Compliance Statistics Number of Beneficiaries 92 Number of Beneficiaries Actively Conducting Business in the Territory 91 Number of Suspended EDC Certificates 1 Number of Voluntary Terminated Certificates 0 Number of Orientations Conducted 21 Number of Site Visits Conducted 21 Number of Compliance Reports Completed 3 Number of Cases for Public Hearing 3 Number of Cases for Decision Meeting 9 Number of Administrative Reports Completed 12 Total Compliance Fees Collected for the Year $484,000 MARKETING INITIATIVES À VIEDC Applications staff accompanied the Marketing Team to the 2023 SelectUSA Investment Summit, held May 1-4, 2023 in National Harbor, MD, where we attended industry meetings, met with potential investors, USVIEDA was a sponsor and exhibitor at the event. The Compliance Division is responsible for overseeing and ensuring compliance by VIEDC Beneficiaries to ascertain the status of the Beneficiaries’ compliance with the terms and conditions outlined in their executed VIEDC Certificate of tax incentives, the VIEDC Rules and Regulations, and applicable laws. Maintaining the integrity of the VIEDC Tax Incentive Program is of great value and importance as part of the review process includes documenting the benefits realized by the US Virgin Islands from the qualitative, economic, and fiscal impact derived from the Beneficiaries’ operation. The Compliance Division also provides customer care services to foster and encourage self-compliance. It is our goal to build and maintain good relations with the VIEDC beneficiaries, our partners for economic development within the Territory, by providing assistance that enables them to be in good standing and remain a vital part of the community. Jason Charles, chief of external affairs, center, of Alpine Securities on St. Thomas, accepts the 2023 Philanthropy Award from the Virgin Islands Economic Authority. The award is presented by VIEDA’s (far left) Dwayne A. Benjamin, assistant chief executive officer; and (right) Wayne L. Biggs, Jr., chief executive officer, during the VI Economic Development Commission Beneficiary Summit & Practitioner Forum on Tuesday, September 26, 2023 at the Westin Beach Resort & Spa at Frenchman’s Reef on St. Thomas, U.S. Virgin Islands. -Photo by Semele A. C. George/VIEDA 25 www.usvieda.org FY 2023 ANNUAL REPORT Compliance Reviews Completed A total of three (3) compliance reviews were completed during this fiscal year Certificate Orientations The Compliance Unit conducts Certificate Orientations with the Beneficiary which entails a comprehensive review of the terms and conditions outlined in their executed VIEDC Certificate of tax incentives and the reporting requirements, an overview of the compliance process, a general overview of other requirements outlined in the VIEDC Rules and Regulations, applicable laws, applicable requirements to other U.S. Virgin Islands Government agencies and instrumentalities, and other expectations as a recipient on the VIEDC incentive program. A total of 21 orientations were conducted in FY 2023, including 2 existing Beneficiaries that requested a second orientation. Beneficiary Compliance Period Findings Date Completed Island 1. Fintrac, Inc. 1/1/2017-12/31/2022 Non-Compliance 9/29/2023 St. Thomas 2. Fintrac, Inc. 1/1/2016-12/31/2016 Non-Compliance 9/29/2023 St. Thomas 3. Virgin Islands Paving, Inc. 1/1/2015-7/31/2020 Non-Compliance 6/7/2023 St. Croix Beneficiary Orientation Date Type of Certificate Island 1. Tuthill Corporation1 10/12/2022 First Amended St. Croix 2. CREF3 USVI Hotel Owner, Inc. 12/9/2022 Modification St. Thomas 3. Black Diamond Advisors, LLC 2/7/2023 Modification St. Thomas 4. Black Diamond Holdings, LLC 2/7/2023 Modification St. Thomas 26 www.usvieda.org FY 2023 ANNUAL REPORT Beneficiary Orientation Date Type of Certificate Island 5. Virgin Islands Coffee Company, LLC d/b/a Virgin Islands Coffee Roasters 2/8/2023 New (SBP) St. Thomas 6. Barrier Holdings, LLC 2/10/2023 New St. Thomas 7. GGM Group, LLC 2/13/2023 New St. Thomas 8. Digital Lending Innovation, Inc. 2/15/2023 New St. Thomas 9. Sunset Cove Holdings, LLC 2/16/2023 New St. Thomas 10. RapierMed, LLC 3/10/2023 New St. Thomas 11. Perfected Claims, LLC 3/23/2023 New St. Thomas 12. Octavia Consulting Group, LLC 3/24/2023 New St. Thomas 13. Burt Global Holdings, LLC 4/18/2023 New St. Thomas 14. Virgin Islands Paving, Inc. 5/3/2023 First Extended/First Modified St. Croix 15. Tree Limin’ Extreme, LLC2 5/4/2023 New St. Thomas 16. By-The-Sea Resort Properties, LLC 5/16/2023 New St. Thomas 17. United Electronic Industries Services, LLC 5/17/2023 First Modified St. Thomas 18. Centripetal VI, LLLP 6/20/2023 New St. Croix 19. RC Hotels (Virgin Islands), Inc.3 6/27/2023 Ext/Mod St. Thomas 20. AAC-Air Ambulance Caribbean, Inc. d/b/a AeroMD 6/28/2023 First Modified St. Thomas 21. Burt Global Holdings, LLC 8/24/2023 New St. Thomas 1Amended Appendix B to the Property Tax. 22nd Orientation. 32nd Orientation 27 www.usvieda.org FY 2023 ANNUAL REPORT Site Visits The Compliance Unit conducts onsite visits as a part of performing its due diligence and testing, which generally includes interviews or meetings with management and the personnel responsible for various activities. Beneficiary Site Visit Date Island 1. CREF3 USVI Hotel Owner, Inc. 12/9/2022 St. Thomas 2. Black Diamond Advisors, LLC 2/7/2023 St. Thomas 3. Black Diamond Holdings, LLC 2/7/2023 St. Thomas 4. Virgin Islands Coffee Company, LLC d/b/a Virgin Islands Coffee Roasters 2/8/2023 St. Thomas 5. Barrier Holdings, LLC 2/10/2023 St. Thomas 6. Digital Lending Innovation, Inc. 2/15/2023 St. Thomas 7. Sunset Cove Holdings, LLC 2/16/2023 St. Thomas 8. Ocwen Mortgage Servicing, Inc. 2/21/2023 St. Croix 9. Leatherback Brewing Company, LLC 2/22/2023 St. Croix 10. RapierMed, LLC 3/10/2023 St. Thomas 11. Tree Limin’ Extreme, LLC 5/4/2023 St. Thomas 12. United Electronic Industries Services, LLC 5/17/2023 St. Thomas 13. RC Hotels (Virgin Islands), Inc.4 6/27/2023 St. Thomas 14. AAC-Air Ambulance Caribbean, Inc. d/b/a AeroMD 6/28/2023 St. Thomas 15. Roncan, Inc. d/b/a Sand Castle on the Beach 7/25/2023 St. Croix 16. Caribbean Associates, Inc. 7/26/2023 St. Thomas 17. Coral World (V.I.), Inc. 7/26/2023 St. Thomas 18. Emerald Beach Corporation 7/26/2023 St. Thomas 19. Ferrer, LLC 7/26/2023 St. Thomas 20. United Electronic Industries Services, LLC 7/26/2023 St. Thomas 21. Roncan, Inc. d/b/a Sand Castle on the Beach 8/25/2023 St. Croix Types of visits may include orientation, inspections, ongoing monitoring, or testing and validation in conjunction with a compliance review. A total of 21 site visits were conducted during FY 2023. 28 www.usvieda.org FY 2023 ANNUAL REPORT Beneficiary Type of Petition/Matter Board Meeting Date Action Taken Island Beneficiary Operates on 1. Neighborhood Establishment, LLC Reconsideration 10/11/2022 Approved St. Croix 2. CREF3 USVI Hotel Owner, Inc. Employment Waiver 10/27/2022 Approved St. Thomas 3. Salt Pond Holdings, LLC Employment Waiver 10/27/2022 Approved St. Croix 4. Inner Circle Logistics, Inc. d/b/a/ ICGROUP and ICLOGISTICS Suspension of Tax Incentives & Extension of Time to Meet Employment and Capital Investment Requirements 12/8/2022 Approved St. Croix 5. Alpine Group USVI, LLC Employment Waiver 12/13/2022 Approved St. Thomas 6. Digital Lending Innovation, LLC Charitable Contribution 5/23/2023 Approved St. Thomas 7. GGM Group, LLC Charitable Contribution 6/8/2023 Approved St. Thomas 8. DIAM Management, Inc. Resolution of Non-Compliance 8/29/2023 Approved St. Thomas 9. Lovango Island Holdings, LLP Procurement Waiver 8/29/2023 Approved St. Thomas Administrative Reports The Chief Executive Officer continued to administratively grant or deny petitions from VIEDC Beneficiaries for employment waivers, other employment-related special conditions, and voluntary suspensions of tax incentives based upon the negative impact of COVID-19. On April 13, 2023, the VIEDC Governing Board granted the authority to the Chief Executive Officer to administratively grant or deny petitions for employment waivers, other employment-related special conditions, and voluntary suspensions of tax incentive benefits for the period extending from April 13, 2023. This authorization shall remain in force and effect until revoked in writing by the VIEDC Board. A total of 12 petitions were considered administratively of which one (1) was related to the COVID-19 pandemic. Board Actions – Decision Meetings The VIEDC Governing Board considered and approved nine (9) matters, which included one (1) Resolution of Non-Compliance, and eight (8) petitions submitted by VIEDC Beneficiaries as follows: Board Actions – Public Hearings Three (3) Petitions for employment waivers were presented by the Beneficiary and/or its legal counsel at the VIEDC Public Hearing as follows: Beneficiary Type of Petition Board Meeting Date Island Beneficiary Operates on 1. CREF3 USVI Hotel Owner, Inc. Employment Waiver 10/27/2022 St. Thomas 2. Salt Pond Holdings, LLC Employment Waiver 10/27/2022 St. Croix 3. Alpine Group USVI, LLC Employment Waiver 12/13/2022 St. Thomas 29 www.usvieda.org FY 2023 ANNUAL REPORT Beneficiary Type Of Petition Date Approved Island 1. 