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Fiscal Year: October 1, 2023- September 30, 2024 FY 2024 ANNUAL REPORT Strengthening Our Foundation: A Year of Impact and Innovation. Delivering measurable results. UNITED STATES VIRGIN ISLANDS ECONOMIC DEVELOPMENT AUTHORITY Inside Cover: The Westin St. Thomas Beach Resort and Spa. Cover: Buoy Haus Beach Resort St. Thomas at the Westin St. Thomas Beach Resort and Spa. Photographs courtesy of the Westin St. Thomas Beach Resort and Spa Message from the Chairman of the Board 3 Message from the Chief Executive Officer 5 Board of Directors 6 USVIEDA Management Team 7 Mission Statement 7 USVIEDA at a Glance 8-9 Overview:  U.S. Virgin Islands Economic Development Authority 10 Virgin Islands Economic Development Commission 12 Economic Development Commission Applications Division 13 Economic Development Commission Compliance Division 27 Virgin Islands Economic Development Park Corporation 34 Enterprise Zone Commission 40 Economic Development Bank 48 Marketing and Public Relations 56 Financials - Summary 82 Staff of the Virgin Islands Economic Development Authority  84 St. Croix District Office 116 King St. Frederiksted St. Croix, U.S. Virgin Islands 00840 340-773-6499 St. Thomas - St. John District Office 8000 Nisky Shopping Center, Suite 620, 2nd Floor St. Thomas, U.S. Virgin Islands 00802 340-714-1100 CONTENTS TABLE OF Office Locations KEVIN A. RODRIQUEZ “With a clear strategy and a united commitment...” A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 3 Together, we remain committed to advancing economic growth, supporting small business development, and ensuring that our efforts deliver lasting benefits for the people of the U.S. Virgin Islands. The past year has underscored the value of strong collaboration—within USVIEDA’s divisions, across government agencies, and through public-private partnerships. These collective efforts have created new opportunities, revitalized communities, and strengthened investor confidence in the Territory’s future. The Economic Development Commission (EDC) continues to play a vital role in our growth strategy. With steady interest from potential investors, the EDC’s tax incentive program is driving job creation, capital investment, and economic diversification. At the same time, the Enterprise Zone Commission (EZC) celebrated its 25th anniversary by advancing revitalization in our historic neighborhoods, while the Economic Development Bank (EDB) expanded access to capital for local small businesses and entrepreneurs. Together, these initiatives demonstrate the Authority’s comprehensive and balanced approach to development. Looking ahead, the Board will continue working closely with CEO Biggs and the USVIEDA team to align policies and initiatives with Vision 2040 and the Territory’s long-term priorities. I extend my gratitude to The Honorable Governor Albert Bryan Jr. and The Honorable Lt. Governor Tregenza A. Roach, Esq., for their leadership and partnership in advancing this mission. With a clear strategy and a united commitment, we remain focused on building a stronger, more resilient, and more prosperous Virgin Islands for all. Kevin Rodriquez Chairman of the USVIEDA Board As Chairman of the Board of Directors of the Virgin Islands Economic Development Authority (USVIEDA or Authority), I am honored to work alongside my fellow board members and Wayne L. Biggs, Jr., Chief Executive Officer, to provide the strategic guidance that shapes the Authority’s vision and direction. A MESSAGE from the CHAIRMAN 4 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: WAYNE L. BIGGS, JR. “...strengthen the foundation for long-term growth...” A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 5 Guided by our mission, our four main divisions — the Economic Development Commission (EDC), Enterprise Zone Commission (EZC), Economic Development Bank (EDB), and Economic Development Park Corporation (EDPC) — worked in synergy to advance sustainable economic progress and strengthen the foundation for long-term growth in the U.S. Virgin Islands. In Fiscal Year 2024, EDC advanced investment opportunities that have the potential to fuel significant capital infusion, job creation, and long-term revenue growth. Alongside these efforts, the EZC marked its 25th anniversary, highlighting a legacy of transforming communities. Programs such as the Estate Planning Conference and the “Made in the USVI” Pop-Up Shop reached hundreds of residents and elevated local businesses, reinforcing our commitment to inclusive, community-centered development. EDB expanded access to capital for businesses and residents, with loans and gap financing supporting job creation, business expansion, and homeownership opportunities. Initiatives such as the State Small Business Credit Initiative (SSBCI) 2.0 leveraged our partnerships with lending institutions to empower local entrepreneurs. Meanwhile, EDPC ensured our industrial parks remain vibrant and resilient, completing infrastructure improvements that enhance long-term operational capacity. USVIEDA’s outreach and marketing efforts amplified and supported these achievements. We participated in major investment conferences, including the Caribbean Hotel & Resort Investment Summit (CHRIS), the Caribbean Hotel Investment Conference & Operations Summit (CHICOS), and the SelectUSA Investment Summit. Digital campaigns engaged hundreds of thousands online, elevating the Territory’s profile as a destination for investment and innovation. A client highlight of the year was In the Mix Cakery, LLC (In the Mix), the first approved South Shore Trade Zone applicant, located in the William D. Roebuck Industrial Park on St. Croix. Leveraging support across USVIEDA’s divisions, from incentives to financing to infrastructure, In the Mix exemplifies our integrated approach to growing businesses and attracting investment. Amid these accomplishments, we also completed the FY 2022 audit, earning our 14th consecutive unmodified audit opinion, a reflection of USVIEDA’s fiscal integrity and commitment to transparency. I extend my gratitude to our Governing Board and the entire USVIEDA team. Together, we are building a diversified, resilient, and inclusive economy, shaping a brighter future for the U.S. Virgin Islands. Wayne L. Biggs, Jr. Chief Executive Officer U.S. Virgin Islands Economic Development Authority For the Virgin Islands Economic Development Authority (USVIEDA), Fiscal Year 2024 was a year of purposeful collaboration and growth. A MESSAGE from the CEO Strengthening Our Foundation: 6 FY 2024 Annual Report Board of Directors 2024 USVI EDA Board of Directors Kevin A. Rodriquez Deputy Chief of Staff The Honorable Governor Albert Bryan Jr. Governor’s Staff Representative Chairman Gary Molloy, Ph.D. Commissioner Virgin Islands Department of Labor José A. Penn Chief Financial Officer of Penns’ Apartment Rental, Inc.; Penns’ Jeep Rental, Inc., and Penns’ Trucking Services, Inc. St. John Representative Positive T. Nelson Special Advisor/Cannabis Czar Office of the Governor Anise I. Hodge Deputy Executive Director Virgin Islands Port Authority Philip Payne Owner and CEO of Dyer & Payne, Inc. St. Croix Representative Vice Chairman Secretary Board Member Board Member Board Member A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 7 Kali Richardson Director Human Resources Monique T. Samuel Managing Director Economic Development Bank Mark C. Finch Director, Physical Plant Economic Development Park Corporation Celina D. Morris Director Marketing Management Team The 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. Wayne L. Biggs, Jr. Chief Executive Officer Dwayne A. Benjamin Asst. 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 MISSION STATEMENT www.usvieda.org 8 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: USVIEDA at a GLANCE Administration & Finance ● No. of Consecutive Unmodified Audit Opinions from External Auditors - 14 ● Total Operating Budget - $6.61M Human Resources ● Total Employee Headcount – 49 ● Number of Employees in the St. Croix District – 21 ● Number of Employees in the St. Thomas/ St. John District – 28 ● New Hires – 5 Marketing & Public Relations External Marketing ● Trade Shows and Conferences Attended/ Sponsored – 8 ● Number of Leads/Hot Projects – 16 ● Total Investment Potential of Hot Projects - $540.6M ● Number of Site Visits Hosted – 10 INTERNAL MARKETING/PR ● News Stories – 50 ● News Releases - 52 ● Radio Interviews – 26 ● Newspaper Ads – 46 ● Boosted Social Media Ads - 5 Virgin Islands Economic Development Commission (VIEDC) ● Total VIEDC Applications Received – 25 o New Applications Received – 20 o Modification Applications Received – 1 o Extension Applications Received – 4 o Jobs to be created/retained – 282 o Approximate wages to be paid - $13.4M o Approximate investments to be made - $66.8M o Approximate total taxes over a five-year period - $34.8M ● Certificates o Certificates executed – 13 o Full-time jobs created/retained – 102 o Approximate wages to be paid - $17.3M o Approximate investments to be made - $60.4M o Approximate charitable contributions to be made - $400K o Approximate total taxes over a five-year period - $19.5M ● Total Active VIEDC beneficiaries – 99 ● Beneficiary Orientations Conducted – 14 ● Site Visits Conducted – 17 ● Total Compliance Fees Collected - $635.4K Key Statistics A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 9 Economic Development Bank (EDB) ● Total Number of Loans Approved - 4 ● Total Dollar Value of Loans Approved - $913,814.30 ● Loan Delinquency Rate – 1.7% STATE SMALL BUSINESS CREDIT INITIA- TIVE (SSBCI) ● Value of Transactions o Primary Lender Financing – $16M o SSBCI Share - $6.6M ● Jobs Created – 82.5 ● Jobs Retained – 14 VI SLICE MODERATE-INCOME HOMEOWN- ERSHIP PROGRAM (VI SLICE) ● Applications Received - 45 ● Applications Approved - 35 ● Number of Transactions Disbursed o St. Croix - 24 o St. Thomas – 6 ● Total Dollar Amount Disbursed - $2.6M Enterprise Zone Commission (EZC) ● Total Applications Received – 4 o Projected Direct Capital Investment - $1.45M o Projected Total Economic Output - $4.39M o Total Value Added to GTP - $1.74M ● Companies with Active Certificates – 36 ● Approx. Grant Funds Managed - $2.34M Economic Development Park Corporation ● Park Occupancy (St. Croix) – 100% ● Park Occupancy (St. Thomas) – 100% ● Combined Park Occupancy Rate – 100% ● Number of Tenants (St. Croix) – 12 ● Number of Tenants (St. Thomas) - 5 The University of the Virgin Islands: Orvile Kean Campus on St. Thomas, USVI Photograph by Nicole Canegata 10 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: The Virgin Islands Economic Development Authority (USVIEDA or Authority) 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. OVERVIEW: VIRGIN ISLANDS ECONOMIC DEVELOPMENT AUTHORITY A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 11 The Frederiksted Clock Tower, officially the Eliza James-McBean Clock Tower, a historic landmark in Frederiksted, St. Croix, U.S. Virgin Islands. Photograph by Nicole Canegata 12 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: V.I. ECONOMIC DEVELOPMENT COMMISSION Total Active VIEDC Beneficiaries 99 A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 13 VIEDC Tax Incentive Program APPLICATIONS RECEIVED IN FISCAL YEAR 2024 During FY 2024, the VIEDC received a total of 25 applications. Of these, 20 were new applications, one (1) was an extension, and four (4) were modifications. At the end of the fiscal year, 12 applications remained incomplete, while four (4) complete applications were pending a public hearing and/or decision meeting. The statistics show that the 25 applications received for VIEDC tax incentives represent potential future economic impact of a minimum of 282 new jobs to be created/retained, $13,416,080 to be paid out in wages and $66,811,835 to be made in capital investment. These Applicants also represent the potential for the U.S. Virgin Islands to realize approximately $34,752,200 in taxes over an initial five-year period. COMPANY NAME TYPE OF APPLICATION CATEGORY TYPE OF BUSINESS STATUS AS OF 9/30/2024 1. PL Partners, LLP New IV Financial Management Approved 2. Haven Development, LLC New III Hotel/ Guesthouse Approved 3. "Sail Rock Investments, LLC" New IV Family Office Approved The Applications Division reviews and analyzes applications for Virgin Islands Economic Development Commission (VIEDC) tax incentive benefits, USVIEDA incentive programs (Sustainable Tourism through Arts-based Revenue Streams (“STARS”), Hotel Development Act Program (“HDA”), and Tax Increment Financing (“TIF”)), processes applications for Eligible VI Suppliers certification, and provides support and advice to the USVIEDA’s Governing Board in its consideration of applicants’ requests for incentive benefits. APPLICATIONS DIVISION The Economic Development Commission (“EDC”) is charged with promoting the growth, development, and diversification of the economy of the United States Virgin Islands. The EDC is comprised of the Applications Division, which is the main point of contact for a business seeking to apply for economic development benefits, and the Compliance Division, which monitors and provides customer care services to beneficiaries to ensure that these businesses comply with the terms and conditions of their agreements and other requirements of law. MISSION/MANDATE Table: VIEDC Applications Received in Fiscal Year 2024 Overlook of Crown Bay from the Virgin Islands Industrial Park on St. Thomas, U.S. Virgin Islands Photograph by Nicole Canegata 14 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: COMPANY NAME TYPE OF APPLICATION CATEGORY TYPE OF BUSINESS STATUS AS OF 9/30/2024 4. VI Electron LLC New III / IV Utilities / Business Management Approved 5. Achilles Consulting LLP New IV Management and Consulting Approved 6. 