An act approving the Hotel Development Agreement between the Government of the Virgin — BILL NO. 36-0147
COMMITTEE OF THE WHOLE/FLOOR BILL NO. 36-0147 Thirty-Sixth Legislature of the Virgin Islands August 26, 2025 An act approving the Hotel Development Agreement between the Government of the Virgin Islands and Haven Development, LLC PROPOSED BY: Senator Milton E. Potter, by Request of the Governor WHEREAS, on July 15, 2025, the Virgin Islands Economic Development Authority 1 approved the Hotel Development Agreement between the Government of the Virgin Islands 2 and Haven Development, LLC for the construction of a branded hotel located at Parcel No. 2 3 Estate Thomas, 6F New Quarter, St. …
Download the original document · Plain text (TXT) · Browse the archive · How this archive works
Original source: https://legvi.org/committeemeetings/Comm%20of%20The%20Whole/2025-08-28/Bills/Bill%2036-0147.pdf
SHA-256 b667d71599c2c34c08645a1b11c3291ad83cbee4270648e4c0ee3d1982878c80
Re-using this document
A proceeding of the Legislature of the Virgin Islands, open to the public under 3 V.I.C. § 881, which reaches any committee of any branch of government and permits the news media to publish what it records.
Our description, tagging, arrangement, extracted text and machine transcripts are released under CC0 1.0. We assert nothing about the document itself.
Archive identifier LF-b667d71599c2
Document text
COMMITTEE OF THE WHOLE/FLOOR BILL NO. 36-0147 Thirty-Sixth Legislature of the Virgin Islands August 26, 2025 An act approving the Hotel Development Agreement between the Government of the Virgin Islands and Haven Development, LLC PROPOSED BY: Senator Milton E. Potter, by Request of the Governor WHEREAS, on July 15, 2025, the Virgin Islands Economic Development Authority 1 approved the Hotel Development Agreement between the Government of the Virgin Islands 2 and Haven Development, LLC for the construction of a branded hotel located at Parcel No. 2 3 Estate Thomas, 6F New Quarter, St. Thomas consisting of 126 guestrooms, a pool, indoor and 4 outdoor bar patio, small kitchen facility for limited breakfast services, fitness center and 5 meeting room space; and 6 WHEREAS, the Government of the Virgin Islands will make available for use 100 7 percent of the Designated Hotel Room Occupancy Tax and a 7.5 percent Economic Recovery 8 Fee, to pay and secure Hotel Development Notes for a period of 30 years or until such time as 9 the direct investment of $44,105,254.61 is reimbursed, whichever occurs earlier; and 10 2 WHEREAS, pursuant to title 29 Virgin Islands Code, chapter 23, section 1307, 1 subsection (c), any project approved by the Virgin Islands Economic Development Authority 2 under the Hotel Development Program must be approved by the Governor of the Virgin Islands 3 and ratified by the Legislature of the Virgin Islands; and 4 WHEREAS, on August 13, 2025, the Governor of the Virgin Islands approved the Hotel 5 Development Agreement between the Government of the Virgin Islands and Haven 6 Development, LLC; Now, Therefore, 7 Be it enacted by the Legislature of the Virgin Islands: 8 SECTION 1. Pursuant to 29 V.I.C. § 1307(c), the Legislature of the Virgin Islands 9 ratifies the Hotel Development Agreement between the Government of the Virgin Islands and 10 Haven Development, LLC for the construction of a branded hotel located at Parcel No. 2 Estate 11 Thomas, 6F New Quarter, St. Thomas consisting of: 126 guestrooms; a pool; indoor and 12 outdoor bar patio; small kitchen facility for limited breakfast services; fitness center and 13 meeting room space, with the Government of the Virgin Islands making available for use 100 14 percent of the Designated Hotel Room Occupancy Tax and a 7.5 percent Economic Recovery 15 Fee, to pay and secure Hotel Development Notes for a period of 30 years or until such time as 16 the direct investment of $44,105,254.61 is reimbursed, whichever occurs earlier. 17 BILL SUMMARY 18 The bill ratifies the Hotel Development Agreement between the Government of the 19 Virgin Islands and Haven Development, LLC approved by the Virgin Islands Economic 20 Development Authority on July 15, 2025. 21 BR25-0781/August 25, 2025/GC 22 G36-027 23