183 Media, LLC Employment Waiver 4/4/2023 St. Thomas 2. Altisource Asset Management Corporation Employment Waiver 4/5/2023 St. Croix 3. International Capital and Management Company, LLC Suspension of Certificate 4/4/2023 St. Thomas 4. Real Impact Corporation Employment and Residency Waiver 4/4/2023 St. Thomas 5. St. Croix Renaissance Group, LLLP Employment Waiver 4/4/2023 St. Croix 6. Sunset Cove Holdings, LLC Suspension of Certificate 3/30/2023 St. Thomas 7, Sunset Cove Holdings, LLC Extension to Meet Employment 4/4/2023 St. Thomas 8. Tree Limin’ Extreme, LLC Employment Waiver 4/4/2023 St. Thomas 9. Tropico Management, L.P. Employment Waiver 5/22/2023 St. Croix 10. Ocwen USVI Services, LLC Employment Waiver 6/5/2023 St. Croix 11. CREF3 USVI Hotel Owner, Inc. Employment Waiver 6/6/2023 St. Thomas 12. Lawrence Moskwitz CLU LTD5 Suspension of Certificate 6/6/2023 St. Thomas VIEDC Practitioners Forum & Beneficiary Summit VIEDC hosted the Practitioners Forum & Beneficiary Summit on Tuesday, September 26, 2023 at The Westin Beach Resort and Spa at Frenchman’s Reef on St. Thomas and on Thursday, September 28, 2023 at The Buccaneer Beach & Golf Resort on St. Croix, USVI. This event provided an opportunity for participants to receive updates on amendments to legislation and changes in the program requirements, and to engage with other government stakeholders to learn and collaborate around compliance and economic development. During the event, two Beneficiaries were honored with the 2023 Philanthropy Award for their tireless philanthropic contributions to the USVI community that go beyond the requirements of their certificates. The 2023 awardees were Alpine Group USVI, LLC on St. Thomas, and Cane Bay Partners VI, LLLP on St. Croix. Compliance Fees Collected Accounts Fees Invoiced/Billed Collection Activation Fees $ 47,500 $ 35,000 Annual Compliance Fees $ 601,000 $449,000 Non-Compliance Fees $0 $0 Late Reporting Fees $0 $0 Total $648,500 $484,000 5Processed under Resolution No. 001-2020.3 (COVID Administrative Resolution) 30 www.usvieda.org FY 2023 ANNUAL REPORT Charles Kim, Principal, Alpine Group USVI LLC VIEDC Success Stories: St. Thomas Alpine Group USVI, LLC Alpine was established on March 27, 2008, as Alpine Securities USVI, LLC, entering into the financial industry with a focus on investment management, specifically in equity trading and venture capital investment. The business expanded its model to position itself as a versatile entity within the investment sector. This strategic approach allowed Alpine to cater to a broad spectrum of investment needs, from trading to venture capital. The EDC program has helped Alpine enhance its strengths and competitiveness in an increasingly complex and global financial world. St. Croix Cane Bay Partners VI, LLLP Kirk Chewning, co-founder and partner, Cane Bay Partners VI LLLP (second from the right), is presented with the 2023 Philanthropy Award from the Virgin Islands Economic Development Authority at the VI Economic Development Commission Beneficiary Summit & Practitioner Forum on Thursday, September 28, 2023 at The Buccaneer Beach & Golf Resort on St. Croix, U.S. Virgin Islands. (Pictured left to right): Gary Molloy, vice president of the VIEDA Governing Board of Directors and Commissioner of the VI Department of Labor; Wayne L. Biggs Jr., VIEDA chief executive officer; Joy Penn, senior compliance officer, Economic Development Commission; Dwayne Benjamin, assistant chief executive officer, VIEDA; and (pictured at the far right): Kevin Rodriquez, chairman of the VIEDA Governing Board. -Photo by Semele A. C. George/VIEDA Quote from Owner/Manager: “We are tremendously pleased to be able to make positive contributions to the Virgin Islands community by being a meaningful local employer, good corporate citizen, and significant supporter of many worthy charitable projects.” Charles Kim, Principal 31 www.usvieda.org FY 2023 ANNUAL REPORT Quote from Owner/Manager: “We have been blessed to be able to move to such a great community with rich culture and diversity. Building and raising our businesses, families, and relationships in St. Croix has been a very special process for us. Being fortunate to be able to give back both financially and with our time to our community has been a great experience for us. Sharing the gem of the USVI with others when we can has been a positive experience and we recommend others considering it to join us.” Kirk Chewning, Partner Kirk Chewning David Johnson Cane Bay Partners was formed in 2009 in Christiansted, St. Croix. Their purpose was to move from Atlanta to St. Croix to further build out a fintech management consulting and underwriting model development firm. In 2009, Cane Bay was growing rapidly and required large amounts of capital to be injected. While the business was successful, the tax benefits allowed them to hire more professionals in St. Croix and invest more in the growth of the business including technology, tools, and training. Cane Bay has continuously, over the past 14 years, reinvested the tax savings received into hiring more people, paying above-market compensation, and advancing their capabilities so that they can better serve their business clients. It has also enabled Cane Bay to focus on their philanthropy programming in the St. Croix community. Some tax savings are used to invest in their Cane Bay Cares program, including their flagship afterschool project-based learning program for some public schools. Their partnerships with the Department of Education, the University of the Virgin Islands, Junior Achievement, and many non-profits on-island has made a difference in the collective community. The principals in Cane Bay have continued to invest in many local USVI businesses, providing both capital and entrepreneurial know-how. They have invested collectively in more than 10 local USVI companies, many of which employ a significant amount of people. Joy Penn, senior compliance officer, VI Economic Development Commission, explains the purpose of the VIEDC Compliance Division at the VIEDC Beneficiary Summit & Practitioner Forum on Thursday, September 28, 2023 at The Buccaneer Beach & Golf Resort on St. Croix, U.S. Virgin Islands. -Photo by Semele A. C. George/VIEDA Summit attendees learn about compliance requirements for the USVI’s business tax incentive program at the VIEDC Beneficiary Summit & Practitioner Forum on Thursday, September 28, 2023 at The Buccaneer Beach & Golf Resort on St. Croix, U.S. Virgin Islands. -Photo by Semele A. C. George/VIEDA 32 www.usvieda.org FY 2023 ANNUAL REPORT ECONOMIC DEVELOPMENT PARK CORPORATION Mission/Mandate The Virgin Islands Economic Development Park Corporation (“EDPC”), formerly known as the Industrial Park Development Corporation (“IPDC”), is chartered as a public corporation to acquire and operate industrial parks in the U.S. Virgin Islands and to complement the activities of the Virgin Islands Economic Development Authority (“USVIEDA”). Presently, two (2) industrial parks fall under the auspices of the EDPC, the William D. Roebuck Industrial Park on St. Croix and the Virgin Islands Industrial Park on St. Thomas. The EDPC is solely funded by rental income generated from the tenants of the industrial parks. Additionally, the EDPC owns the historic Fleming Building located at No. 4 King Street in Frederiksted, which houses the USVIEDA’s offices on St. Croix and one tenant, SunBug LLC dba Gecko Tours. This building was purchased in 2002. William D. Roebuck Industrial Park The WILLIAM D. ROEBUCK INDUSTRIAL PARK, the largest of the two industrial parks, sits on approximately 24 acres of property owned by the Virgin Islands Port Authority between the historic towns of Christiansted and Frederiksted in St. Croix. Park Statistics Location St. Croix Number of Buildings 4 Total Square Footage of Commercial Space 150,000 Occupancy Rate 93% Number of Tenants 9 Tenant Activity • Yacht Builder • Brewery • Mortgage Servicing Call Center • Agribusiness Manufacturer • Local USVI Government Offices Updates The William D. Roebuck Industrial Park engaged in the repaving of the north parking lot of Building #2. The parking lot was also restriped. 33 www.usvieda.org FY 2023 ANNUAL REPORT Tenant Listing Tenant Name Square Feet Suite Building #1 Department of Sports, Parks, & Recreation (DSPR) 4,000 101 EDPC Maintenance Shop 2,000 102 Ocwen Mortgage Servicing, Inc 6,000 103 Tropical Shipping & Construction Co. Ltd [104, 105 & 106] 10,000 106 Bureau of Corrections (BOC) 6,000 107 Vacant 2,000 108 Building #2 Leatherback Brewing Company, LLC 20,000 201 EDB Incubator & EDPC Offices 5,000 202 Vacant 5,000 203 Virgin Islands Next Generation Network, Inc. 10,000 204 Building #3 Farmpod, LLC 10,000 301 Vacant 10,000 302 GSA/Federal Emergency Management Agency (FEMA) 20,000 303, 304 Building #4 Gold Coast Yachts, Inc. 40,000 400 Virgin Islands Industrial Park The VIRGIN ISLANDS INDUSTRIAL PARK on St. Thomas, is located on a hillside just outside the bustling town of Charlotte Amalie and in the vicinity of the Cyril E. King Airport. Park Statistics Location St. Thomas Number of Bays 4 Total Square Footage of Commercial Space 20,000 Occupancy Rate 100% Number of Tenants 5 Tenant Activity • T-shirt Printer • Internet Service Provider • Aviation Electrical Component Manufacturer • Glass Manufacturer • Logistics 34 www.usvieda.org FY 2023 ANNUAL REPORT Tenant Listing Park Occupancy Charts Tenant Name Square Feet Bay NTI & Logistics, LLC 5,000 1 Glass 2000, Inc. 2,500 2A B.D. Specialties, Inc. d/b/a Billy D’s Special Tees 2,500 2B United Electronic Industries Services, LLC 5,000 3 United Electronic Industries Services, LLC (hurricane-damaged) 0 4A Alliance Data Services, LLC 2,000 4B 100.0% 95.0% 90.0% 85.0% FY 2023 St. Croix 93.0% St. Thomas 100.0% Combined 96.5% Note: Percentage based on occupiable space. John P. Woods, AIA, NCARB – Registered Architect, (third person from the right) of the Jaredian Design Group based in the U.S. Virgin Islands, describes the design of the prospective second floor structure of the Virgin Islands Industrial Park on St. Thomas, U.S. Virgin Islands, to VIEDA management and board of directors on Wednesday, December 14, 2023, at the VIEDA office on St. Thomas. -Submitted photo 35 www.usvieda.org FY 2023 ANNUAL REPORT FEMA Hurricane Repair Project Updates EDPC properties sustained significant damages because of Hurricanes Irma and Maria in 2017. USVIEDA/EDPC maintains regular communication with the Office of Disaster Recovery (“ODR”) and the Virgin Islands Territorial to access the funding designated by the Federal Emergency Management Agency (“FEMA”) to repair both industrial parks and the Fleming Building. William D. Roebuck Industrial Park Construction preparations underway in December 2023, at the Virgin Islands Industrial Park on St. Thomas, U.S. Virgin Islands, for the development of a second-floor of this park. -Submitted photo Total Cost Federal Cost Share Non-Federal Cost Share Project Status $8,881,644.60 $7,993,480.14 $888,164.46 Pending FEMA 406 HMP Completion Total Cost Federal Cost Share Non-Federal Cost Share Project Status $258,160.87 $232,344.79 $25,816.08 Pending FEMA 406 HMP Completion William D. Roebuck Industrial Park – Bureau of Corrections Total Cost Federal Cost Share Non-Federal Cost Share Project Status $8,175,748.00 $7,358,173.20 $817,574.80 Pending FEMA 406 HMP Completion Virgin Islands Industrial Park Still awaiting FEMA funding. Total Cost Federal Cost Share Non-Federal Cost Share Project Status $402,933.10 $362,639.79 $40,293.31 Obligated. Received one (1) bid response to first RFP. Deemed non-responsive by the selection committee. RFP to be reissued Fleming Building Still awaiting FEMA funding. 