183 Media, LLC Modification IV Business Management Incomplete 7. Seven Seas Water Corporation (USVI) Extension III Manufacturing Incomplete 8. Bloom Analytics, LLLP New IV Business Management Pending Decision Meeting 9. Parach Resources Management LLC New IV Family office Approved 10. Shah Holdings LLP New IV Business Management Approved 11. Sunset Cove Holdings LLC Modification IV Financial Management Incomplete 12. TBCA USVI LLP New IV Business Management Approved 13. PMX1, LLC New IV Financial Management Approved 14. MJB Caribbean New III Guest House/Hotel Pending Decision Meeting 15. DV USVI Investment, LLLP New III Hotel / Guesthouse Incomplete 16. Modification III Hotel / Guesthouse Incomplete 17. Historic Area Revitalization Project New Incomplete 18. CAT5 Builders, LLC New II Manufacturer Incomplete 19. InterNova Partners LLP New IV Business Management Incomplete 20. SK Venture Group, LLC New IV Business Management Pending Public Hearing 21. Real Impact Corporation Modification IV Business Management Incomplete 22. First Antilles Capital LLP New IV Financial Management Pending Public Hearing 23. TrillaMed Global, LLC New IV Business Management Incomplete 24. New IV Financial Management Incomplete 25. Historic Heritage Holdings, LLP New III Hotel / Guesthouse Incomplete Marriott Ownership Resorts (St. Thomas), Inc. Commercial Leasing, Parking & Workforce Housing LV USVI Investment and Management, LLLP Table: VIEDC Applications Received in Fiscal Year 2024 (Cont.) A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 15 NAME OF APPLICANT PUBLIC HEARING DESCRIPTION ISLAND 1. Haven Development, LLC 11-30-2023 New St. Thomas 2. DIAM Management, Inc. 12-14-2023 Modification St. Croix 3. PL Partners, LLP 12-14-2023 New St. Thomas 4. Sail Rock Investments, LLC 12-14-2023 New St. Thomas 5. United Investors, LLC d/b/a Concrete Masters 12-14-2023 New St. Croix 6. VI Electron 12-14-2023 New St. Thomas 7. Achilles Consulting LLC 02-27-2024 New St. Thomas 8. Smith Fancy LLC 02-27-2024 New St. Thomas 9. Parach Resource Management, LLC 05-28-2024 New St. Thomas 10. Shah Holdings, LLP 05-28-2024 New St. Thomas 11. PMX1, LLC 07-16-2024 New St. Thomas 12. TBCA USVI, LLLP 07-16-2024 New St. Thomas 13. Bloom Analytics, LLLP 08-27-2024 New St. Croix 14. MJB Caribbean Ventures, Inc. 08-27-2024 New St. Thomas NAME OF APPLICANT DECISION MEETING TYPE OF APPLICATION STATUS 1. H4 Ventures, LLC 10-19-2023 New Approved 2. 340 Worldwide LLC 12-14-2023 New Approved 3. DIAM Management, Inc. 12-14-2023 Modification Approved 4. Haven Development 12-14-2023 New Approved 5. PL Partners LLP 02-06-2024 New Approved 6. Sail Rock Investments, LLC 02-06-2024 New Approved 7. United Investors, LLC d/b/a Concrete Masters 02-06-2024 New Approved 8. VI Electron, LLC 02-06-2024 New Approved APPLICATIONS PROCESSED IN FISCAL YEAR 2024 During FY 2024, six (6) public hearings were held where presentations were made by 14 applicants. During FY 2024, seven (7) decision meetings were held where a total of 15 VIEDC applications were presented to the VIEDC Governing Board for consideration and were approved. Table: VIEDC Public Hearings Table: VIEDC Decision Meetings 16 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: 1. Coconut Grove, LLC 10-19-23 Amended Grant of Tax Incentives Approved 2. Lovango Island Holdings, LLP 10-19-23 Tabled 3. Neighborhood Establishment, LLC 11-30-23 Admission of Real Property Approved 4. 340 Worldwide, LLP 02-06-24 Amended Grant of Tax Incentives Approved 5. Harborside Corporation 02-06-24 Addition of Real Property Tax Approved 6. Lovango Island Holdings, LLP 02-06-24 Recall Retroactive Commencement and Temporary Waiver of Procurement Requirements. Amended Grant of Incentives Approved 7. YHG Hotel, LLC 02-06-24 Fourth Extension of Time to Elect Benefits Approved 8. White Bay Global, Inc. 02-27-24 Petition for the Admission of Disregarded Entity, Real Property Tax Exemption Approved NAME OF APPLICANT DECISION MEETING TYPE OF PETITION STATUS Retroactive Commencement of Real Property Tax Exemptions / Waiver of Standard and Special Provision of VIEDC Certificate 9. Spyglass Capital, LLC 04-11-24 Addition of New Members Approved 10. PL Partners LLP 04-11-24 Amended Grant of Tax Incentives Approved 11. Tycheros Capital Management VI Group Joint Venture 04-11-24 Addition of Disregarded Entity Approved 12. VI Electron 04-11-24 Amended Grant of Tax Incentives Approved 13. 340 Worldwide, LLP 07-16-2024 Admission of Disregarded Entity and Property Tax Exemption Approved During FY 2024, a total of 18 petitions were presented to the VIEDC Governing Board for consideration. VIEDC voted to approve 16 petitions, table one (1) petition and deny one (1) petition. Table: Petitions NAME OF APPLICANT DECISION MEETING TYPE OF APPLICATION STATUS 9. West Indies Petroleum USVI Limited LLC 02-06-2024 New Approved 10. Achilles Consulting, LLP 04-11-2024 New Approved 11. Parach Resource Management, LLC 07-16-2024 New Approved 12. Shah Holdings, LLP 07-16-2024 New Approved 13. St. John Concrete, LLC 07-16-2024 New Approved 14. PMX1, LLC 08-27-2024 New Approved 15. TBCA USVI, LLLP 08-27-2024 New Approved Table: VIEDC Decision Meetings (Cont.) A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 17 NAME OF APPLICANT DECISION MEETING TYPE OF PETITION STATUS 14. Achilles Consulting, LLP 07-16-2024 Amended Grant of Incentives Approved 15. Centripetal VI, LLLP 07-16-2024 Admission of Disregarded Entity and Property Tax Exemption Approved 16. Perfected Claims, LLC 07-16-2024 Change in Ownership Structure/ Admission of New Members Approved 17. Sunshine Shopping Center, Inc. 07-16-2024 Admission of Shareholder Denied 18. Mangrove Eco Boutique Hotel Properties, LLC & Mildred A. Lang Trust u/a/d May 24, 2000 a Joint Venture 09-12-2024 Extension of Time to Commence Tax Incentives Approved COMPANY NAME STATUS TYPE 1. Cinnamon Bay Resort, LLC d/b/a Cinnamon Bay Resorts & Campground* New In Process 2. New Pending Election 3. YHG Hotel, LLC New Pending Election 4. Lovango Island Holdings, LLP New Executed 5. Celebrity Financial, Inc. New In Process 6. Paragon Surgical Center, LLC New In Process 7. Virgin Bay Capital LLC New Executed 8. Capture VI, LLC New Executed 9. WVJD, LLC New New New New New Executed Executed Executed Executed Yusuf Drinking Water, Inc.* 10. Tycheros Capital Management VI Group Joint Venture Pending Election 11. Northside Ventures, LLC 12. Maritain, LLC 13. Lotus Holdings, LLC Table: VIEDC Certificates of Benefits in Fiscal Year 2024 CERTIFICATES During FY 2024, 21 certificates were in various stages. Thirteen (13) certificates of incentives were executed, inclusive of two (2) small businesses. Based on the commitments made by the 13 beneficiaries with executed certificates to date, the Territory is projected to realize a minimum of 102 full-time jobs, approximately $17,284,827 in salaries and wages, $60,359,000 in capital investment, and $400,000 in annual charitable contributions. Additionally, the Territory is expected to generate approximately $19.5 million in direct taxes over a five-year period, assuming business operations materialize as projected. 18 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: COMPANY NAME STATUS TYPE 14. Coconut Grove, LLC New - SBP Executed 15. Tysam, LLC New - SBP Executed 16. Haven Development New Executed 17. Spyglass Capital, LLC New Executed 18. United Investors, LLC d/b/a Concrete Masters New Executed 19. H4 Ventures, LLC New In Process 20. VI Electron, LLC New Executed 21. Sail Rock Investments, LLC New In Process COMPANY NAME STATUS TYPE 1. Amalie Global Inc. Amended Appendix A-1 & B In Process 2. Tree Liminʼ Extreme, LLC Amended Appendix B In Process 3. Evolve USVI Amended Appendix A-1 In Process 4. Universal Concrete, LLC 1st Modified Executed 5. Alpine Group USVI, LLC 2nd Modified Certificate In Process 6. Sunset Cove Holdings, LLC First Modified Certificate Executed 7. Octavia Consulting Group, LLC First Modified Certificate Executed 8. Haborside Corporation 1st Extended 2nd Modified Executed 9. White Bay Global Third Modified In Process Pending Board Decision 10. Neighborhood Establishment 1st Modified Certificate In Process 11. Centripetal VI, LLLP 1st Modified Certificate In Process 12. Perfected Claims Amended Change in Ownership Executed Table: VIEDC Certificates of Benefits in Fiscal Year 2024 (Cont.) Table: Certificate Amendments During FY 2024, 12 certificate amendments were in various stages of processing. Of these, seven (7) were under review, either pending additional information from the beneficiary or awaiting applicant review, and five (5) were fully executed. A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 19 FY 2022 FY 2023 FY 2024 # of Apps Received 21 12 25 # of Apps Approved 8 2 9 # of Apps Tabled or Denied 2 0 0 # of Apps Transfer to RT Park 0 0 0 # of Apps Pending 12 9 16 # of Apps Withdrew 0 1 0 Job Opportunities 115 83 282 Approx. Wages of Apps $10,061,413 $4,660,791 $13,416,080 Minimum Potential Investment of Apps. $7,691,146 $14,230,000 $66,811,835 Table # VIEDC – FY Historical Application Information Richard A. Difede, President of Gold Coast Yachts, Inc., an EDC beneficiary, is pictured at a shipbuilding worksite on St. Croix, U.S. Virgin Islands. Photograph by Nicole Canegata 20 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: Converting opportunity into progress. STARS Program The Sustainable Tourism through Arts-based Revenue Stream (“STARS”) Program was designed to advertise and promote the U.S. Virgin Islands (USVI) as an ideal location for major and minor film productions and music/audio recording projects. The diverse landscape of the USVI is perfect for the production of motion pictures, documentaries, television programs, commercials, music videos, and magazine advertising. Incentives are offered to qualified projects in return for a minimum spend, employment requirements, educational outreach, and a “Made in the USVI” or “Portions Made in the USVI” credit. Hotel Program The Hotel Development Program is designed to assist in the development of new hotels, resorts and other related tourism facilities in the U.S. Virgin Islands. The legislation allows hotel developers to use a portion of their hotel occupancy and casino taxes to repay long-term loans, which can help in obtaining financing for projects. APPLICATIONS RECEIVED IN FISCAL YEAR 2024 VIEDC received one (1) application for tax incentives under the STARS Act administered by the USVIEDA. The Scheme Queen, LLC’s application was received on December 15, 2023. At the end of the fiscal year the film production did not commence. APPLICATIONS RECEIVED IN FISCAL YEAR 2024 One (1) application was filed under the Hotel Development Program Law administered by the USVIEDA. The application was pending the completion of an independent financial feasibility study at the end of the fiscal year. Table: STARS Applications Received in Fiscal Year 2024 Table #: STARS Decision Meetings PROJECT/ COMPANY NAME TYPE OF APPLICATION LEVEL OF SPEND POTENTIAL NUMBER OF JOBS TO BE CREATED STATUS AS OF 9/30/2024 1. Scheme Queen, LLC New $300,000 164 Approved 07-16-2024 Film Production Approved 1. Scheme Queen, LLC NAME OF APPLICANT DECISION MEETING TYPE OF APPLICATION STATUS A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 21 PENDING APPLICATIONS 2024 Prior Applications Pending Beginning Fiscal Year VIEDC 9 STARS 0 HDA 0 TIF 0 Total Pending Applications 9 Current Year Applications Received VIEDC 25 1 1 0 27 0 0 0 0 0 STARS HDA TIF Total Applications Received Applications