36 www.usvieda.org FY 2023 ANNUAL REPORT Enterprise Zone Commission The Enterprise Zone Commission (EZC) is tasked with revitalizing once vital vibrant communities that are now considered distressed. There are five (5) zones in the Territory, three (3) on St. Croix and two (2) on St. Thomas. They include: À The towns of Christiansted and Frederiksted on St. Croix; À The South Shore Trade Zone on St. Croix; and À The communities of Garden Street/Upstreet and Savanne Downstreet on St. Thomas. The EZC views its mandate as not only a directive to revitalize buildings but also to work with the elderly, the youth...the people of the zone. People-based benchmarks guided EZC staff this year. Applications The EZC received 11 applications with a projected direct capital investment of $2,572,562. Nine (9) of these applications were approved, which accounted for 29 full-time and 29 temporary employees. These applications represent $70,500 annually in donations to non-profits in the zones where the beneficiaries are located. The non-profit organizations include Salvation Army, Savanne United Now, Our Town Frederiksted, CHANT, Caribbean Museum, My Brother’s Table, etc. The impact if all 11 applications were to be approved would be $7.78 million in total economic output and $3.08 million in total value added to GTP. Compliance Compliance is always at the forefront of EZC activities. Of the 27 companies with active certificates, 16 are 100% in compliance. Fiscal year 2023 reporting revealed expenditures of $543,388.01 in construction activities which created or maintained 46 businesses and residential properties. This resulted in an actual economic impact of $1.64 million in total economic output and $640,000 in value added to GTP for the year. Anchor Projects The EZC Anchor projects were identified in the community plans to spur positive economic growth and development for the zone with activities requested by that specific community. In each zone, the EZC made progress in advancing the implementation of the Community plans. À In Frederiksted, the EZC identified a facility for the future home of the Agro & Food Innovation Center. As a condition of the potential lease agreement, the family who owns the complex successfully established singular ownership. À In Christiansted, the EZC, in collaboration with a stakeholder - the St. Croix Foundation -boarded one of the buildings of the Moorhead Arts Complex, the future home of the Healing Humanities project. À The EZC sought multiple grants to renovate the project site within the Garden Street-Upstreet Enterprise Zone. It was awarded $500,000 to rejuvenate the main building of the J. Antonio Jarvis Complex on St. Thomas, 37 www.usvieda.org FY 2023 ANNUAL REPORT USVI, intended to accommodate the VI Museum, Civic, and Cultural Center. Collaborating successfully with the Army Corps of Engineers, the EZC also secured Section 106 approval for the project. À Finally, within the Savanne-Downstreet Enterprise Zone, the EZC initiated lease negotiations and obtained access to the Evelyn Marcelli Complex, the future home of the Agro & Food Technology Center. Upon gaining official entry, the EZC undertook cleaning operations to address hurricane damage and other concerns, while also securing the buildings. Engineers assessed the structural integrity of the facility. Programs Fiscal year 2023 programming included a multi-media Estate Planning Conference, “Made in the USVI” Pop-up Shop & Kiosk activities, Beneficiary Conferences, community and stakeholder meetings. All events were well attended. Exposure to the community was approximately 700 individuals and small businesses. Marketing The EZC focused much of its marketing dollars on the newest zone, the South Shore Trade Zone. The division engaged with OCO Global, Ltd. to create a marketing strategy for the Trade Zone and commissioned Royal Haskoning DHV to conduct a feasibility study for the potential of a shipyard in the special economic zone. The staff attended the SelectUSA Investment Summit this fiscal year, and intends to participate in the Florida International Trade & Cultural Expo (FITCE) in the first quarter of FY 2024 to market the zone. We have also created an online application to further the convenience of accessing EZC programs. The division has been featured in seven newspaper articles & had numerous radio appearances and social media impressions. Collaboration Collaboration is a critical component of the activities of enterprise zones. This past year has been no different. It is with these collaborations that the division was able to accomplish so much. Joining together with another VIEDA unit, the Economic Development Bank (EDB) allowed the EZC to assist two small businesses in the Accelerator program to not only purchase a building but also gain tax benefits in the Christiansted enterprise zone. This Wrap-Around program extended to collaborating on the VI Slice program where EZC assisted in promoting the homeownership program within the enterprise zones. The EZC has also collaborated with Westin Frenchman’s Reef in assisting to introduce Accelerator products to be sold at the stores within A display of merchandise at the Made in the USVI kiosk in the Vendors’ Plaza on the waterfront on Veterans Drive in downtown Charlotte Amalie, St. Thomas, USVI. Attendees of the 2023 EZC Estate Planning Conference on May 25, 2023 on St. Thomas, U. S. Virgin Islands. -Submitted photo 38 www.usvieda.org FY 2023 ANNUAL REPORT Professional Development & Administration The EZC Team Summit provided the Staff and VIEDA Management Team an opportunity to analyze the strengths and weaknesses of the division. There was also an internal refresher training on application processes reviewing the SOP and its effectiveness. Administratively, the EZC has contracted with an attorney to work on rules and regulations for programs administer by the unit. The division also managed approximately $999,000 worth of grants. These included one from the U.S. Small Business Administration to assist small businesses to export products manufactured in the Territory and two grants from the U.S. Department of the Interior to revitalize one of the anchor projects and to administer a pilot program on resolving the probate issue in the Territory. the hotel. The division also worked with the community Stakeholders, Frederiksted Economic Development Association, Long Path-Garden Street Association, Our Town Frederiksted, Savanne United Now, St. Croix Foundation and We From Upstreet to seek funding to assist the neighborhoods that these organizations serve. In the last year the EZC has also collaborated with many public, private and non-profit organizations to include AARP Virgin Islands, U.S. Department of the Interior, V.I. Department of Property & Procurement, U.S. Small Business Administration- State Trade Expansion Program, Virgin Islands Council on the Arts, Virgin Islands Department of Agriculture, Virgin Island Good Food Coalition, VIYA and Youth Arise, Inc. 39 www.usvieda.org FY 2023 ANNUAL REPORT $21.5M Economic output $8.52M value added to the GTP. Commercial 53% Retail, Restaurant & Bakery 5% Owner Occupied 4% Residential Residence 36% Government 2% 46 BUSINESSES LOCATED & RETAINED IN EZ TYPES OF BUSINESSES ASSISTED Gardenstreet- Upstreet 24% Savanne- Downstreet 28% Frederiksted 24% Christiansted 24% USD 1:4.56 FY22 Actual 58 FY22 Potential $5.16M 88 Jobs A cost benefit analysis of the Enterprise Zone Incentive Program. The number of jobs directly created in the tax programs within the enterprise zone. The total revenue impactof incentives granted during the preceding calendar year. Actual direct, indirect & induced investment for all current beneficiaries ENTERPRISE ZONES Recommendations Each year the law requires that the EZC examine its operations and make legislative and administrative recommendations to improve its processes and seek local resources to achieve the division’s goals. This year the EZC identified a few legislative administrative changes to include the Commission’s membership and the elimination of sunset timelines for benefit packages. Regarding local resources, the division will seek to collaborate with organizations that have access to the Casino Investment and Diageo Community Facility Trust funds and the Community Reinvestment Act. 40 www.usvieda.org FY 2023 ANNUAL REPORT Faces of the Zones The following is a snapshot of a client in each enterprise zone who has been impacted by EZC programs. Client Success Story: Jahnesta Ritter, Owner of Savor St. Croix A Profile on How Two USVIEDA Programs Were Combined to Empower a Local Entrepreneur FREDERIKSTED SHOMARI MOORHEAD CRUCIAN POINT, LLC #17 Strand Street Frederiksted, St. Croix Plan Program: Technology CHRISTIANSTED JAHNESTA RITTER SAVOR ST. CROIX, LLC #45 King Street Christiansted, St. Croix Tax Credit: Cultural Business SAVANNE-DOWNSTREET CECELIA HARRIGAN #15A Gamle Gade Savanne, St. Thomas Tax Credit: Residential Rental GARDEN STREET-UPSTREET DILSA & LISA CAPDEVILLE #5 & 6 Kongens Gade Garden Street-Upstreet, St. Thomas Tax Credit: Experiential Tourism Jahnesta Ritter stands in front of the site of Savor St. Croix, located on 45 King Street, Christiansted. Established in 2014, Savor St. Croix, LLC, owned and managed by native Virgin Islander Jahnesta Ritter, initially introduced a monthly subscription box featuring carefully curated selections of baked goods, sweet treats, immunity-boosting teas, and savory seasonings. This was specifically tailored for Virgin Islanders residing abroad who relied on care packages sent by family or friends, visitors eager to indulge in local delicacies, and residents seeking to enjoy island delights without waiting for special occasions. As Savor St. Croix gained momentum, Ms. Ritter expanded its offerings to include gift boxes for various occasions such as conferences, weddings, and other special events. Additionally, she established a marketplace enabling Virgin Islanders to access traditional items year-round. This growth culminated in the establishment of a small retail store and restaurant in downtown Christiansted. Ms. Ritter attributes the ease of venturing into this business to her upbringing surrounded by adept Caribbean cooks, particularly those skilled in St. Croix cuisine. After a year, she relocated the business within Christiansted, where it continued until its closure in 2017 due to Hurricane Maria. 41 www.usvieda.org FY 2023 ANNUAL REPORT EDB Programs at Work At the same time she received EZC tax credits for the revitalization of the business premises in Christiansted, Ms. Ritter also pursued and successfully secured business financing via EDB loan programs. These funds were allocated towards supporting renovations, procuring furniture and fixtures, and covering other associated project expenses. Notably, this wasn’t the first occasion that Ms. Ritter availed herself of EDB services. She has actively participated in all events organized by the Incubator Program. Ms. Ritter attributes much of her development in the management side of the business to the technical assistance provided by the Incubator Program. Community Development One-Stop Project In 2022, Savor St. Croix achieved a significant milestone by becoming the first community development one-stop project to integrate tax incentives provided by the Enterprise Zone Commission with business financing from the Economic Development Bank. This collaboration facilitated the reopening of Savor St. Croix on King Street in the enterprise zone of Christiansted. This time around, the business expanded, encompassing not only the ground-level store but also introducing a three-unit guesthouse on the upper level. The site of Savor St. Croix before renovations. Savor St. Croix after renovations, made possible through the combination of EZC and EDB products. Ms. Ritter was awarded tax credits to revitalize the commercial property located at 45 King Street, Christiansted. Prior to this accomplishment in 2022, Ms. Ritter has been a long-time participant in the EZC’s Made in the USVI Pop-Up-Shop and has traveled to Denmark and New York as part of the EZC State Trade Export Program (“STEP”). Additionally, she is enrolled in the Accelerator program, which has provided her with valuable insights into various aspects of business operations such as packaging, labeling, barcoding, marketing, distribution, networking, exporting, pricing, branding, and more. Ms. Ritter continues to benefit from ongoing business guidance and counseling provided by EZC. EZC Programs at Work Despite the setback, Ms. Ritter persisted by transitioning the business online, participating in local community events, offering catering services, fulfilling special orders, and engaging with initiatives such as EZC’s Made in the USVI Pop-Up-Shop, as well as other ventures abroad. 42 www.usvieda.org FY 2023 ANNUAL REPORT Economic Development Bank Mission/Mandate The Economic Development Bank (“EDB”), an entity of the Virgin Islands Economic Development Authority (“USVIEDA”), provides loans and offers technical and managerial assistance to small, local businesses to enhance employment opportunities and economic growth. The assistance is provided to small-business owners in conjunction with the Virgin Islands Small Business Development Center (“VISBDC”) which provides business counseling, coaching and instructions on how to prepare business plans. The EDB also works with local commercial banks by providing loan guarantees to reduce the risk to the banks through the State Small Business Credit Initiative (“SSBCI”) program. Loan Activity FY 2023 Loan Approvals by District Loans Approved 2023 Total Number of Loans Approved 2 Total Dollar Value of Loans Approved $230,000 Loans by Industry Industry Number of Loans Bio Medical 1 Pharmacy 1 St. Thomas/St. John District Industry Loan Amount Loan Program Jobs Created Jobs Retained Bio Medical $30,000 SSBCI 1.0 1 3 St. Croix District Industry Loan Amount Loan Program Jobs Created Jobs Retained Pharmacy $200,000 SSBCI 1.0 7 0 Laundromat $50,000 Micro Credit 3 0 43 www.usvieda.org FY 2023 ANNUAL REPORT State Small Business Credit Initiative First established in 2010, the State Small Business Credit Initiative (“SSBCI”) was successful in increasing access to capital for traditionally underserved small businesses and entrepreneurs. The U.S. Virgin Islands was awarded $13.1 million of this funding, and USVIEDA through the EDB was charged with administering the program. EDB successfully managed three tranches of SSBCI funding, and assisted 438 businesses in the Territory through $12,614,692 in guarantee support. This helped to create 230 jobs and retain 499 jobs. In 2022, the American Rescue Plan Act (“ARPA”) reauthorized and expanded SSBCI to provide $10 billion to help small businesses access the necessary capital so they can create jobs as the country recovers from the COVID-19 pandemic. SSBCI provides funds to states, the District of Columbia, territories, and Tribal governments to promote entrepreneurship, support small businesses, and improve access to capital across the country, including in underserved communities. Due mainly to EDB’s success with SSBCI 1.0, the Territory was awarded $57.8 million in SSBCI 2.0 funding. This round of SSBCI products is more expansive than the first and includes loan participation, loan guarantee, collateral support, and payment, performance, and surety bonding. On February 1, 2023, USVIEDA received the first of three (3) tranches in the amount of $18,907,301. To be aggressive in assisting as many small businesses as possible, USVIEDA has contracted with a loan service provider that has access to over 22 lenders outside of the Territory. This year’s SSBCI highlights follow. Collections District 2023 St. Thomas/St. John $267,525.69 St. Croix $379,821.13 Total Amount in Collections $647,346.82 Percentage Decrease in Loan Collections *Attributed to a significant payoff in the third quarter of FY 2022 13% Percentage Decrease in Loan Delinquencies .50% Loan Delinquency Rate 1.0% SSBCI 2.0 Program’s Success Since Inception Bank Total No. of Loans Total SSBCI Support Total Jobs Created Total Jobs Retained First Bank 4 $1,645,312.50 34 16 44 www.usvieda.org FY 2023 ANNUAL REPORT Total Loans Approved to Date - By Program Type Program Type Total No. of Loans Total Amount of Bank Loans Total SSBCI Support Total Jobs Created Total Jobs Retained Collateral Support Program 1 $244,125 $122,062.50 7 0 Loan Guarantee Program 3 $2,982,444 $1,523,250 27 16 Loan Participation 0 Payment, Performance, and Surety Bonding Program 0 Total Across All Programs 4 $3,226,569 1,645,312.59 34 16 Total Loans Approved to Date – By District St. Thomas/St. John District Industry Type Bank Loan Amount SSBCI Support Amount Jobs Created Jobs Retained Restaurant/Marine Tourism $644,125 $322,062.50 14 6 St. Croix District Industry Type Bank Loan Amount SSBCI Support Amount Jobs Created Jobs Retained Restaurant/Marine Tourism $2,582,444 $1,323,250 20 10 VI Slice Moderate - Income Homeownership Program The VI Slice Moderate Income Homeownership Program (“VI Slice”) was created to establish opportunities that may increase homeownership rates amongst moderate-income households in the U.S. Virgin Islands. The program will support long-term sustainability, resiliency, and economic viability across the territory by providing financial assistance to expand affordable homeownership opportunities. This program will support the following activities: À Home Purchase with Rehabilitation À New Home Construction À Down Payment & Closing Costs Assistance It is administered by the EDB in partnership with the Office of the Governor and the Office of Disaster Recovery, with participation from the Territory’s lending institutions. VI Slice is a gap financing program that is funded through a $20 million ARPA grant. Program statistics follow. 45 www.usvieda.org FY 2023 ANNUAL REPORT VI Slice Transactions – Disbursed Lending Institution Island Date Disbursed Bank Supported Loan VI Slice Amount Disbursed Capital Mortgage Services of Texas STX 5/22/2023 $ 240,000.00 $ 43,945.02 Capital Mortgage Services of Texas STT 7/20/2023 $ 325,000.00 $ 98,613.50 Capital Mortgage Services of Texas STX 7/31/2023 $ 237,841.00 $ 22,143.19 USDA - Rural Development STX 9/19/2023 $ 225,200.00 $ 93,497.49 Capital Mortgage Services of Texas STX 9/15/2023 $ 296,000.00 $ 92,126.85 VI Slice Transactions in the Pipeline Lending Institution Island Proposed Closing Date Bank Supported Loan VI Slice Request Capital Mortgage Services of Texas STX 10/6/2023 $ 257,600.00 $ 74,770.84 First Bank Virgin Islands STT 11/3/2023 $ 299,000.00 $ 118,821.22 Capital Mortgage Services of Texas STX 11/29/2023 $ 316,000.00 $ 70,839.84 Oriental Bank STX 2/28/2024 $ 264,000.00 $ 52,655.03 Program Statistics Applications Received 9 Applications Approved 5 Applications Declined 0 Pending Applications 4 Number of Transactions Disbursed on St. Croix 4 Number of Transactions Disbursed on St. John 0 Number of Transactions Disbursed on St. Thomas 1 Total Dollar Amount Disbursed $350,326.05 FY 2023 Incubator Program Statistics Number of New Clients this Year 18 Number of Referrals to Other VIEDA Programs 2 Number of Referrals to External Partners (e.g., VI-SBDC) 0 46 www.usvieda.org FY 2023 ANNUAL REPORT First Clients of VI Slice Moderate-Income Homeownership Program 47 www.usvieda.org FY 2023 ANNUAL REPORT JAHTAYA I. REGIS St. Croix, U.S. Virgin Islands Program: VI Slice Moderate-Income Homeownership Program VI Slice is administered by the Virgin Islands Economic Development Authority (VIEDA) in partnership with the Office of the Governor and the Office of Disaster Recovery (ODR) Jahtaya I. Regis appears at the podium (in the first photograph) for a news conference on May 23, 2023 at Government House on St. Croix after her mortgage closing as the gap financing to assist with home purchase and down payment and closing costs through the VI Slice Program. Alongside Ms. Regis for the news conference were: (in the second photo with the entire group - from left to right) Caryn Hodge, Selling Agent Broker/Owner; Jay Rollins, Borrower’s Selling Agent; Michael Armendariz, Representative from Capital Mortgage Services of Texas (Lender); Beverly Andrews, mother of Ms. Regis; Jahtaya I. Regis, Borrower; The Hon. Albert Bryan Jr., Governor of the U.S. Virgin Islands’; Adrienne Williams – Director, Office of Disaster Recovery; Gary Molloy, Vice Chairman, USVIEDA Governing Board/Commissioner, VI Department of Labor; Monique T. Samuel, Managing Director, Economic Development Bank, USVIEDA; Anthony Kiture, Esq., External Counsel for USVIEDA; and Shelly Anslyn Gardiner, HR Specialist, USVIEDA. -Photo courtesy of Office of the Governor 48 www.usvieda.org FY 2023 ANNUAL REPORT 49 www.usvieda.org FY 2023 ANNUAL REPORT VANESSA AND TIMOTHY MCKAGUE St. Thomas, U. S. Virgin Islands Program: VI Slice Moderate-Income Homeownership Program VI Slice is administered by the Virgin Islands Economic Development Authority (VIEDA) in partnership with the Office of the Governor and the Office of Disaster Recovery (ODR) St. Thomas residents Vanessa and Timothy McKague, and their one-year-old son Morrison McKague (seated in the front row) are the first recipients of gap financing from VI Slice on St. Thomas to assist with home purchase and down payment and closing costs through the VI Slice Program. The McKagues appear for a news conference at Government House on St. Thomas, USVI, on July 20, 2023 alongside: (Back row from left to right) Michael Armendariz, Representative from Capital Mortgage Services of Texas which has an office in the USVI (Lender); realtor Amanda Trattner of Sea Glass Properties, Jose` A. Penn, member of the VIEDA Board; Monique T. Samuel, Managing Director, Economic Development Bank, USVIEDA; Kelly Thompson-Webbe, chief financial officer, VIEDA; and the Hon. Tregenza Roach, Esq. This is also the second recipient of gap financing under the VI Slice Moderate-Income Homeownership Program in the USVI. -Photo courtesy of Office the Governor 50 www.usvieda.org FY 2023 ANNUAL REPORT FY 2023 Incubator Program Statistics New Clients Assisted Number of New Clients this Year 18 Number of Referrals to Other VIEDA Programs 2 Number of Referrals to External Partners (e.g., VI-SBDC) 0 Industry Island MUA/Expoxy St. Thomas Supermarket St. Croix Agriculture St. Croix Accommodations St. Croix Food & Beverage St. Croix Online Retail St. Croix Automotive St. Croix IT/Real Estate St. Croix Not for Profit St. Croix Construction St. Croix Online Retail St. Croix Food Truck St. Croix Agriculture St. Croix Food & Beverage St. Croix Tech/Historic Buildings St. Croix Mental Health Services St. Thomas Videographer St. Croix 51 www.usvieda.org FY 2023 ANNUAL REPORT Ongoing Projects Pushing forward on our goal to provide support and technical services to our food entrepreneurs, this year we hope to achieve the following: 1. Contract the services of a grant writer to assist the Incubator Program Manager with identifying and applying for local and federal grants for the build-out of space and program implementation. 2. Conduct site visits of similar food incubation programs in the US that we can mirror to meet the needs of our community. Further planned activities include seminars and workshops to include Financial Literacy, Entrepreneurs Roundtable, and Youth Entrepreneurship Academy. Client Success Story Kiki’s Mini Market located on the island of St. Croix is operated by Manuel and Amanda Felix. Kiki’s was first opened 30 years ago by Manuel’s parents and was a staple within the Profit/Harvey community for many years. The store sustained damages during Hurricane Maria and the parents decided that this was a good time to retire and close the business. In 2022 Manuel and his wife decided they wanted to invest in St. Croix and reopen the Mini Market. The store provides basic household groceries. Efforts to modernize operations and maximize cash flow within the store consists of a new POS system, acceptance of SNAP (EBT) and WIC, and the addition of a new deli. The deli will offer breakfast, specialty sandwiches, pates, hot dogs, chicken and fries, and other snacks. The store has returned a vibrancy and sense of community to the area, with students visiting the market before or after school for snacks. They are currently working with Oriental Bank to secure a loan to renovate and expand the existing space to accommodate more shelving and the new deli. 52 www.usvieda.org FY 2023 ANNUAL REPORT Marketing and Public Relations Initiatives Mission/Mandate The key responsibilities of this department are to promote the U.S. Virgin Islands as the best destination for businesses to relocate and expand and the many programs and services that are available to local businesses and the public to help foster economic growth, job creation, and wealth generation. In many instances, the Marketing Department is the first point of contact for the Authority’s potential clients. This Department utilizes various marketing strategies to attract and encourage new businesses to relocate to the Territory, grow and expand existing businesses in our Territory, and inform the community about USVIEDA’s programs, services, and accomplishments for economic development. External Marketing Activities Engagement of OCO Global, Ltd. In FY 2023, USVIEDA engaged the services of OCO Global, Ltd. (“OCO”) to assist with formulating strategies for foreign direct investment (“FDI”) and the South Shore Trade Zone (“SSTZ”). OCO’s scope of work also includes a comprehensive rebranding of USVIEDA, and the creation of a fresh place brand for the Territory aimed at positioning the U.S. Virgin Islands as an optimal business hub to expand the Authority’s outreach to potential business investors. This initiative also involves evaluating all of the USVIEDA websites, social media channels, and print and digital promotional materials. Additionally, the contract entails an evaluation of USVIEDA’s lead generation process with efforts focused on fortifying these endeavors. Leveraging VELOCITI - OCO’s proprietary business intelligence tool - will facilitate the identification of companies interested in relocating or investing in the USVI, enhancing USVIEDA’s engagement with such prospects. VELOCITI utilizes an algorithmic approach to aggregate data and assess the probability of prospects investing in the Territory. During the final quarter of the fiscal year, OCO representatives made their first visit to the Territory. They conducted interviews with key USVIEDA team members and other stakeholders, including USVI Governor Albert Bryan Jr., representatives from the 35th Legislature of the Virgin Islands, USVIEDA clients, and officials from the Virgin Islands Department of Tourism, the Virgin Islands Port Authority (“VIPA”), the Chambers of Commerce, and cultural organizations. From these stakeholder meetings, OCO gathered insights on the current business landscape of the USVI, the ease of conducting business in the Territory, perceptions of USVIEDA, and stakeholders’ visions for economic development in the USVI. USVIEDA also collaborated with VIPA to facilitate a tour of the SSTZ for the OCO team during their site visit. The information gathered during this visit, along with literature reviews, industry data, global trends, and competitor analyses, will foster the development of strategies expected to be unveiled in the early stages of fiscal year 2024. 53 www.usvieda.org FY 2023 ANNUAL REPORT Governor Albert Bryan, Jr. and his staff participate in a stakeholder interview with OCO on August 16, 2023. Featured in the photo (from left to right around the table) are Nadine Marchena Kean, managing director of EZC; Wayne L. Biggs, Jr., VIEDA chief executive officer; Callie Duksin, OCO representative; Thea He, OCO representative; Dwayne A. Benjamin, VIEDA assistant chief executive officer; Toya Malone, senior policy advisor (Government House); the Honorable Albert Bryan Jr., Governor of the U.S. Virgin Islands; and Chanice Jarvis, Executive Assistant to the Governor. USVIEDA and OCO representatives meet with cultural and non-profit organizations on St. Croix and St. Thomas on August 17, 2023. Photo by Semele A.C. George/VIEDA 54 www.usvieda.org FY 2023 ANNUAL REPORT Investment Lead Generation Investment lead generation is a top priority for attracting corporate investment into the USVI through participation in USVIEDA’s tax incentive programs. Investment lead generation encompasses a series of activities which include research, identifying and qualifying companies, and contacting and building relationships with companies that have the potential to expand or relocate to the U.S. Virgin Islands. To supplement the Marketing Department’s efforts, lead generation contractors may be recruited on occasion to provide qualified leads at maximum set cost per firm/individual. USVIEDA uses the Client Relationship Management (CRM) program, HubSpot, to engage with leads. Currently, the CRM has over 16,268 contacts/leads. Of that number, 7,786 contacts have engaged with USVIEDA’s Marketing team through website and email inquiries, phone or walk-in inquiries, conferences, and seminars. The following table lists the Hot Projects, or active qualified leads that have demonstrated strong interest in investing in the USVI. Representatives from OCO Global, Virgin Islands Port Authority and the VIEDA gather to view various sites at the Southshore Trade Zone on St. Croix, U.S. Virgin Islands on August 17, 2023. 