Withdrawn/Returned VIEDC STARS HDA TIF Total Applications Withdrawn/Returned APPLICATIONS PROCESSED IN FISCAL YEAR 2024 For FY 2024, no action was taken on the one (1) applicant received due to its incomplete status. Tax Increment Financing Tax Increment Financing (“TIF”) is a technique used by local governments to finance development or redevelopment activities. It is a mechanism used to capture the future tax revenue benefits of real estate improvement to pay the present costs of public improvements. Interested businesses can apply for project-based or district-based TIF in the U.S. Virgin Islands. APPLICATIONS RECEIVED IN FISCAL YEAR 2024 No TIF applications were filed in FY 2024 Table: HDA Applications Received in Fiscal Year 2024 Fiscal Years VIEDC/USVIEDA Historical Data COMPANY NAME TYPE OF APPLICATION STATUS AS OF 9/30/2024 1. New CATEGORY TYPE OF BUSINESS Haven Development HDA & ERF Hotel/Guesthouse Incomplete 22 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: PENDING APPLICATIONS 2024 Total Applications Pending Prior Applications Processed VIEDC 6 STARS 0 HDA 0 TIF 0 Total Applications Processed 6 Current Year Applications Processed VIEDC 9 STARS 1 HDA 0 TIF 0 Total Current Year Applications Processed 16 BALANCE AT END OF PERIOD 18 TYPE OF BUSINESS ORIGIN OF INQUIRY 1. Film Production St. Thomas 2. Manufacturing St. Croix 3. Not Provided St. Croix 4. Not Provided St. Croix 5. Consulting St. Croix 6. Wholesale/Call Center U.S. 7. Hotel Accommodations St. Thomas Fiscal Years VIEDC/USVIEDA Historical Data (Cont.) INQUIRIES FROM POTENTIAL INVESTORS During the FY2024 the Application Unit fielded seven (7) inquiries from prospective investors/potential beneficiaries. ELIGIBLE SUPPLIER PROGRAM During FY 2024, a total of 13 applications were received, of which 11 were approved and 2 were pending at the end of the fiscal year. Table: VIEDC Business Inquiries in Fiscal Year 2024 Table: EDC Eligible VI Supplier Applications Received In FY 2024 DATE RECEIVED NAME OF COMPANY BUSINESS LOCATION STATUS 1. 10/4/2023 Carlos Electric, LLC St. Croix Approved 2. 11/3/2023 People Solutions Worldwide, LLC dba People Solutions St. Thomas Approved 3. 1/19/2024 Atlantic Caribbean Consulting, LLC St. Croix Approved A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 23 During FY 2024, 47 updates were received from eligible suppliers who were deemed in good standing. Table: Eligible VI Supplier Annual Updates Table EDC Eligible VI Supplier Applications Received In FY 2024 (Cont.) 4. 1/31/2024 Paris Construction, Inc. St. Croix Incomplete 5. 2/21/2024 Island Care Experts, LLC St. Thomas Approved 6. 2/24/2024 Gibbs Bully dba Bully Gibbs Landscaping & Maintenance St. Croix Approved 7. 3/4/2024 Antillean Engineers, Inc. St. Croix Approved 8. 4/22/2024 Sea Sprout Design, LLC St. Croix Approved 9. 6/11/2024 Joseph Richards dba Richyʼs Cabinet Services St. Thomas Approved 10. 6/13/2024 Blood, Sweat & Tears, LLC dba Windward Logistics St. John Approved 11. 7/10/2024 Brian Schooler, Jr. dba Twin City Communications & Services St. Croix Incomplete 12. 7/29/2024 Kingʼs Plumbing, LLC St. Thomas Approved 13. 8/8/2024 ABC Sales & Services, Inc. St. Thomas Approved DATE RECEIVED NAME OF COMPANY BUSINESS LOCATION STATUS DATE RECEIVED NAME OF COMPANY BUSINESS LOCATION STATUS 1. 10/11/2023 Merchants Market St. Croix, LLC Good Standing 10/11/2023 2. 10/16/2023 Optimal Construction Management Good Standing 10/17/2023 3. 10/23/2023 William R. Nash V.I., Inc. Good Standing 10/25/2023 4. 10/23/2023 On The Level, Inc. Good Standing 10/25/2023 5. 10/25/2023 James Adams Electrical, LLC Good Standing 10/26/2023 6. 10/26/2023 Mackay Enterprises Good Standing 10/26/2023 7. 10/26/2023 Lighthouse Marine Corp. Good Standing 10/30/2023 8. 10/26/2023 Performance Construction Good Standing 10/30/2023 9. 10/26/2023 Marco St. Croix, Inc. Good Standing 10/30/2023 10. 10/27/2023 Little Northside Good Standing 10/30/2023 11. 10/30/2023 Just Elevate, LLC Good Standing 11/2/2023 12. 10/30/2023 North Shore Partners Good Standing 11/2/2023 13. 10/30/2023 Magic Moments, LLC Good Standing 11/2/2023 14. 11/3/2023 KSBW, LLC Good Standing 11/6/2023 15. 11/3/2023 Marshall & Sterling St. Croix Good Standing 11/6/2023 16. 12/4/2023 Lawrence Boschulte dba It Could Be Worse ICBW Transportation Good Standing 12/12/2023 17. 12/4/2023 Lawrence Boschulte dba USVI Second Nature Good Standing 12/12/2023 24 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: DATE RECEIVED NAME OF COMPANY BUSINESS LOCATION STATUS 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 1/3/2024 Kim Warrell dba A Rocka Real Estate Good Standing 1/17/2024 1/3/2024 Kim Warrell dba All American Concierge Good Standing 1/17/2024 1/9/2024 Centerline Car Rentals, LLC Good Standing 1/17/2024 1/12/2024 Broadband VI Good Standing 1/17/2024 1/18/2024 S.G.F. Construction Good Standing 1/22/2024 1/24/2024 Taller Larjas, LLC Good Standing 2/2/2024 1/24/2024 Islands Link Suppliers, LLC dba Island Links Logistics Good Standing 2/2/2024 1/30/2024 Dennis R. Sheraw Good Standing 2/2/2024 2/20/2024 Antilles Gas Corporation Good Standing 2/21/2024 3/4/2024 Geek Emporium, Inc. dba Reliable Network Solutions Good Standing 3/5/2024 3/4/2024 GEC, LLC Good Standing 3/6/2024 3/4/2024 Heavy Materials, LLC Good Standing 3/5/2024 3/6/2024 Gold Coast Yachts, Inc. Good Standing 3/25/2024 4/1/2024 Impex Trading Intl. dba Sea Chest Good Standing 4/2/2024 4/4/2024 Lawrence Bochulte dba It Could Be Worse ICBW Transportation Good Standing 4/9/2024 4/4/2024 Lawrence Bochulte dba USVI Second Nature Good Standing 4/9/2024 5/22/2024 Cool Signs, LLC Good Standing 6/4/2024 5/22/2024 Deepak Bansal dba Deepak Bansal, CPA Good Standing 6/4/2024 5/23/2024 Charles Electrical Services, LLC Good Standing 6/4/2024 5/24/2024 FABA, Inc. dba East End Lumber Good Standing 6/6/2024 38. 5/28/2024 Professional Design Builders, Inc. dba Custom Builders Good Standing 6/4/2024 39. 5/29/2024 Edward St. Aimee dba E&M Cleaning Services Good Standing 6/4/2024 40. 7/2/2024 Cornerstone Insurance Services Good Standing 7/2/2024 41. 7/5/2024 Charles Electrical Services, LLC Good Standing 7/6/2024 42. 7/18/2024 MSI Building Supplies, Inc. Good Standing 7/23/2024 43. 7/23/2024 Just Elevate, LLC Good Standing 7/24/2024 44. 9/3/2024 Lagnappe, LLC Good Standing 9/4/2024 45. 9/4/2024 T Mac dba Caribbean Packaging Good Standing 9/24/2024 46. 9/6/2024 Deepak Bansal dba Deepak Bansal, CPA Good Standing 9/10/2024 47. 9/25/2024 Mechants Market St. Croix, LLC Good Standing 9/25/2024 Table: Eligible VI Supplier Annual Updates (Cont.) A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 25 COMMUNITY OUTREACH, INFORMATIONAL AND OTHER MARKETING INITIATIVES: During the FY 2024, the VIEDC Managing Director participated in the EZC Estate Planning Conference on St. Croix, the EDB VI Slice Program on St. John, the Tech Beach Retreat hosted by RTPark at the Westin Beach Resort & Spa at Frenchman’s Reef on St. Thomas and the 2024 SelectUSA Investment Summit held at the Gaylord National Resort and Convention Center in National Harbor, MD. Appearing in the photo from left to right are David Stevenson, Senior Loan Officer; Sharmane Brookes, Director of SSBCI, Margarita Benjamin, Managing Director of Economic Development, and Nadine Marchena Kean, Managing Director of the Enterprise Zone Commission at the 2023 Caribbean Hotel Investment Conference and Operations Summit (CHICOS) in November 2023, St. Thomas, U.S. Virgin Islands. 26 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 27 Number of Beneficiaries 1001 Number of Active Beneficiaries 96 Number of Suspended VIEDC Certificates 42 Number of Voluntary Terminated Certificates 33 Number of Orientations Conducted 14 Number of Site Visits Conducted 17 Number of Compliance Reviews Completed 10 Number of Cases for Public Hearing 0 Number of Cases for Decision Meeting 6 Number of Administrative Reports Completed 8 Total Compliance Fees Collected for the Year $635,412.33 2. United Electronic Industries Services, LLC 1/1/2020–12/31/2021 Non-Compliance 4/25/2024 St. Thomas BENEFICIARY COMPLIANCE PERIOD FINDINGS DATE COMPLETED ISLAND 1. The Buccaneer, Inc. 4/30/2010-12/31/2012 Non-Compliance 1/17/2024 St. Croix 1 From Oct. 1, 2023-Sept. 30, 2024 2 Four (4) Beneficiaries went on Suspension prior and during this entire period. 3 Two (2) Beneficiaries terminated their Certificate during this period, and were included in the Number of Active Beneficiaries count since they were active during some point in this period. 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. COMPLIANCE DIVISION FY 2024 COMPLIANCE STATISTICS COMPLIANCE REVIEWS COMPLETED A total of 10 compliance reviews were completed during this fiscal year. Anne Abramson Marine Facility, St. Criox, U.S. Virgin Islands. Photograph by Nicole Canegata 28 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: 3. Margaritaville Vacation Club by Wyndham, Inc. 1/1/2022–12/31/2022 Non-Compliance 7/31/2024 St. Thomas 4. Greenleaf VI II, Inc. 1/1/2022–12/31/2022 Non-Compliance 7/31/2024 St. Croix 5. Perfected Claims, LLC 1/1/2022–12/31/2022 Non-Compliance 8/30/2024 St. Thomas 6. International Capital and Management Company, LLC 6/16/2013–12/31/2023 Non-Compliance 9/9/2024 St. Thomas 7. Leatherback Brewing Company, LLC 1/1/2022–12/31/2022 Non-Compliance 9/24/2024 St. Croix 8. STR Management, LLC 1/1/2015–12/31/2022 Non-Compliance 9/25/2024 St. Thomas 9. Barrier Holdings, LLC 1/1/2022–12/31/2022 Non-Compliance 9/27/2024 St. Thomas 10. Westin St. John Hotel Company, Inc. and it’s Wholly Owned Subsidiaries WVC St. John and Westin Vacation Management Company 1/1/2022–12/31/2022 Non-Compliance 9/27/2024 St. John BENEFICIARY COMPLIANCE PERIOD FINDINGS DATE COMPLETED ISLAND BENEFICIARY ORIENTATION DATE TYPE OF CERTIFICATE ISLAND 1. Conlon & Co. USVI, LLP 10/5/2023 New St. Croix 2. Systilogic, LLC 10/16/2023 New St. Croix 3. Red Bay Holdings, LLC 10/24/2023 New St. Thomas 4. Global Medchoices Group, LLC 11/20/2023 New St. Thomas 5. Neltjeberg Bay Enterprises, LLC 11/28/2023 First Modified St. Thomas 6. 2400 Services, LLC 12/20/2023 New St. Croix 7. Emerald Beach Corporation*4 3/7/2024 Fourth Extended and First Modified St. Thomas 4 Second orientations conducted 8. Caribbean Associates, Inc.* 3/7/2024 First Extended and First Modified St. Thomas 9. Hibiscus Beach, LLC d/b/a Hibiscus Beach Hotel 7/24/2024 New St. Croix COMPLIANCE REVIEWS COMPLETED (Cont.) 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 14 orientations were conducted in FY 2024, including 2 existing Beneficiaries that requested a second orientation. A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 29 BENEFICIARY ORIENTATION DATE TYPE OF CERTIFICATE ISLAND 10. Lotus Holdings, LLC 7/24/2024 New St. Thomas 11. Capture VI, LLC 9/4/2024 New St. Croix 12. Haven Development, LLC 9/6/2024 New St. Thomas 13. Northside Ventures, LLC 9/17/2024 New St. Thomas 14. Bisoke, LLC 9/18/2024 New St. Thomas BENEFICIARY SITE VISIT DAY ISLAND 1. Red Bay Holdings, LLC 10/24/2023 St. Thomas 2. Territory East Asset Management, LLC 11/9/2023 St. Croix 3. Territory East Asset Management, LLC 11/17/2023 St. Croix 4. Neltjeberg Bay Enterprises, LLC 11/28/2023 St. Thomas 5. Virgin Islands Paving, Inc. 2/6/2024 St. Croix 6. Grapetree Shores, Inc. d/b/a Divi Carina Bay Resort 2/13/2024 St. Croix 7. Twin City Island Spirits, Inc. d/b/a Sion Farm Distillery 3/20/2024 St. Croix 8. Coral World (V.I.), Inc. 5/14/2024 St. Thomas 9. Island Roads Corporation 5/14/2024 St. Thomas 10. Marriott Ownership Resort (St. Thomas), Inc. 5/23/2024 St. Thomas 11. Greenleaf VI II, Inc. 5/28/2024 St. Croix 12. STR Management, LLC 6/11/2024 St. Thomas 13. Margaritaville Vacation Club by Wyndham, Inc. 6/20/2024 St. Thomas 14. Centripetal VI, LLLP 7/15/2024 St. Croix 15. Plessen Healthcare, LLC 7/16/2024 St. Croix 16. Sterisil International, LLC 7/17/2024 St. Croix 17. Leatherback Brewing Company, LLC 7/18/2024 St. Croix 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.  Types of visits may include orientation, inspections, ongoing monitoring, or testing and validation in conjunction with a compliance review. A total of 17 site-visits were conducted during FY 2024. CERTIFICATE ORIENTATIONS (Cont.) 30 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: BENEFICIARY ISLAND TYPE OF PETITION/MATTER BOARD MEETING DATE ACTION TAKEN 1. Secret Harbour Beach Associates, LLLP Resolution of Non- Compliance (2012-2020) 10/19/2023 Approved Approved Approved Approved Approved Approved St. Thomas 2. Virgin Islands Paving, Inc. Resolution of Non- Compliance (2015-2020) 10/19/2023 St. Croix 3. RapierMed, LLC Capital Investment 12/14/2023 St. Thomas 4. Fintrac, Inc. Resolution of Non- Compliance (2016) 2/6/2024 St. Thomas 5. Fintrac, Inc. Resolution of Non- Compliance (2017-2022) 2/6/2024 St. Thomas 6. Secret Harbour Beach Associates, LLLP Resolution of Non- Compliance (2012-2020) 2/6/2024 St. Thomas BENEFICIARY ISLAND TYPE OF PETITION ACTION TAKEN ACTION DATE 1. 2. 3. 4. 5. Tree Limin' Extreme, LLC Employment Related 1/9/2024 Approved St. Thomas Salt Pond Holdings, LLC Employment 2/12/2024 Approved St. Croix Altisource Asset Management Corporations Employment 2/19/2024 Approved St. Croix Lawrence Moskowitz Clu Ltd Suspension 4/16/2024 Approved St. John International Capital and Management Company, LLC Suspension 8/1/2024 Approved St. Thomas PUBLIC HEARINGS There were no Public Hearings during fiscal year 2024. BOARD ACTIONS The VIEDC Governing Board considered and approved six (6) matters which included five (5) Resolution of Non-Compliance, and one (1) petition submitted by VIEDC Beneficiaries as follows: ADMINISTRATIVE REPORTS The Chief Executive Officer continued to process waivers under the authority previously granted to him to administratively grant or deny petitions for employment waivers, other employment-related special conditions, and voluntary suspensions of tax incentives for VIEDC beneficiaries that file petitions based upon the negative impact of COVID-19. On April 13, 2023, the VIEDC Governing Board granted 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, which shall remain in force and effect until revoked in writing by the VIEDC Board. A total of eight (8) petitions were considered administratively. A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 31 BENEFICIARY ISLAND TYPE OF PETITION ACTION TAKEN ACTION DATE 1. 2. 3. 4. 5. Tree Limin' Extreme, LLC Employment Related 1/9/2024 Approved St. Thomas Salt Pond Holdings, LLC Employment 2/12/2024 Approved St. Croix Altisource Asset Management Corporations Employment 2/19/2024 Approved St. Croix Lawrence Moskowitz Clu Ltd Suspension 4/16/2024 Approved St. John International Capital and Management Company, LLC Suspension 8/1/2024 Approved St. Thomas ADMINISTRATIVE REPORTS (Cont.) COMPLIANCE FEES COLLECTED ACCOUNTS FEES INVOICED/BILLED COLLECTION Activation Fees $39,500.00 $30,000.00 Annual Compliance Fees $713,500.00 $578,485.00 Non-Compliance Fees $20,782.77 $20,782.77 Late Reporting Fees $30,574.99 $6,144.56 TOTAL $804,357.76 $635,412.33 32 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: VIEDC BENEFICIARY SPOTLIGHT A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 33 In 2023, The Westin Frenchman’s Reef reopened, showcasing the significant impact of the Virgin Islands Economic Development Commission (VIEDC) Tax Incentive Program and the Hotel Development Act (HDA) Program. Closed since 2017 due to extensive damage from Hurricanes Irma and Maria, the property—which includes two world-class resorts, the Westin St. Thomas Beach Resort & Spa and the Buoy Haus Beach Resort, and employs 536 team members—was able to resume operations through HDA support, including bonds, access to a portion of the Hotel Occupancy Tax, and the Economic Recovery Fee, alongside VIEDC tax incentives. These initiatives not only restored a key tourism asset but also created jobs and strengthened the USVI’s hospitality sector. The Westin Frenchman’s Reef 34 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: ECONOMIC DEVELOPMENT PARK CORPORATION 100% Combined Occupancy Rate A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 35 Park Statistics LOCATION St. Croix NUMBER OF BUILDINGS 4 TOTAL SQUARE FOOTAGE OF COMMERCIAL SPACE 150,000 OCCUPANCY RATE 100% NUMBER OF TENANTS 12 TENANT ACTIVITY • Yacht Builder • Brewery • Mortgage Servicing Call Center • Agribusiness Manufacturer • Government Offices (Federal & Local) • Cakery 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 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. MISSION/MANDATE WILLIAM D. ROEBUCK INDUSTRIAL PARK The WILLIAM D. ROEBUCK INDUSTRIAL PARK, the larger 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. Updates Several capital improvement projects have been completed such as access road paving and some landscaping. We look forward to moving ahead with the Federal Emergency Management Agency (FEMA) projects as well as a photovoltaic micro-grid project. 36 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: Aerial view of the William D. Roebuck Industrial Park on St. Croix, U.S. Virgin Islands. Photograph by Benjamin Garcia BUILDING #1 Department of Sports, Parks, & Recreation (DSPR) 4,032 101 EDPC Maintenance Shop 1,872 102 Ocwen Mortgage Servicing, Inc 6,096 103 Tropical Shipping & Construction Co. Ltd. [104, 105 & 106] 10,000 106 Bureau of Corrections (BOC) 6,048 107 Vacant 1,952 108 BUILDING #2 Leatherback Brewing Company, LLC 20,000 201 EDB Incubator & EDPC Offices 4,250 202 Vacant 5,700 203 Virgin Islands Next Generation Network, Inc. 9,440 204 BUILDING #3 Farmpod, LLC 10,000 301 In The Mix 9,900 302 GSA/Federal Emergency Management Agency (FEMA) 19,800 303, 304 BUILDING #4 Gold Coast Yachts, Inc. 37,590 400 TENANT NAME SQUARE FEET SUITE Tenant Listing A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 37 Members of the VIEDA Board of Directors & management listen to a rendering presentation delivered by John P. Woods, AIA, NCARB, of the Jaredian Design Group at the VIEDA office in Nisky Center about the design for the future VIEDA office location at the Virgin Islands Industrial Park on St. Thomas, USVI. 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 Providerr • Metal Fabricator • Glass Manufacturer • Logistics 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. Updates Phase 1 of the Hurricane Repair Project has been completed. Construction plans for Phase 2 are in the final stages of development and have been sent to FEMA and the local permitting offices for approval. We are currently in the process of installing a standby generator that will provide power to all tenants in the event of a WAPA power outage. 38 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: $5,904,315.88 $5,313,884.29 $590,431.59 Pending FEMA 406 HMP Completion TOTAL COST FEDERAL COST SHARE NON-FEDERAL COST SHARE PROJECT STATUS Phase I 15% 95% Design Plans Completed PHASE (DESCRIPTION) PERCENTAGE OF PROJECT COMPLETED COMMENTS Bryan’s Welding 5,000 2A Glass 2000, Inc. 2,500 3 B.D. Specialties, Inc. d/b/a Billy D’s Special Tees 2,500 2B USVIEDA 5,000 4A Alliance Data Services, LLC 2,081 4B TENANT NAME SQUARE FEET BAY Tenant Listing Park Occupancy Charts 100% 95% 90% 85% 80% St. Croix 100% St. THOMAS 100% COMBINED 100% WILLIAM D. ROEBUCK INDUSTRIAL PARK We continue to meet with team members from FEMA, Office of Disaster Recovery (ODR) and Witt O’Brian to move the project forward. FEMA requires additional construction specification clarification on design elements of the project. FEMA Hurricane Repair Project Updates A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 39 TOTAL COST FEDERAL COST SHARE NON-FEDERAL COST SHARE PROJECT STATUS Phase I 50% Currently in the Bid Review Phase PHASE (DESCRIPTION) PERCENTAGE OF PROJECT COMPLETED COMMENTS $402,933.10 $362,639.79 $20,293.31 Obligated. Received one (1) bid response to first RFP. Deemed non-responsive by the selection committee. RFP to be reissued. TOTAL COST FEDERAL COST SHARE NON-FEDERAL COST SHARE PROJECT STATUS Phase I 100% We continue to Phase 2 project. PHASE (DESCRIPTION) PERCENTAGE OF PROJECT COMPLETED COMMENTS $8,175,748.00 $7,358,173.20 $817,574.80 Pending FEMA Large Project Review VIRGIN ISLANDS INDUSTRIAL PARK Phase 1 has been completed, and the construction plans for Phase 2 are in the final stages of approval. Once approved, the project will move into the bidding phase and then on to the construction phase. We expect completion by the fourth quarter of 2026 or first quarter of 2027. FLEMING BUILDING www.usvieda.org 40 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: ENTERPRISE ZONE COMMISSION $4.39 Million in Projected Total Economic Output BEFORE AFTER A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 41 The mandate of the Enterprise Zone Commission (“EZC”) is to revitalize distressed communities within the U.S. Virgin Islands. Revitalization includes refurbishing buildings, strengthening businesses, and uplifting residents of the Territory’s towns and neighborhoods. There are many programs that have been implemented to accomplish this critical goal. The programs are all developed within the framework of the division’s strategic plan. EZC also administers the South Shore Trade Zone Program. This program offers tax incentives for qualified businesses located in the designated trade zone on the south shore of St. Croix, which encompasses USVIEDA’s William D. Roebuck Industrial Park, the Henry E. Rohlsen Airport, the Gordon A. Finch Molasses Pier, the Willfred Alick Transshipment Center, and over 300 acres of green space for development. MISSION/MADATE A Historic Renovation: A Beacon of Collaborative Spirit The previous photos feature a historic building, 125–168 years old, damaged during the 2017 hurricanes. With funding and support from the Enterprise Zone Commission and contractor MCE, the roof, windows, doors, handrails, and wooden walls were restored for $29,000. Over 25 years, the EZC has rehabilitated or boarded up 50 buildings within the enterprise zones, supporting community revitalization while preserving the Virgin Islands’ architectural heritage. Fostering Collaborative Growth and Community Revitalization In FY 2024, EZC continued to demonstrate its dedication and made significant achievements in revitalizing communities across the Virgin Islands. As the EZC commemorates its 25th anniversary, this fiscal year underscores the strategic progress made over the past year, aligning its efforts with the foundational pillars of People, Systems, Structures, and Community, all while emphasizing its role as a community-collaborative strategic organization. 42 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: The EZC Timeline: A Journey of Strategic Evolution and Community Partnership The EZC has been supporting community and econom- ic development since its establishment in 1999 under Act 6294. During its early “establishment years,” the division transitioned from the Department of Planning and Natural Resources to USVIEDA and developed the bylaws, rules, and application processes that led to the approval of its first three beneficiaries. The “expansion years” that followed brought 23 ad- ditional beneficiaries, the creation of a strategic plan, and extensions of tax credits to residents. The EZC also launched newsletters, applied for grants, hosted conferences, and implemented community revitaliza- tion initiatives. From 2015 to 2024, the EZC focused on “collaboration and outreach,” expanding the Savanne-Downstreet, Garden Street-Upstreet, and Frederiksted Enterprise Zones. Community surveys conducted before and after hurricanes informed targeted development efforts. Programs such as EntrepreNow and anchor projects were implemented to support local growth. Today, the EZC team continues to work with residents, businesses, and stakeholders to strengthen the Ter- ritory’s enterprise zones. While funding remains a challenge, the Commission’s steady progress demon- strates a practical, collaborative approach to revitalizing communities and fostering economic growth. Panelists at the EZC Beneficiary and Stakeholder Conference in St. Thomas (November 2023), a key initiative for uplifting the community through education and strategic outreach. A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 43 1999 2007 2015 2022 Strategic Growth Through Community Partnership COMMUNITY Pivoting for communities’ emerging needs, ensuring adaptability and relevance in its interventions. 4 Strategic Plan: Guiding Principles for a Collaborative Future PEOPLE Uplifting the people of the Virgin Islands through empowerment and support. 1 SYSTEMS Creating systems to be more effective, efficient, and responsive to community needs. 2 STRUCTURES Revitalizing structures for community development, fostering vibrant and sustainable environments. 