55 www.usvieda.org FY 2023 ANNUAL REPORT Key: EDC: Economic Development Commission HDA: Hotel Development Act STARS: Sustainability Tourism Through Arts-Based Revenue Stream SSTZ: South Shore Trade Zone Table # 1: USVIEDA Hot Projects in the Lead Generation Program Level of Investment Target Industry Initial Contact Type (e.g., conference, workshop, seminar, phone, website, walk-in inquiry, referral, etc.) Tax Incentive Program of Interest 1. $400,000,000 Renewable Energy Web Inquiry – site selectors SSTZ 2. $100,000,000 Real Estate Development Conference HDA or TIF 3. $30,000,000 Hotel Development Referral HDA or EDC 4. $20,000,000 Hotel Development Conference HDA or EDC 5. $14,000,000 Recreation Referral EDC 6. $10,000,000 Hotel or Real Estate Development Referral HDA or EDC 7. $10,000,000 Manufacturing Web Inquiry EDC 8. $10,000,000 Recycling-Manufacturing Referral EDC or SSTZ 9. $10,000,000 Manufacturing Web Inquiry EDC or SSTZ 10. $2,000,000 Manufacturing Referral EDC or SSTZ 11. $2,000,000 Agriculture/Manufacturing Web Inquiry EDC or SSTZ 12. $2,000,000 Real Estate, Hotel Development Referral HDA or EDC 13. $2,000,000 (Tech) Manufacturing Referral EDC or SSTZ 14. $600,000 DSB-Digital Health Web Inquiry EDC 15. $250,000 Film Production Web Inquiry STARS 16. $300,000 DSB & Manufacturing Web Inquiry EDC or SSTZ 17. $100,000 DSB-Investment Management Web Inquiry EDC 18. $100,000 DSB-Management Consulting Web Inquiry EDC 19. $100,000 Designated Service Business Web Inquiry EDC 20. $100,000 DSB-Communications Web Inquiry EDC or SSTZ 56 www.usvieda.org FY 2023 ANNUAL REPORT Other Lead Generation Statistics Total Investment Potential of Hot Projects $613,550,000 Number of Site Visits Hosted in Fiscal Year 2023 10 Number of Meetings (Virtual & In-Person) in Fiscal Year 2023 185 Number of VIEDC Pre-Application Meetings in Fiscal Year 2023 5 Marketing Missions and Conferences SEDI-CASE USVI NY Archipelago Summit From left to right: VIEDA CEO Wayne, L. Biggs, Jr., the Honorable Governor of the USVI Albert Bryan, Jr., and Anthony Weeks of the St. Croix Economic Development Initiative (SEDI) at the SEDI-CASE USVI NY Archipelago Summit in the New York in March 2023. 57 www.usvieda.org FY 2023 ANNUAL REPORT Seatrade Cruise Global Conference 2023 Location New York, NY Dates March 23-24, 2023 USVIEDA Participants Wayne L. Biggs, Jr., CEO Description USVIEDA CEO Wayne L. Biggs, Jr., was part of a USVI delegation led by the Honorable Governor Albert Bryan Jr. to New York City for a two-day economic event. New York City Mayor Eric Adams also participated in the event, where economic development opportunities and the historical connection between NYC and USVI were discussed and explored. This event was held in support of the Governor’s ongoing efforts to seek investment opportunities in the tri- state region. Focus VIEDC Tax Incentive Program, HDA, South Shore Trade Zone, SSBCI, hospitality Vision 2040 Targeted Industries General USVIEDA Board Chair Kevin Rodriquez and VIEDA CEO Wayne L. Biggs Jr. gather to promote the USVI at the VI Department of Tourism’s booth at Seatrade. CEO Biggs Jr. and Assistant CEO Rosa C. Thomas pose with Nathan Simmonds, Director of Finance at the Virgin Islands Public Finance Authority, a partner in administrating the Hotel Development Program. -Submitted photos 58 www.usvieda.org FY 2023 ANNUAL REPORT Location Miami, FL Dates March 27-30, 2023 USVIEDA Participants Wayne L. Biggs, Jr., CEO Rosa Thomas, Assistant CEO Description USVIEDA partnered with other government agencies, such as the VI Department of Tourism and the VI Port Authority, to represent the Territory at this major cruise industry event. As the Territory continues to implement Vision 2040, staying informed and visible within the tourism and marine sectors, key industries identified in Vision 2040, is critical to success. USVIEDA’s CEO Biggs Jr. and Assistant CEO Rosa C. Thomas were part of the delegation that networked with industry representatives and learned about trends. Focus VIEDC Tax Incentive Program, HDA, South Shore Trade Zone Vision 2040 Targeted Industries Tourism, Coastal and Ocean Resources SelectUSA Investment Summit The Honorable Governor Albert Bryan Jr. (center) joins other state governors on the Workforce Development: Economic Prosperity and Job Creation Panel on May 2, 2023. (Left to Right): The Honorable USVI Lt. Governor Tregenza Roach, Esq. joins with USVIEDA team members Anise Hodge (Board Member), José A. Penn (Board Secretary), Margarita Benjamin (Managing Director, Economic Development), Nadine Marchena Kean (Managing Director, EZC), and Kyle C. Thomas (Program Manager, Marketing & 2040 Vision) at the USVI booth. -Submitted photos 59 www.usvieda.org FY 2023 ANNUAL REPORT A view of the USVIEDA’s 2023 SelectUSA Investment Summit booth. The Honorable Lt. Governor Tregenza Roach, Esq. (second from the left) participates on a panel entitled “Investing in the U.S. Territories” along with officials from other U.S. Territories on May 3, 2023. -Submitted photo Dates May 1-4, 2023 Location National Harbor, MD USVIEDA Participants José A. Penn, Secretary, USVIEDA Governing Board Anise Hodge, Member, USVIEDA Governing Board Margarita Benjamin, Managing Director, Economic Development Nadine Marchena Kean, Managing Director, Enterprise Zone Commission Kyle C. Thomas, Program Manager, Marketing & 2040 Vision Sasha Garnett, VIEDC Applications Analyst Description USVIEDA was a platinum sponsor of the SelectUSA Investment Summit, hosted by the U.S. Department of Commerce. It is the highest-profile event in the U.S. dedicated to promoting foreign direct investment (“FDI”). The 2023 event had a record 4,900 attendees representing 83 international markets. The U.S. territories were prominently featured at this year’s event with both The Honorable Governor Albert Bryan Jr., and Lt. Governor Tregenza Roach, Esq., speaking on two separate panels. Their participation garnered significant interest at the U.S. Virgin Islands exhibit booth, which was represented by USVIEDA board members and staff, along with RT Park officials. USVIEDA networked with several potential leads in the key industries identified by Vision 2040. Focus VIEDC Tax Incentive Program, HDA, South Shore Trade Zone Vision 2040 Targeted Industries General 60 www.usvieda.org FY 2023 ANNUAL REPORT Global Summit of Women Caribbean Hotel & Investment Summit (CHRIS) Location Dubai, UAE Dates May 4-6, 2023 USVIEDA Participants Kevin Rodriquez, Chairman, Governing Board Gary Molloy, Vice Chairman, Governing Board Wayne L. Biggs, Jr., Chief Executive Officer Yolanda Bryan, Business Ambassador Description For over 30 years, the Global Summit of Women has brought together international women influencers as well as government and business leaders to provide inspiration and guidance to other women on how to grow their worldwide network. It also helps to develop women’s economic opportunities through exchanges of working solutions and creative strategies. Over 900 delegates from 73 countries participated in this event in 2023. USVIEDA partnered with the VI Department of Tourism to represent the Territory, along with a current entrepreneur participating in EZC’s Made in the USVI initiative. Focus VIEDC Tax Incentive Program, HDA, South Shore Trade Zone, Made in the USVI Initiative (exports) Vision 2040 Targeted Industries General VIEDA CEO Wayne L. Biggs Jr. (right) and Virgin Islands Department of Tourism Commissioner Joseph Boschulte conduct a presentation on USVI business incentive programs at CHRIS for potential investors. 61 www.usvieda.org FY 2023 ANNUAL REPORT USVI Digital Health Summit Location Miami, FL Dates May 22-23, 2023 USVIEDA Participants Wayne L. Biggs, Jr., Chief Executive Officer Description CHRIS is touted as the leading hotel investment conference for the Caribbean. It features networking opportunities and a variety of sessions and panels led by hotel and finance industry experts. In 2023, approximately 450 delegates from 33 countries participated. An estimated 33% of the delegates hold the title of Chairman, CEO, President, or Owner. USVIEDA partnered with the VI Department of Tourism to promote the Territory and inform attendees about the Authority’s tax incentive programs, particularly the Hotel Development Program. Focus VIEDC Tax Incentive Program, Hotel Development Program, South Shore Trade Zone Vision 2040 Targeted Industries Tourism, Hospitality USVIEDA sponsorship sign at the USVI Digital Health Summit. (Left to Right); VIEDA team members Kyle C. Thomas (Program Manager, Marketing & 2040 Vision), K’Nisha Gumbs (Loan/Collection Officer), and David Stevenson (Senior Loan Officer) prepare to share VIEDA program information at the USVIEDA table during the USVI Digital Health Summit on St. Thomas on June 14, 2023. -Submitted photos 62 www.usvieda.org FY 2023 ANNUAL REPORT Location St. Thomas, VI Dates June 13-16, 2023 USVIEDA Participants Wayne L. Biggs, Jr., VIEDA Chief Executive Officer Nadine Marchena Kean, Managing Director, Enterprise Zone Commission Celina D. Morris, Director, Marketing David Stevenson, Senior Loan Officer Kyle C. Thomas, Program