3 The EZC’s five-year strategic plan, approved last year, focuses on four core areas: This integrated approach allows the EZC to leverage resources, maintain critical infrastructure, and respond effectively to the evolving needs of its stakeholders. Virgin Islands Economic Development Authority FY 2024 Annual Report 45 Pillar 1: People – Uplifting Through Strategic Engagement and Empowerment Pillar 2: Systems – Cultivating Efficiency Through Strategic Innovation EZC continues to support the community, USVIEDA, and its staff through programs that promote growth and engagement. Its annual Estate Planning Conference, now a multimedia, multi- district event, reached 750 participants in 2024, up from 50 at its inception, providing guidance on probate and estate planning. EZC also expanded awareness of the small businesses it supports, achieving a 44% increase in brand recognition through initiatives like the “Made in the USVI Pop-Up Shop” and participation in major trade shows, including the Fancy Food Show in New York. Collaboratively, the EZC is working with the Economic Development Bank to help clients transition from incubation to acceleration. Succession planning and staff development ensure continuity and ongoing support for its mission of community and economic development. To improve efficiency and effectiveness, EZC has undertaken several initiatives to refine its internal systems. Existing laws are under review, with proposed legislative amendments expected to be presented to the Board soon. This effort involves collaboration across the USVIEDA management team to ensure comprehensive and relevant updates. A key advancement is the new online application and compliance portal, which streamlines applications, monitors compliance, and generates reports, shifting focus from manual data entry to analysis for timely and informed decision-making. The EZC also leveraged partnerships, including USVIEDA’s agreement with OCO Global, to promote the South Shore Trade Zone. This collaboration led to an investment conference attracting a dozen investors and supporting economic growth in the region. Attendees at the Estate Planning Conference, a key initiative for uplifting the community through education and strategic outreach. The new EZC application-compliance portal, a strategic tool designed to streamline processes and enhance operational efficiency. AFTER BEFORE 46 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: Pillar 3: Structures – Revitalizing Communities Through Strategic Investment Pillar 4: Community – Proactive Engagement for Emerging Needs Revitalizing structures remains a key part of the EZC’s mandate, requiring strategic planning and collaboration. Operating funds cannot be used directly for private property repairs, so the EZC focuses on securing grants for construction projects. Last year, it applied for $11.7 million in construction grants, with several approvals pending, and currently manages over $2.34 million in grants supporting projects that improve residents’ quality of life. Notable efforts include repairing a senior citizen’s home where the back area was collapsing, and restoring a home that lost its roof during the 2017 hurricanes, allowing the resident to sleep under a proper roof for the first time since the storms. The EZC also rehabilitated eight buildings through the Historic Recovery Grant and engages a master Architectural and Engineering firm to address structural issues across the zones. To date, over $703,000 has been allocated or spent on construction projects, reflecting a growing capacity for revitalization. EZC proactively addresses community needs through collaborative engagement initiatives. Semi- annual conferences and stakeholder meetings with organizations such as We From Upstreet, the Long Path/Garden Street Association, Savanne United Now, and the Frederiksted Economic Development Association foster collaboration and transparent communication on larger projects. Beneficiary conferences bring together stakeholders, non-profits, and regulatory agencies—including the Lieutenant Governor’s office, Corporation and Trademarks, Tax Assessor, IRB, and Historic Preservation Commission— providing beneficiaries the opportunity to discuss community-specific issues. A “speed dating” activity allows participants to receive direct guidance on challenges, improving compliance and enhancing the EZC’s ability to serve communities effectively. Attendees at the EZC Beneficiary Conference in St. Croix (November 2023). Alternate view of the EZC-supported restoration of a 100+ year-old building damaged in the 2017 storms (also featured on page 40). A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 47 By the Numbers: Quantifying Strategic Impact The EZC’s impact is quantifiable and reflects its strategic reach. Among beneficiaries, 64% are commercial activities, 28% residential rentals, 5% owner-occupied residences, and 3% government- occupied buildings, illustrating a diverse portfolio. In the past year, the application unit received four applications with a projected direct capital investment of $1.45 million. If approved and realized, these projects are expected to contribute $4.39 million in total economic output and $1.74 million in value added to the Gross Territorial Product (GTP). The new online portal has already increased application activity for the current fiscal year. “In The Mix” stands as a prime example of a successful product of USVIEDA’s wraparound services, benefiting from leased Industrial Park space, tax incentives for export activity through the South Shore Trade Zone Program, and participation in the Accelerator and State Trade Expansion Programs. Of 36 active certificates, 12 companies are fully compliant. While full compliance reports are pending due to staff shortages and tax extensions, compliance has improved since the moratorium ended. FY 2024 expenditures of $1.8 million in construction generated $5.42 million in economic output and $2.15 million in value added to GTP, demonstrating the EZC’s tangible economic impact. Chart: Distribution of businesses assisted by the EZC, highlighting its strategic focus on diverse commercial and residential revitalization efforts AFTER BEFORE 48 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: ECONOMIC DEVELOPMENT BANK $913,814.30 Total Dollar Value of Loans Approved A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 49 Loans by Industry FY 2024 Loan Approvals by District St. Thomas/St. John District 2024 Total Number of Loans Approved 4 Total Dollar Value of Loans Approved $913,814.30 Speech Therapist 1 Party Supply Store/Rental 1 Water Truck Delivery 1 Mix-use: supermarket/Short-term Rentals (Airbnb) 1 INDUSTRY NUMBER OF LOANS INDUSTRY LOAN AMOUNT LOAN PROGRAM JOBS CREATED JOBS RETAINED Party Supply Store/Rental $50,000 Micro-Credit 1 Water Truck Delivery $157,314.30 Development Loan Fund 2 In alignment with its mission and the broader vision of the Virgin Islands Economic Development Authority (VIEDA), the Economic Development Bank (EDB) remains committed to fostering economic growth and expanding opportunities across the Territory. The EDB offers a robust range of services tailored to support entrepreneurs, small businesses, and residents. These services include technical assistance for business development, loan guarantee support through the State Small Business Credit Initiative Program (SSBCI), and secondary gap financing for moderate-income, first-time homebuyers. The EDB also provides administrative support to other government initiatives, such as the Virgin Islands Energy Office’s - Solar Plus Financing Pilot Program (SPFPP). Through these strategic efforts, the EDB plays a vigorous role in strengthening the Territory’s economic foundation—benefiting both residents and businesses—and contributing to the long-term prosperity of the U.S. Virgin Islands. MISSION/MANDATE Dr. Judith Edwin, client of the Economic Development Bank, works at her business, E’s Garden Teahouse and Things located in the enterprise zone of Garden Street on St. Thomas, U.S. Virgin Islands. Photograph by Nicole Canegata Loans Approved LOAN ACTIVITY 50 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: FY 2024 Loan Approvals by District (Cont.) St. Croix INDUSTRY LOAN AMOUNT LOAN PROGRAM JOBS CREATED JOBS RETAINED Speech Therapist $206,500 Development Loan Fund 3 8 Mix-use: supermarket/ $500,000 Development Loan Fund 15 Short-term Rentals (Airbnb) Curtis Gilpin, EDB client and owner of G. Mussels Fitness Center on St. Thomas, U.S. Virgin Islands. Photograph by Nicole Canegata Felix London, EDB client and owner of DPMNM clothing line on St. Croix, U.S. Virgin Islands. Photograph by Nicole Canegata Collections 2024 DISTRICT St. Thomas/St. John $183,848.03 St. Croix $897,735.67 Total Amount in Collections $1,081,583.70 Percentage Increased in Loan Collections 67% *Attributed to a significant payoff in the second and fourth quarters of FY 2024 "Percentage Increase in Loan Delinquencies 0.7% *Attributed to one borrower" Loan Delinquency Rate 1.7% A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 51 State Small Business Credit Initiative Originally launched in 2010, the State Small Business Credit Initiative (“SSBCI”) has played an instrumental role in expanding access to capital for traditionally underserved small businesses and entrepreneurs. The U.S. Virgin Islands was awarded $13.1 million by this initiative, with the U.S. Virgin Islands Economic Development Authority (USVIEDA, through its Economic Development Bank (EDB), tasked with administering the program. The EDB successfully oversaw three tranches of SSBCI funding, providing $12,614,692 in loan guarantee support to 48 businesses across the Territory. This support contributed to the creation of 230 new jobs and the retention of 499 existing jobs, further bolstering the local economy. Under the American Rescue Plan Act of 2021 (“ARPA”), the U.S. Department of the Treasury reauthorized and expanded the State Small Business Credit Initiative (SSBCI) allocating $10 billion nationally to support small businesses and promote inclusive economic recovery from the COVID-19 pandemic. This funding is aimed at increasing access to capital, especially for underserved communities by empowering states, territories, the District of Columbia, and Tribal governments. Building on the proven success of EDB under the SSBCI 1.0, the U.S. Virgin Islands was awarded $57.8 million under SSBCI 2.0. On February 1, 2023, USVIEDA received the first tranche of SSBCI 2.0 funding, totaling $18,907,301 which will be disbursed into three installments. Under the SSBCI 2.0 program there are four support structures: Loan Participation; Loan Guarantee; Collateral Support; and Bonding Support (Payment, Surety, and Performance Bonds). VIEDA Assistant Chief Executive Officer Dwayne Benjamin talks with audience about the VI Slice Moderate Income Homeownership Program at the Economic Development Bank’s Town Hall Meeting at the Da Event Lounge on St. John on March 27, 2024. Photograph by Semele A. C. George, Marketing & PR Specialist/VIEDA 52 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: FINANCIAL INSTITUTION BANK LOANS - ST. THOMAS - ST. JOHN DISTRICT SSBCI - ST. THOMAS INDUSTRY JOBS CREATED JOBS RETAINED JOBS LOST 1. FirstBank (STT) $244,125.00 $122,062.50 restaurant 7 0 0 2. FirstBank (STT) $400,000.00 $200,000.00 marine/fishing supply 7 4 0 3. FirstBank (STT) $13,000,000.00 $5,000,000.00 hotel 40 0 0 4. FirstBank (STT) $72,750.00 $36,375.00 car rental agency 1.5 0 0 5. Merchants $50,000.00 $40,000.00 restaurant and bar 7 0 0 Commercial Bank Total STT $13,766,875.00 $5,398,437.50 62.5 4 0 FINANCIAL INSTITUTION BANK LOANS - ST. CROIX DISTRICT SSBCI - ST. CROIX INDUSTRY JOBS CREATED JOBS RETAINED JOBS LOST 1. FirstBank (STX) $1,731,600.00 $865,800.00 concrete plant 18 0 0 2. FirstBank (STX) $510,000.00 $293,250.00 restaurant 2 10 0 Total STX $2,241,600.00 $1,159,050.00 20 10 0 Total STT, STJ, $16,008,475.00 $6,557,487.50 82.5 14 0 and STX VI Slice Moderate Income Homeownership Program The VI Slice Moderate Income Homeownership Program (“VI Slice”) was established to expand homeownership opportunities for moderate-income households in the U.S. Virgin Islands. By increasing access to affordable housing through targeted financial assistance, the program supports the Territory’s long-term goals of sustainability, resilience, and economic stability. SSBCI 2.0 PROGRAM’S SUCCESS SINCE INCEPTION Program statistics by district as of FYE September 30, 2024 Total allocation = $57,860,549.00 Tranche 1 Disbursement = $18,907,301 Percentage utilization of Tranche 1 required to request Tranche 2 = 80% or $15,125,840.80 Current Percentage utilization of Tranche 1 when compared to 80% or $15,125,840.80 = 43.35% ($6,557,487.50/$15,125,840.80) Leveraged partnerships for SSBCI 2.0 Program loans, potentially totaling $16,008,475 in private financing funds, with potentially $6,557,487.50 in SSBCI guarantees for seven (7) businesses, benefiting a St. Croix-based restaurant and concrete plant, as well as a St. Thomas based hotel, two (2) restaurants, a car rental agency, and a fishing/marine supply and excursions operations, potentially creating 82.5 new employment opportunities and retaining 14 jobs. A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 53 LENDING INSTITUTION ISLAND DATE DISBURSED BANK SUPPORTED LOAN VI SLICE AMOUNT DISBURSED Banco Popular St. Thomas 5/10/2024 $404,000.00 $188,503.65 Banco Popular St. Thomas 5/10/2024 $390,000.00 $181,261.34 Banco Popular St. Thomas 5/17/2024 $300,000.00 $134,490.00 Banco Popular St. Croix 6/4/2024 $320,000.00 $90,338.34 Banco Popular St. Croix 9/23/2024 $279,200.00 $79,959.56 Banco Popular St. Croix 9/30/2024 $283,200.00 $87,752.89 Banco Popular St. Croix 9/30/2024 $215,000.00 $124,192.50 Capital Mortgage St. Croix 5/22/2023 $240,000.00 $43,945.02 Service of Texas Capital Mortgage St. Thomas 7/20/2023 $325,000.00 $98,613.50 Service of Texas Capital Mortgage St. Croix 7/31/2023 $237,841.00 $22,143.19 Service of Texas VI Slice provides gap financing to support: • Home Purchase with Rehabilitation – assisting buyers with acquiring and improving existing homes. • New Home Construction – supporting the development of new residential properties. • Down Payment & Closing Costs Assistance – reducing upfront financial barriers to homeownership. The VI Slice Program is administered by the Economic Development Bank (EDB) in close collaboration with the Office of the Governor; the Office of Disaster Recovery (ODR); and local lending institutions. This multi-agency partnership ensures coordinated efforts in delivering housing assistance across the Territory. Board and staff at the VI Slice Town Hall Meeting in St. John, U.S. Virgin Islands (March 2024). VI SLICE TRANSACTIONS – DISBURSED 54 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: LENDING INSTITUTION ISLAND DATE DISBURSED BANK SUPPORTED LOAN VI SLICE AMOUNT DISBURSED Capital Mortgage St. Croix 9/19/2023 $296,000.00 $92,126.85 Service of Texas Capital Mortgage St. Croix 10/6/2023 $257,600.00 $74,770.84 Service of Texas Capital Mortgage St. Croix 11/29/2023 $316,000.00 $70,839.84 Service of Texas Capital Mortgage St. Croix 2/28/2024 $288,000.00 $77,875.92 Service of Texas Capital Mortgage St. Croix 6/12/2024 $388,000.00 $84,767.48 Service of Texas Capital Mortgage St. Croix 7/19/2024 $304,000.00 $89,215.05 Service of Texas Capital Mortgage St. Croix 9/13/2024 $256,000.00 $77,405.64 Service of Texas First Bank St. Thomas 11/3/2023 $299,000.00 $118,821.22 First Bank St. Croix 11/30/2023 $135,000.00 $89,379.78 Merchants Commercial St. Croix 5/2/2024 $307,000.00 $194,920.22 Bank Oriental Bank St. Croix 3/26/2024 $249,600.00 $71,703.19 Oriental Bank St. Croix 3/27/2024 $264,000.00 $52,655.03 Oriental Bank St. Croix 4/10/2024 $403,900.00 $70,854.38 Oriental Bank St. Croix 8/28/2024 $268,000.00 $73,987.31 Oriental Bank St. Croix 9/13/2024 $230,400.00 $66,294.17 Oriental Bank St. Croix 9/13/2024 $288,000.00 $90,001.44 Oriental Bank St. Croix 9/19/2024 $140,000.00 $42,012.61 U.S. Department St. Croix 10/31/2023 $225,200.00 $93,497.49 of Agriculture U.S. Departmen St. Croix 4/26/2024 $223,271.00 $14,008.67 of Agriculture U.S. Department St. Croix 9/19/2024 $294,608.00 $15,087.66 of Agriculture VI SLICE TRANSACTIONS – DISBURSED (Cont.) LENDING INSTITUTION ISLAND PROPOSED CLOSING BANK SUPPORTED LOAN VI SLICE REQUEST Banco Popular St. Croix 12/27/2024 $380,700.00 $188,236.17 Banco Popular St. Thomas 1/15/2025 $165,000.00 $112,753.73 Banco Popular St. Thomas 10/4/2024 $312,000.00 $84,724.62 Merchants Commercial St. Thomas 12/18/2024 $669,000.00 $200,000.00 Bank Merchants Commercial St. Thomas 12/16/2024 $580,000.00 $200,000.00 Bank VI SLICE TRANSACTIONS – IN THE PIPELINE A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 55 APPLICATIONS RECEIVED 45 APPLICATIONS APPROVED 35 APPLICATIONS DECLINED BY PRIMARY LENDER 2 APPLICATIONS DECLINED BY VIEDA/EDB 2 PENDING APPLICATIONS 1 DRAFT FROM PRIMARY LENDER 2 WITHDRAWN BY PRIMARY LENDER 3 NUMBER OF TRANSACTIONS DISBURSED ON ST. CROIX 24 NUMBER OF TRANSACTIONS DISBURSED ON ST. JOHN 0 NUMBER OF TRANSACTIONS DISBURSED ON ST. THOMAS 6 TOTAL DOLLAR AMOUNT DISBURSED $2,611,424.78 TOTAL DOLLAR AMOUNT IN THE PIPELINE $785,714.52 VI Wealth Building Conference in St. Thomas where the USVIEDA team promoted EZC and EDB programs and services. PROGRAM STATISTICS 56 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: MARKETING and PUBLIC RELATIONS $540.6 Million in Total Investment Potential of Hot Projects A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 57 Hospital Street Development, St. Croix, U.S. Virgin Islands. Photograph by Nicole Canegata The key responsibilities of this department are to promote the U.S. Virgin Islands as the best place for businesses to relocate as well as the many services offered to local businesses and the general public that 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. The Department utilizes various marketing tools to attract new businesses to relocate to the Territory, grow and expand businesses that currently exist in the Territory, and inform the community about USVIEDA’s programs, services, and accomplishments. MISSION/MANDATE External Marketing Activities GLOBAL INVESTMENT STRATEGY & REBRANDING USVIEDA engaged the services of OCO Global, Ltd. (“OCO”), an international marketing and trade firm, to assist with devising strategies for foreign direct investment (“FDI”) and the South Shore Trade Zone (“SSTZ”). OCO assisted with fully rebranding USVIEDA and developed a new place brand for the Territory to promote the USVI as an ideal business destination and increase the Authority’s reach toward potential investors. The contract also included an assessment of USVIEDA’s lead generation process. STRATEGY A new Global Investment Strategy was developed to guide future economic growth and investment attraction for the Territory. The strategy was shaped by stakeholder feedback, global industry data, competitor benchmarks, and market trends, with a focus on refining sector and market priorities. Key updates included redefining Vision 2040 target industries, separating Professional Services and Technology, while integrating Research and Development across all sectors. Technology, and Coastal & Ocean Resources emerged as the highest priority sectors, given the global flow of technology investments and the expanding opportunities in the blue economy. The U.S. remains the strongest investment source, particularly in states like California, New York, Pennsylvania, and Massachusetts, while Canada, the U.K., Germany, and South Korea were identified as promising secondary markets. To complement this work, USVIEDA also received a Marketing Strategy that outlined recommendations to strengthen the Territory’s visibility as an investment destination. These include consolidating VIEDA’s websites to reduce redundancy, aligning messaging with priority industries, leveraging LinkedIn, X, Instagram, and Facebook for investment promotion, and investing in targeted digital campaigns and sector-specific events. Together, these strategies provide a clear roadmap to attract investment, create jobs, and advance the Territory’s long-term economic vision under Vision 2040. www.usvieda.org 58 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: 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. It encompasses a series of activities which include research, identifying companies, 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, at times lead generation contractors may be recruited to provide qualified leads. USVIEDA uses the Client Relationship Management (CRM) program HubSpot to engage with leads. Currently, the CRM has over 9,500 contacts. USVIEDA’s Marketing team continues to engage with these contacts through email, phone or walk-in inquiries, conferences, seminars, and other events. The following table lists the Hot Projects, or active qualified leads that have demonstrated strong interest in investing. BRANDING Following an internal review and a series of stakeholder consultations, USVIEDA officially adopted a new organizational brand and a corresponding place brand to promote the U.S. Virgin Islands as an investment destination. This milestone was approved during the January 25, 2024, Governing Board Meeting and represents the Authority’s first initiative into developing a place brand for the Territory. The updated branding was fully integrated across the agency, including websites, social media platforms, signage, stationery, promotional materials, communications, and employee work attire. A major component of brand implementation in FY 2024, continuing into the following fiscal year, involved photography and video production to promote the Territory as an investment destination, incorporating the new branding. Former Brand New Brand Organization Brand Place Brand Joe Phillips, OCO Global LLC Consulting Director, delivers presentation to the VIEDA team on the Global Marketing Strategy for the VIEDA on St. Thomas, U.S. Virgin Islands. (October 2023). Photograph by Semele A. C. George (Left to right) Dwayne Benjamin, VIEDA Assistant CEO; Judith O’Doherty, Eutopia Strategy/OCO Global LLC; Joe Phillips, OCO Global LLC Consulting Director; Nadine Marchena Kean, Director of the Enterprise Zone Commission, VIEDA; Celina D. Morris, Director of Marketing, VIEDA; Wayne L. Biggs, Jr., Chief Executive Officer, VIEDA, at the VIEDA office in Nisky Center on St. Thomas, U.S. Virgin Islands A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 59 TOTAL INVESTMENT POTENTIAL OF HOT PROJECTS $540,600,000 NUMBER OF SITE VISITS HOSTED IN FISCAL YEAR 2024 10 NUMBER OF MEETINGS (VIRTUAL & IN-PERSON) IN FISCAL YEAR 2024 392 NUMBER OF VIEDC PRE-APPLICATION MEETINGS IN FISCAL YEAR 2024 8 SSTZ: South Shore Trade Zone HDA: Hotel Development Act TIF: Tax Increment Financing EDC: Economic Development Commission STARS: Sustainable Tourism through Arts-Based Revenue Streams 1. $500,000,000 Recreation & Transportation Referral EDC 2. $30,000,000 Hotel Conference SSTZ or HDA 3. $5,000,000 Natural Pharmaceuticals General Inquiry SSTZ & EDPC 4. $2,000,000 Manufacturing – Biotech Consultant/Conference SSTZ 5. $2,000,000 Manufacturing – Beverages General Inquiry EDC 6. $250,000 Film Production General Inquiry STARS 7. $250,000 Film Production General Inquiry STARS 8. $200,000 Manufacturing – Food General Inquiry SSTZ & EDPC 9. $200,000 Research & Technology Lead Generator SSTZ 10. $100,000 Manufacturing & Distribution – Sea Food General Inquiry SSTZ & EDPC 11. $100,000 Telecommunications General Inquiry SSTZ or EDC 12. $100,000 DSB – Professional Training Services General Inquiry EDC 13. $100,000 DSB – Ai Technology Lead Generator SSTZ or EDC 14. $100,000 DSB – Investment Management Services Lead Generator EDC 15. $100,000 DSB – Financial Advisory Services General Inquiry EDC 16. $100,000 Wholesale Distributor-Supplier General Inquiry EDC 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 Table: USVIEDA Hot Projects in the Lead Generation Program Table: USVIEDA Hot Projects in the Lead Generation Program 60 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: Marketing Missions and Conferences FLORIDA INTERNATIONAL TRADE AND CULTURAL EXPO Location: Fort Lauderdale, FL Date(s): October 4-5, 2023 USVIEDA participated for the first time in the Florida International Trade and Cultural Expo (FITCE), hosted by Broward County. The Authority promoted tax incentives, particularly those offered through the South Shore Trade Zone, through an exhibit table, a Speed Matchmaking Session with country representatives, and CEO Wayne Biggs Jr.’s participation as a panelist on the “Doing Business with the Caribbean” forum. As a coffee and tea sponsor, USVIEDA also gained additional visibility through event signage, promotional displays, program and website recognition, and live acknowledgments during networking breaks. Focus: South Shore Trade Zone, trade, and investment. Vision 2040 Targeted Industries: Coastal/Ocean Resources, Light Manufacturing, Technology, and Professional Services CARIBBEAN HOTEL INVESTMENT CONFERENCE & OPERATIONS SUMMIT (CHICOS) Location: St. Thomas, USVI Date(s): November 12-14, 2023 The Virgin Islands Department of Tourism (DOT) hosted the Caribbean Hotel Investment Conference & Operations Summit (CHICOS) in the Territory for the first time. Recognized as the region’s premier hospitality conference, CHICOS attracted more than 300 regional and international investors, operators, and decision-makers for networking and discussions on the state of the Caribbean hospitality industry. USVIEDA partnered with DOT to co-host a booth, connect with potential leads, and highlight investment opportunities. CEO Wayne Biggs Jr. also joined DOT Commissioner Joseph Boschulte and other local experts on a panel promoting the