Manager, Marketing & 2040 Vision K’Nisha Gumbs, Loan Assistant/Collection Officer Description USVIEDA sponsored and exhibited at the USVI Digital Health Summit, hosted by the Governor’s Office of Health Information Technology, which attracted approximately 150 attendees and included representatives from IT and health IT companies. The Authority also hosted an after-hours business networking reception, where the USVIEDA team was able to speak directly and foster relationships with potential investors. Focus VIEDC Tax Incentive Program, South Shore Trade Zone Vision 2040 Targeted Industries Professional/Tech Services, Health Sciences, Research & Development VIEDA CEO Wayne L. BiggsJr. (left) and Program Manager, Marketing/2040 Vision (right) meet with potential investors at the Summit. VIEDA CEO Biggs Jr. (far left) participates on a panel entitled, “Caribbean Investment & Development Forum – Rebounding” during the 27th Annual International African American Hotel Ownership & Investment Summit & Trade Show on July 21, 2023. -Submitted photos 63 www.usvieda.org FY 2023 ANNUAL REPORT 27th Annual International African American Hotel Ownership & Investment Summit & Trade Show Location Miami, FL Dates July 19-21, 2023 USVIEDA Participants Wayne L. Biggs, Jr. Celina D. Morris, Director, Marketing Kyle C. Thomas, Program Manager, Marketing & 2040 Vision Description Hosted by the National Association of Black Hotel Owners, Operators & Developers (NABHOOD), this event educates attendees about becoming a hotel owner or investor, shares minority investment trends, and explores supplier opportunities. It offers a wealth of networking opportunities, where participants can discuss issues of diversity affecting the industry and learn how to promote to minorities. Attendees include African American hoteliers, entrepreneurs, national leaders and hospitality representatives, development representatives, and financial experts. USVIEDA partnered with the VI Department of Tourism at this event. Click here to view a CEO Biggs’ interview at the conference about hotel investment opportunities in the USVI. Focus VIEDC Tax Incentive Program, Hotel Development Program, South Shore Trade Zone Program Vision 2040 Targeted Industries Tourism, Hospitality VIEDA CEO Wayne L. Biggs Jr. talks about hotel development and investment opportunities in the U.S. Virgin Islands during an interview at the 27th Annual International African American Hotel Ownership & Investment Summit & Trade Show. -Submitted photos 64 www.usvieda.org FY 2023 ANNUAL REPORT Annual Legislative Conference 2023 VIEDA CEO Wayne L. Biggs, Jr. (left) and the Honorable Stacey E. Plaskett, Esq., Delegate to Congress, met with prospective investors at a Meet and Match: How to do Business with the Virgin Islands, hosted by Representative Plaskett on September 22, 2023 at Annual Legislative Conference.- Submitted photos Potential investors seek information from representatives of USVIEDA and several other key USVI government agency officials that facilitate business investment in the Territory. Location Washington, DC Dates September 19-23, 2023 USVIEDA Participants Kevin Rodriquez, Chairman, Governing Board Wayne L. Biggs, Jr., Chief Executive Officer Celina D. Morris, Director, Marketing Kyle C. Thomas, Program Manager, Marketing & 2040 Vision Description USVIEDA was part of a delegation that represented the U.S. Virgin Islands at this five-day event, which drew almost 12,000 participants. Led by USVI Delegate to Congress Stacey E. Plaskett and Senator Raphael Warnock, the conference facilitated discussions and networking opportunities that explored policy, economic empowerment, social justice, healthcare, and education. The USVIEDA team also participated in a “Meet and Match” session hosted by Congresswoman Plaskett to encourage potential investors to consider doing business in the Territory. Focus VIEDC Tax Incentive Program, South Shore Trade Zone Vision 2040 Targeted Industries General 65 www.usvieda.org FY 2023 ANNUAL REPORT Website Activity and Statistics www.usvieda.org Social Media Statistics Number of Users 15,000 Top Five User Geographic Locations 1. United States 2. Virgin Islands 3. Puerto Rico 4. Canada 5. India Top Five Pages Viewed 1. U.S. Virgin Islands Economic Development Authority 2. Tax Advantages 3. EDC Program 4. Careers 5. Beneficiaries Facebook – General USVIEDA • 1,695 Fans and Followers • 321 New Fans and Followers • 143,475 Impressions • 88,323 Page and Profile Reach Instagram • 831 Fans and Followers • 59 New Fans and Followers • 10,138 Impressions • 6,580 Users for Page and Profile Reach Twitter • 961 Fans and Followers • 37 New Fans and Followers 66 www.usvieda.org FY 2023 ANNUAL REPORT Internal Marketing Activities Events St. Croix Chamber of Commerce Business After Hours American Express Shop Small Campaign Location St. Croix, USVI Dates November 17, 2022 Description USVIEDA hosted this business networking event at its main location in Frederiksted in the Fleming Building. This was an opportunity for the business community to meet and interact with the USVIEDA team, as well as learn about how our programs and services can support businesses. Vision 2040 Aspirational Goal(s) Goal 4: Entrepreneurs will have access to support and capital to scale their businesses and the annual net change in establishments will increase from 14 (2019) to 50 establishments. Location Territory-Wide Dates November 21-26, 2022 USVIEDA Participants Monique T. Samuel, Managing Director, EDB Charlene Gerard Joseph, Loan Assistant K’Nisha Gumbs, Loan/Collection Officer Kyle Thomas, Program Manager, Marketing Semele A. C. George, Marketing/PR Specialist Description USVIEDA was selected by American Express to serve as a Neighborhood Champion during the annual Shop Small event. Neighborhood Champions support small businesses and encourage communities to shop locally during the holiday season, particularly leading up to Small Business Saturday, which is the Saturday after Thanksgiving Day. USVIEDA team members distributed Shop Small bags and other promotional items to local business owners and informed them about USVIEDA’s programs and services that would assist with making their businesses thrive. Vision 2040 Aspirational Goal(s) Goal 4: Entrepreneurs will have access to support and capital to scale their businesses and the annual net change in establishments will increase from 14 (2019) to 50 establishments. 67 www.usvieda.org FY 2023 ANNUAL REPORT 51st Annual Agriculture and Food Fair of the U.S. Virgin Islands USVIEDA team members prepare the agency’s booth at the Agriculture and Food Fair (Agrifest) on St. Croix on February 18, 2024. -Submitted photos (Left to Right): USVIEDA board and team members Kevin Rodriquez, Cusa Holloway Christian, Monique T. Samuel, Rosa Thomas, Gary Molloy, and Wayne Biggs, Jr. enjoy the festivities with an Agrifest attendee at Agrifest on St. Croix on February 19, 2024. Location St. Croix, USVI Dates February 18-20, 2023 Description USVIEDA sponsors this event each year. Referred to as Agrifest, it recognizes farmers and offers games and competitions. Locally-produced agricultural products, livestock, arts and crafts, local cuisine, and entertainment are also featured. It usually draws thousands of attendees and is one of the larger community events, where the USVIEDA team can share information about its programs and communities to both residents and visitors. Vision 2040 Aspirational Goal(s) Goal 1: Increase locally-sourced food from 3% to 35% of local food demand. Agriculture-related production will increase from 2% of GDP to represent 5% of GDP. Goal 4: Entrepreneurs will have access to support and capital to scale their businesses and the annual net change in establishments will increase from 14 (2019) to 50 establishments. 68 www.usvieda.org FY 2023 ANNUAL REPORT Path to Prosperity USVIEDA CEO Wayne L. Biggs, Jr. (far left) participates on a panel with David Ramos (FDIC) and Danelle Christensen (U.S. Department of the Treasury), moderated by Karen Jones, Associate State Director (VI SBDC), during the “Path to Prosperity” Conference held at UVI’s Albert Sheen Campus on March 17, 2023.-Submitted photo Location St. Croix, USVI Dates March 17, 2023 USVIEDA Participants Wayne L. Biggs, Jr., Chief Executive Officer Monique T. Samuel, Managing Director, EDB Description The U.S. Small Business Administration, the U.S. Department of Agriculture, and the Federal Deposit Insurance Corporation (“FDIC”) partnered to present a full day of panel discussions, networking, and matchmaking sessions to inform the business community of the variety of business support resources available. USVIEDA CEO Wayne L. Biggs, Jr. provided opening remarks and participated on a panel entitled, “Relationships and Resources for Starting the Path to Prosperity”. Vision 2040 Aspirational Goal(s) Goal 4: Entrepreneurs will have access to support and capital to scale their businesses and the annual net change in establishments will increase from 14 (2019) to 50 establishments. 69 www.usvieda.org FY 2023 ANNUAL REPORT Fair Housing Expo hosted by the St. Croix Board of Realtors Monique T. Samuel, managing director of EDB, (left) and K’Nisha Gumbs, loan/collection officer, prepare to share VI Slice Program information with the community at the Fair Housing Expo, held at the University of the Virgin Islands on St. Croix on April 22, 2023. -Submitted photo Location St. Croix, USVI Dates April 22, 2023 USVIEDA Participants Monique T. Samuel, Managing Director, EDB Celina D. Morris, Director, Marketing Yolanda Bryan, Business Ambassador K’Nisha Gumbs, Loan/Collection Officer Description USVIEDA participated in the Fair Housing Expo to inform the community about the VI Slice Moderate Income Homeownership Program (“VI Slice”). The event was hosted by the St. Croix Board of Realtors and attracted attendees from across the community, including potential homebuyers, veterans, lenders, and realtors. In addition to having an informational table at the event, EDB Managing Director Monique Samuel delivered a presentation about the VI Slice program requirements and advantages. Vision 2040 Aspirational Goal(s) Goal 5: Population of the U.S. Virgin Islands will increase 10% from the official 2020 U.S. Census. 