U.S. Virgin Islands as a prime destination for hospitality investment. Focus: VIEDC Tax Incentive Program, HDA, South Shore Trade Zone, SSBCI, Hospitality Vision 2040 Targeted Industries: Tourism Scan the QR code to view the CHICOS 2023 recap video. Wayne Biggs, Jr., CEO, and Nadine Marchena Kean, Managing Director, EZC, sit at the USVIEDA exhibit table at FITCE in Florida. (October 2023) CEO Biggs (far right) participates on the panel entitled Doing Business in the Caribbean. (October 2023) A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 61 SEDI CASE USVI WINTER ECONOMIC SUMMIT Location: St. Croix, USVI Date(s): December 7, 2023 Potential investors and representatives from the New York Chamber of Commerce were invited to this event by the St. Croix Economic Development Initiative (SEDI) to learn about the unique assets that the USVI, particularly St. Croix, has to offer as an investment destination. USVIEDA’s CEO Wayne L. Biggs, Jr. participated on a panel alongside Senate President Novelle Francis Jr., David Johnson of Cane Bay VI, a VIEDC beneficiary, President and CEO of the Greater New York Chamber of Commerce Mark Jaffe, and others. Panelists discussed the opportunities for trade and industry that the trade zone could bring to St. Croix, the tax incentive programs offered through USVIEDA, and leveraging a partnership between the USVI and the Greater NY Chamber of Commerce. Focus: VIEDC Tax Incentive Program, South Shore Trade Zone, trade, and investment Vision 2040 Targeted Industries: Coastal/Ocean Resources, Light Manufacturing, Technology, and Professional Services USVIEDA CEO Wayne L. Biggs, Jr. and Managing Director Margarita A. Benjamin share information re: USVIEDA programs and services to CASE Winter Economic Summit attendees at Carambola Beach Resort. USVIEDA CEO Wayne L. Biggs, Jr., (center) speaks on a panel about USVI investment potential at the SEDI CASE Winter Economic Summit. 62 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: URBAN LAND INSTITUTE (ULI) CARIBBEAN ECONOMIC DEVELOPMENT WEBINAR Location: Online Date(s): April 18, 2024 CEO Biggs participated as a panelist in a regional webinar that examined both the challenges and opportunities facing Caribbean economies and highlighted strategies for sustainable growth. The event convened leading economists, policymakers, and industry experts to exchange insights, share experiences, and present innovative solutions. Discussions centered on harnessing cultural heritage, advancing sustainable development and tourism, promoting digital innovation, and strengthening regional collaboration. By fostering knowledge-sharing, networking, and inclusive partnerships, the webinar aimed to support economic transformation and build a more prosperous future for the Caribbean. Focus: VIEDC Tax Incentive Program, South Shore Trade Zone, trade, and investment CARIBBEAN HOTEL & RESORT INVESTMENT SUMMIT (CHRIS) Location: Miami, FL Date(s): April 22-23, 2024 The Caribbean Hotel & Resort Investment Summit (CHRIS), the region’s premier hotel investment conference, attracted approximately 400 delegates from 30 countries in 2024, including a high concentration of senior decision-makers—about 33% holding titles such as Chairman, CEO, President, or Owner. Notably, 25% of participating companies represented capital markets (debt and equity) or development firms, underscoring the event’s role as a hub for serious investors. USVIEDA, in partnership with the Department of Tourism, showcased the Territory’s competitive advantages and tax incentive programs, including the Hotel Development Program. CEO Wayne Biggs Jr. and Commissioner Joseph Boschulte delivered a joint presentation, “Investment Opportunities in the U.S. Virgin Islands,” positioning the Territory as a prime destination for hotel and resort investment. Focus: Hotel Development Program, VIEDC Tax Incentive Program, South Shore Trade Zone Vision 2040 Targeted Industries: Hotel/Hospitality and VI-Style Tourism CEO Wayne L. Biggs, Jr. presents to potential investors about Hotel Development Program incentives during CHRIS 2024 in Miami, FL. Photo courtesy of the VI Department of Tourism. A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 63 TECH BEACH RETREAT (TBR) Location: St. Thomas, USVI Date(s): June 20-21, 2024 The Research & Technology Park (“RT Park”) hosted the first TBR in the Territory at the Westin Beach Resort on St. Thomas, attracting more than 200 global innovators, entrepreneurs, investors, and technology leaders. Recognized as one of the leading platforms for technology and innovation in the Caribbean, TBR fosters collaboration between regional talent and global industry leaders through panels, workshops, and networking opportunities. USVIEDA sponsored this event, supporting the Territory’s growing technology ecosystem and positioning the USVI as an emerging hub for innovation, investment, and digital transformation. Focus: South Shore Trade Zone, EZC tax incentive programs, VIEDC Tax Incentive Program Vision 2040 Targeted Industries: Technology and Light Manufacturing SELECTUSA INVESTMENT SUMMIT Location: National Harbor, MD Date(s): June 23-26, 2024 USVIEDA was a gold 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 2024 event had over 5,000 attendees, including over 2,500 foreign investors from 96 international markets and representation from over 56 U.S. states and territories. USVIEDA partnered with the RT Park to represent the Territory at the exhibitor booth, which had considerable interest from potential international investors from African and Asian markets. USVIEDA representatives participated in approximately 15 one-on-one meetings with potential investors and networked with several potential leads in the key industries identified by Vision 2040. Focus: South Shore Trade Zone, VIEDC Tax Incentive Program Vision 2040 Targeted Industries: Technology, Light Manufacturing, and Professional Services USVIEDA team members representing the Territory at the Authority’s exhibitor booth during the SelectUSA Investment Summit. Back row, left to right: Wayne L. Biggs, Jr. (Chief Executive Officer), Margarita Benjamin (Managing Director, Economic Development), Wayne Scott, Jr. (Enterprise Zone Specialist); Second row, left to right: Kyle C. Thomas (Program Manager, Marketing & 2040 Vision), Nadine Marchena Kean (Managing Director, Enterprise Zone Commission), Cusa Holloway Christian (Incubator Program Manager); Front left: Celina D. Morris (Director, Marketing). (Submitted Photograph) 64 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: 28TH ANNUAL INTERNATIONAL AFRICAN AMERICAN HOTEL OWNERSHIP AND INVESTMENT SUMMIT Location: Miami, FL Date(s): July 24-26, 2024 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 was a sponsor of this event and CEO Wayne L. Biggs, Jr. participated on a panel about hotel investment opportunities in the U.S. Virgin Islands. Focus: Hotel Development Program, VIEDC Tax Incentive Program, South Shore Trade Zone Vision 2040 Targeted Industries: Hotel/Hospitality and VI-Style Tourism Regional & National Advertising and Promotion CARIBBEAN BUSINESS & TRAVEL A special edition of Caribbean Business & Travel was published to inform and educate business organizations and executives, travel agents, and Diaspora leaders in North America about investment opportunities in the Caribbean, with targeted distribution in Florida, New York, and Toronto. This edition highlighted the U.S. Virgin Islands in connection with the CHICOS conference, with USVIEDA’s articles and advertisements strategically placed alongside the CHICOS promotion. Four-page spread featuring the U.S. Virgin Islands in the 2023 edition of Caribbean Business & Trave. USVIEDA CEO Wayne L. Biggs, Jr. and VI Department of Tourism Commissioner Joseph Boschulte are featured in both articles. A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 65 UPWARD CURVE USVIEDA promoted the Territory to high-net-worth travelers by publishing a full-page advertisement in the October– December issue of a quarterly print and digital magazine tailored to independent global air travelers using corporate and private jet charters. The publication, which reaches an estimated 500,000 business leaders, is distributed in VIP lounges at 21 major U.S. airports—including JFK, LaGuardia, Chicago, Atlanta, Miami, Las Vegas, and Los Angeles—placed on 43 private jet airlines and mailed directly to private jet users across more than 30 states. BUSINESS TRAVELER From April through June 2024, USVIEDA executed a targeted three-month promotional campaign in Business Traveler Magazine, using a combination of print and digital placements, including circulation at the Kentucky Derby. Business Traveler is a publication aimed at frequent corporate travelers, covering airlines, hotels, destinations, technology, and executive lifestyle, and is distributed through lounges, clubs, hotels, and corporate headquarters across the U.S. Full-page ad placed by USVIEDA in the October-December edition of Upward Curve Magazine. www.usvieda.org 66 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: USA TODAY SPECIAL REPORT: BUILDING A DIVERSIFIED, SUSTAINABLE, AND RESILIENTCARIBBEAN PARADISE USVIEDA was featured in USA Today’s special report “Building a Diversified, Sustainable, and Resilient Caribbean Paradise,” where CEO Wayne Biggs Jr. highlighted the Territory’s economic rebound, Vision 2040 strategy, robust incentives, and the South Shore Trade Zone. USA Today remains one of the largest U.S. publications, with approximately 132,640 print subscribers and two million digital subscribers, and wide international distribution, providing significant exposure for the U.S. Virgin Islands as an investment destination. Scan the QR code to view the full report. USVIEDA feature and investment ad showcased in USA Today’s special report on the U.S. Virgin Islands. INDUSTRY TODAY EDITORIAL USVIEDA was featured in Industry Today’s September 2024 digital edition in an article titled “Growing the USVI Economy Through Manufacturing & Retail.” The piece highlighted the Authority’s efforts to diversify the economy through Vision 2040, promote manufacturing, and retail development, and leverage federal programs such as the SBA’s State Trade Expansion Program (STEP). The feature reinforced USVIEDA’s role in supporting small businesses, creating jobs, and advancing long-term economic growth in the U.S. Virgin Islands. Industry Today is a well-regarded, multi-platform digital media outlet aimed at manufacturing and industrial leaders, particularly C-level executives and decision-makers. Scan the QR code to read the feature. A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 67 Website Activity and Statistics In FY 2024, the launch of USVIEDA’s new brand included the consolidation of several previously separate websites into the Authority’s primary site, www.usvieda.org. The Invest U.S. Virgin Islands, Vision 2040, and South Shore Trade Zone sites were all integrated to provide a unified digital presence and easier access to information. The VI Slice Program, however, remained on its own dedicated site, www.vislice.com, given its short-term focus and distinct purpose outside the scope of USVIEDA’s core business support programs. USER SNAPSHOT NEW USERS The following chart reflects the number of users who interacted with the site for the first time. www.USVIEDA.org ACTIVE USERS 57k NEW USERS 57k AVERAGE ENGAGEMENT TIME PER ACTIVE USER 1m 03s TOTAL REVENUE $0.00 30,238 17,019 6,686 1,330 609 84 FY 2024 0 10,000 20,000 30,000 40,000 Organic Search Direct Referral Organic Social Paid Social Email 68 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: USERS BY COUNTRY TOP VIEWS BY PAGE TITLE www.USVIEDA.org (CONT.) U.S. VIRGIN ISLANDS: AMERICA’S BUSINESS PARADISE 21,874 USVIEDA – UNITED STATES VIRGIN ISLANDS ECONOMIC DEVELOPMENT AUTHORITY 12,164 TAX ADVANTAGES 6,761 EDC PROGRAM 4,855 BENEFICIARIES 2,964 www.usvieda.org A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 69 USER SNAPSHOT NEW USERS The following chart reflects the number of users who interacted with the site for the first time. www.VISLICE.com ACTIVE USERS 9.9k NEW USERS 9.7k AVERAGE ENGAGEMENT TIME PER ACTIVE USER 1m 05s TOTAL REVENUE $0.00 5,076 3,318 1,096 232 FY 2024 0 1,500 3,000 4,500 6,000 Direct Organic Search Referral Organic Social 70 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: USERS BY COUNTRY TOP VIEWS BY PAGE TITLE www.VISLICE.com (CONT.) HOME – VI SLICE HOMEOWNERSHIP PROGRAM 13,130 HOW IT WORKS 3,508 LENDERS 1,737 FAQS 1,489 ANNOUNCEMENTS 564 FACEBOOK - GENERAL USVI ECONOMIC DEVELOPMENT AUTHORITY 2,414 Fans and Followers 306 New Fans and Followers 385,881 Impressions 264,911 Page and Profile Reach Social Media Statistics USVIEDA maintains an active presence on Facebook, Instagram, Twitter/X, and LinkedIn. The general USVIEDA channels are used to share official announcements, organizational updates, client success stories, and relevant news features. To further strengthen outreach to potential investors, a dedicated page was also established on Facebook to exclusively promote investment opportunities and activities. A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 71 Social Media Statistics (Cont.) Internal Marketing Activities - EVENTS - AMERICAN EXPRESS SHOP SMALL CAMPAIGN Location: Territory-wide Date(s): November 20-25, 2023 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. Alignment with 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. From top left, clockwise: 1. Sample social media post of the Shop Small campaign. 