70 www.usvieda.org FY 2023 ANNUAL REPORT VIHFA Housing Expo Monique T. Samuel, managing director of EDB, assists a visitor to the table during the Housing Expo, held at the Sunny Isle Amphitheater in St. Croix on June 10, 2023. David Stevenson, senior loan officer, (left) and K’Nisha Gumbs, loan/collection officer, provide information to an attendee of the Housing Expo held at Tutu Park Mall in St. Thomas on June 17, 2023. -Submitted photos. Location St. Croix and St. Thomas, USVI Dates June 10, 2023 – St. Croix June 17, 2023 – St. Thomas USVIEDA Participants Monique T. Samuel, Managing Director, EDB Celina D. Morris, Director, Marketing Yolanda Bryan, Business Ambassador David Stevenson, Senior Loan Officer K’Nisha Gumbs, Loan/Collection Officer Description USVIEDA was a sponsor of the Virgin Islands Housing Finance Authority’s (“VIHFA”) Housing Expo to inform the community about the VI Slice Moderate Income Homeownership Program (“VI Slice”), held during National Homeownership Month. The event brought together private and public organizations that impact the homebuying process, to include lenders, government agencies, and realtors. USVIEDA distributed information to the community and gave a brief pitch about the VI Slice program during live radio coverage. Vision 2040 Aspirational Goal(s) Goal 5: Population of the U.S. Virgin Islands will increase 10% from the official 2020 U.S. Census. 71 www.usvieda.org FY 2023 ANNUAL REPORT USVI Event Sponsorships À Paradise Jam – St. Thomas À Governor’s Children’s Christmas Party À VI Police Department VIPRFCO À Crucian Christmas Foreday Serenade - St. Croix À Golf Tournament, Caribbean Center for Boys and Girls - St. Croix À Miracle on Main Street 2022 Sponsorship – St. Thomas À UVI Afternoon on the Green – St. Thomas À Iota Phi Lambda Sorority, Inc. 2023 Academic Cotillion À Gentlemen of Jones 1st Annual Golf Tournament – St. Croix À Cooperstown All Star Village Tournament À AKA Sorority, Inc. – 32nd International Regional Conference À Ivy Slam Basketball Tournament À Virgin Islands Carnival Children’s/Adults’ Parade Senior Sponsorship – St. Thomas À Paradise 48 Film Festival – St. Thomas À 4th Annual Golf Tournament, Buccaneer Hotel Golf Course – St. Croix Public Relations Paradise 48 Film Festival sponsorship display on June 24, 2023 at the Mark C. Marin Center on St. Thomas. À 23rd Annual Emancipation Day: Fort to Fort Walk to Freedom from Fort Christian to Fort Frederiksted – St. Croix À Return of Taste of Two Islands, “A Culinary Feast for the Season”, WTJX - St. Thomas À Caribbean Drag Racing Association, Inc. Junior Dragsters – St. Croix À UVI Association of Black Journalists Lyceum Partnership – St. Croix/St. Thomas News stories News releases Radio interviews Newspaper ads News conferences Video interviews 69 53 03 25 02 45 72 www.usvieda.org FY 2023 ANNUAL REPORT From left to right: MBDA Consultant Marie Gill (M. Gill & Associates, Inc.); USVIEDA Governing Board Chairman Kevin Rodriquez; Hon. Congresswoman Stacey E. Plaskett; Hon. Undersecretary of Commerce for Minority Business Development Donald R. Cravins, Jr.; Chief of the Office of Business Development Joann Hill (MBDA); and USVIEDA CEO Wayne L. Biggs, Jr. following a news conference hosted by USVIEDA on August 10, 2023 in St. Thomas. At the news conference, Undersecretary Cravins announced that M. Gill & Associates, Inc. was awarded $3 million through the Minority Business Development Agency (“MBDA”) to launch and operate a Capital Readiness Program across the USVI, Puerto Rico, and Florida. This program aims to offer technical support to minority and underserved businesses, aiding them in accessing financing through the State Small Business Capital Initiative, engaging in various government-sponsored programs supporting small enterprises, and obtaining alternative forms of capital. -Photo by Semele A. C. George/VIEDA 73 www.usvieda.org FY 2023 ANNUAL REPORT Financials The Virgin Islands Economic Development Authority FY 2023 Audited Financial Summary will be published separately and will be available on the VIEDA website, https://usvieda.org/ 74 www.usvieda.org FY 2023 ANNUAL REPORT FY 2023 Staff of the Virgin Islands Economic Development Authority FY 2023 Employment Statistics Management Team Total Employee Headcount 45 Number of Employees in the St. Croix District 20 Number of Employees in the St. Thomas/St. John District 25 New Hires in the Fiscal Year 8 Number of Vacancies at the End of the Fiscal Year 6 Wayne L. Biggs, Jr. Executive Chief Executive Officer Rosa C. Thomas1 Executive Assistant Chief Executive Officer* Dwayne A. Benjamin2 Executive Assistant Chief Executive Officer Tracy Lynch Bhola, Esq. Legal General Counsel Kelly Thompson Webbe Admin and Finance Chief Financial Officer Margarita A. Benjamin Application Managing Director, Economic Development Nadine Marchena Kean Enterprise Zone Commission Managing Director, Enterprise Zone Commission Monique T. Samuel Lending Managing Director, Economic Development Bank Sharmane Brookes Lending Director, State Small Business Credit Initiative Mark C. Finch Economic Development Park Director, Physical Plant Celina D. Morris3 Marketing Director, Marketing Kali Richardson Human Resources Director, Human Resources4 1 Rosa C Thomas, ACEO, resigned from her position on March 31, 2023. 2 Dwayne Benjamin was hired as the new Assistant Chief Executive Officer on August 1, 2023. 3 Shanell Petersen, Director of Marketing & 200 Vision, resigned from her position on October 6, 2022. 4 Marketing Director of Marketing & 2040 Vision 75 www.usvieda.org FY 2023 ANNUAL REPORT FY 2023 Staff 1 Celina D. Morris, Executive Assistant to the CEO, promoted to the position of Director of Marketing on April 2, 2023. Lynnette Lindesay, hired as the Executive Assistant to the CEO on August 1, 2023. 2 Michelle Gaskin, Administrative Assistant, resigned from her position on October 6, 2022. 3 Abdul Smith, Facilities Assistant I, was hired on August 7, 2023. Key STT – St. Thomas STX – St. Croix USVIEDA – Virgin Islands Economic Development Authority Administration Executive Employee Name Title Island Wayne L. Biggs, Jr. Chief Executive Officer STT Dwayne A. Benjamin Assistant Chief Executive Officer STT Lynnette Lindesay1 Executive Assistant to the CEO STT Ja’Nelle Forbes Administrative Assistant STT Yolanda Bryan Business Ambassador STX Michelle Gaskin2 Administrative Assistant STX Administration and Finance Employee Name Title Island Kelly Thompson Webbe Chief Financial Officer STT Maritza E. Hernandez Senior Accountant STT Tatiana Bertrand Budget and Financial Analyst STT Jana Cammie Accounting II STT Gersha Eusebe Accountant I STT Lizbeth Daniel Accountant I STT Cuthbert Charlemagne Facilities Assistant I STT Abdul Smith3 Facilities Assistant I STT 76 www.usvieda.org FY 2023 ANNUAL REPORT Legal Employee Name Title Island Tracy Lynch Bhola, Esq. General Counsel STX Lisa Mitchell-Harris Paralegal/Investigative Analyst II STX Anurie Oliver Paralegal/Investigative Analyst I STX Human Resources Employee Name Title Island Kali Richardson Director, Human Resources STT Shelly Gardiner Human Resources Specialist STX Marketing Employee Name Title Island Celina D. Morris Director, Marketing STT Semele A. C. George Marketing & Public Relations Specialist STT Kyle Thomas Program Manager, Marketing & 2040 Vision STT Shanell Petersen1 Managing Director, Marketing & 2040 Vision STX USVIEDA Board Employee Name Title Island Lorraine Lynch3 Liaison to the Board of Directors STT Carol V. Chapman2 Liaison to the Board of Directors STT 1 Shanell Petersen, Director of Marketing & 2040 Vision, resigned from her position on October 6, 2022. 2 Carol V. Chapman retired as the Liaison to the Board of Directors on June 30, 2023. 3Lorraine Lynch hired as Liaison to the Board of Directors on July 24, 2023. 77 www.usvieda.org FY 2023 ANNUAL REPORT Economic Development Commission – Compliance Employee Name Title Island Margarita A. Benjamin Managing Director, EDC STT Joy Penn Senior Compliance Officer STT Ayanna Romney Lead Compliance Officer STX Latoya Martin Compliance Officer I STX Jahnella Harvey Compliance Officer I STX Carlene McMahon Compliance Officer I STT Enterprise Zone Commission Employee Name Title Island Nadine Marchena Kean Managing Director, Enterprise Zone Commission STT Raheem Smith Enterprise Zone Specialist II STT Shaylah Anthony Programs & Grants Compliance Officer I STT Wayne Scott, Jr. Enterprise Zone Specialist I STX USVIEDA Entities Economic Development Commission – Applications Employee Name Title Island Margarita A. Benjamin Managing Director, EDC STT Sasha Garnett Applications Analyst II STT LaShanna McBean DeChabert Applications Analyst I STX 78 www.usvieda.org FY 2023 ANNUAL REPORT Incubator Program Employee Name Title Island Cusa Holloway Christian Incubator Program Manager STX Economic Development Bank Employee Name Title Island Monique T. Samuel Managing Director, Economic Development Bank STX Sharmane Brookes Director, State Small Business Initiative STT David Stevenson Senior Loan Officer STT Charlene Gerard-Joseph Loan Assistant STT K’Nisha Gumbs Loan/Collection Officer STX Gloria Fredericks Receptionist STT Joanna Williams Loan Assistant STT Safiya Farrelly Loan Assistant STX Economic Development Park Corporation Employee Name Title Island Mark C. Finch Director, Physical Plant STX Athanasius Obeius Maintenance Worker II STX Ethelbert Lesmond Maintenance Worker II STX Jason Abramson Maintenance Worker I STX 1 Charlene Gerard Joseph retired on June 30, 2023. Source: iStock, ID:1708675865, St. Croix, U.S. Virgin Islands