2. USVIEDA team members, Joanna Williams (Loan Assistant), David Stevenson (Senior Loan Officer), and Kyle C. Thomas (Program Manager, Marketing & 2040 Vision) preparing Shop Small bags to distribute to the business community. 3. Joanna Williams poses with the owners of Carlos Furniture Store in Tutu Park Mall while distributing Shop Small bags. 4. Joanna Williams and David Stevenson pose with the manager of Miss Naturalista in Yacht Haven Grand while distributing Shop Small bags. Next page: Wilfred “Bomba” Allick Transhipment Center facility on St. Croix, U.S. Virgin Islands. Photograph taken by Nicole Canegata FACEBOOK - INVEST U.S. VIRGIN ISLANDS 100 Fans and Followers 96 New Fans and Followers 12,451 Impressions 10,416 Page and Profile Reach INSTAGRAM 940 Fans and Followers 169 New Fans and Followers 860 Impressions 5,811 Users for Page and Profile Reach TWITTER 1,067 Fans and Followers 106 New Fans and Followers LINKEDIN 425 Followers 2,793 Impressions 74 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: 2ND ANNUAL SHOP LOCAL GROW THE ECONOMY BUSINESS EXPO Location: St. Thomas, USVI Date(s): December 2, 2023 USVIEDA sponsored this expo, which provided a space for the community to interact with and buy products from local entrepreneurs during the holiday season. USVIEDA was among other organizations, such as banks and partner government agencies, to share information about how our products can help to grow businesses. Alignment with 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. 52ND ANNUAL AGRICULTURE & FOOD FAIR – AGRIFEST 2024 Location: St. Croix, USVI Date(s): February 17-19, 2024 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. Agrifest presents the Authority with an excellent opportunity to promote programs that benefit residents, such as VI Slice, technical and financial assistance programs for businesses, and the EZC tax incentive programs. Alignment with 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. Goal 5: Population in the U.S. Virgin Islands will increase 10% from the official 2020 U.S. Census. On the left, a promotional piece for the Shop Local Grow the Economy Business Expo, which lists USVIEDA as a sponsor. On the right, team members Joanna Williams (Loan Assistant), Kelly Thompson Webbe (CFO), and Margarita Benjamin (Managing Director, Economic Development) at the USVIEDA table during the expo (December 2024) A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 75 VI WEALTH BUILDING GALA Location: St. Thomas, USVI Date(s): March 16, 2024 USVIEDA sponsored the VI Wealth Building Gala, hosted by Credible Source Consulting Firm, which focused on empowering the community through financial education. The agenda covered topics such as credit management, financial planning, investment, real estate, and wealth generation. As part of the sponsorship, USVIEDA hosted a booth and CEO Wayne Biggs Jr. delivered a presentation on how the VI Slice Program and other support programs offered through the EDB, EZC, and the Incubator can assist residents in building wealth and opportunity. Alignment with 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. Goal 5: Population in the U.S. Virgin Islands will increase 10% from the official 2020 U.S. Census. Kyle Sexius (owner and CEO of Credible Source Consulting Firm), third from left, and USVIEDA team members Wayne L. Biggs, Jr. (CEO), Nadine Marchena Kean (Managing Director, EZC), Semele A.C. George (Marketing & PR Specialist), Kyle C. Thomas (Program Manager, Marketing & 2040 Vision), K’Nisha Gumbs (Collection/Loan Officer), Celina D. Morris (Director, Marketing), and Cusa Holloway Christian (Incubator Program Manager) at the VI Wealth Building Gala held by Mr. Sexius on St. Thomas, U.S. Virgin Islands on March 16, 2024. (Submitted photograph) Group photos of team members at the VIEDA booth. (February 2024) 76 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: FAIR HOUSING EXPO Location: St. Croix, USVI Date(s): April 6, 2024 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. Alignment with Vision 2040 Aspirational Goal(s): Goal 5: Population in the U.S. Virgin Islands will increase 10% from the official 2020 U.S. Census. VIRGIN ISLANDS BOATING EXPO Location: St. Thomas, USVI Date(s): May 10-12, 2024 USVIEDA sponsored and participated in the inaugural Virgin Islands Boating Expo (VIBE). The boutique-style luxury yacht showcase featured over $63 million worth of sail and power yachts from leading brands, offering attendees immersive access with dock walks, demos, live cultural performances, and seminars on USVI tax and economic incentives. As an exhibitor, USVIEDA shared information about its tax incentive programs, business support services, and the VI Slice Moderate Income Homeownership Program, reinforcing the agency’s commitment to promoting economic development and expanding access to resources within the territory’s marine, business, and real estate sectors. Alignment with 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. Goal 5: Population in the U.S. Virgin Islands will increase 10% from the official 2020 U.S. Census. Goal 8: Extended stay visits, authentic experiences, and cultural offerings will increase from 63% of tourism-related revenue to 75%. WAPA EMPLOYEE HEALTH FAIR Location: St. Thomas and St. Croix, USVI Date(s): May 22, 2024 – St. Thomas | May 24, 2024 – St. Croix The USVIEDA team highlighted small business support programs, community development initiatives, tax incentive opportunities, and the VI Slice Moderate Income Homeownership Program at the Water and Power Authority’s (WAPA) employee health and wellness fair. The event was designed to bring members of the health and wellness community together to showcase programs and services that promote overall well-being. WAPA employees were able to engage in an interactive experience centered on “total wellness,” featuring demonstrations, visuals, screenings, and educational resources. Alignment with 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. Goal 5: Population in the U.S. Virgin Islands will increase 10% from the official 2020 U.S. Census. USVIEDA team members K’Nisha Gumbs (Collection/Loan Officer) and Joanna Williams (Loan Assistant) speak to attendees aof the Fair Housing Expo about the VI Slice Moderate Income Homeownership Program. (Submitted photograph) A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 77 VIHFA HOUSING EXPO Location: St. Thomas and St. Croix, USVI Date(s): June 1, 2024 – St. Thomas | June 29, 2024 – St. Croix 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 presentation about the VI Slice program to attendees. Alignment with Vision 2040 Aspirational Goal(s): Goal 5: Population in the U.S. Virgin Islands will increase 10% from the official 2020 U.S. Census. Joanna Williams, Loan Assistant, (right) discusses the VI Slice Homeownership Program with an attendee at WAPA’s Employee Health & Wellness Fair at UVI’s 13D Innovation Center, St. Thomas. (May 2024) USVIEDA team promotes the VI Slice Homeownership Program and other services at WAPA’s Employee Health & Wellness Fair at UVI’s 13D Innovation Center, St. Thomas. (May 2024) (Photographs by Semele A. C. George) Dwayne Benjamin, USVIEDA ACEO, and K’Nisha Gumbs, Loan/Collection Officer, explain the VI Slice Moderate Income Program to attendees of the VIHFA Housing Expo, held at the University of the Virgin Islands Sports and Fitness Center in St. Thomas. (June 2024) (Photographs by Semele A. C. George) 78 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: WOMEN OF RESILIENCE CONFERENCE Location: St. Thomas, USVI Date(s): July 19, 2024 USVIEDA sponsored and participated in the Women of Resilience Conference, hosted by Millin Young Consulitng. The conference gathered more than 200 attendees for discussions on professional and personal growth. As part of its participation, USVIEDA shared information about its business support services and the VI Slice Moderate Income Homeownership Program, ensuring participants were aware of opportunities that foster economic empowerment and stability. The event was well-received by the community and highlighted the importance of partnerships that strengthen resilience while expanding access to resources that drive long-term success. Alignment with 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. Goal 5: Population in the U.S. Virgin Islands will increase 10% from the official 2020 U.S. Census. Joanna Williams, Loan Assistant, (left) provides information to attendees of the Women of Resilience Conference hosted by Notable Events by Janette Millin Young. A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 79 Marketing Campaigns The Marketing Department provided support to other divisions/departments by launching campaigns to promote the following USVIEDA initiatives. PROMOTIONAL 4 10 LEGAL/STATUTORY 14 17 RECRUITMENT 0 1 PRINT DIGITAL 1. ESTATE PLANNING CONFERENCE EZC Print and Digital Newspaper Ads Radio Interviews/Ads Social Media Boosted Ads Email Marketing Livestreaming 2. VI SLICE TOWN HALL MEETINGS EDB Print and Digital Newspaper Ads Radio Interviews/Ads Promotional Video Flyer Distribution Social Media Boosted Ads Email Marketing Livestreaming 3. PASSION PULSE: COMMUNITY IMPACT SURVEY EZC Print and Digital Newspaper Ads Radio Interviews/Ads Social Media Boosted Ads Email Marketing Livestreaming EVENT/INITIATIVE USVIEDA DEPARTMENT CAMPAIGN ACTIVITIES News Stories 50 05 Boosted Social Media Ads 46 Newspaper Ads Radio Interviews 26 News Releases 52 USVI Public Relations Note: Advertisements are categorized as follows: Promotional: Special events and community engagement opportunities - Legal/Statutory: Public notices, such as board meetings or bid opportunities - Recruitment: Vacancy Announcements 80 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: Sponsorships In Fiscal Year 2024, USVIEDA sponsored 29 events, including 24 local and 5 regional/national initiatives, enhancing visibility for the agency’s programs and promoting the U.S. Virgin Islands as a compelling investment destination. 1. Fort Lauderdale Trade & Cultural Expo Fort Lauderdale, FL October 4-5, 2023 2. Tempo “Hot Ones-Caribbean” Programming Sponsorship Territorial November 2023 3. Queen Louise Home for Children Golf Tournament St. Croix November 3 & 5, 2023 4. We From Upstreet Fundraising Luncheon, “Celebrating the History of Tau Club: Bridging the Gap of Legacy” St. Thomas November 12, 2023 5. Paradise Jam St. Thomas November 17-20 and November 23-25, 2023 6. 2nd Annual Shop Local Grow the Economy Business Expo St. Thomas December 2, 2023 7. Rebuild USVI Industry Day St. Thomas December 5, 2023 8. Taste of Two Islands St. Thomas December 14, 2023 9. Crucian Christmas Foreday Serenade St. Croix December 23, 2023 10. WTJX Coverage of the Crucian Christmas Festival Parades St. Croix January 5-6, 2024 11. 25th Annual Bordeaux Farmers Rastafari Agricultural St. Thomas January 13-14, 2024 Vegan Food Fair 12. 52nd Annual Agriculture & Food Fair (2024 Agrifest) St. Croix February 17-19, 2024 13. Inaugural Island Food Systems Summit St. Croix February 19, 2024 EVENT LOCATION DATE Left: Managing Director Benjamin at the Paradise Jam Sponsor Reception at Paradise Point on November 10, 2023. Above: Sponsorship wall at the SelectUSA Investment Summit in National Harbor, MD (June 23–26, 2024), featuring USVIEDA’s logo among national sponsors of this U.S. Department of Commerce event. A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 81 Sponsorships (Cont.) 14. VI Wealth Building Gala St. Thomas March 16, 2024 15. 2024 Service Awards Dinner and Reception, St. Croix April 6, 2024 Rotary Club of St. Croix West 16. GOJ 2nd Annual Light Up Your Life Golf Tournament St. Croix April 7, 2024 17. WTJX Coverage of the St. Thomas Carnival Parades St. Thomas May 3-4, 2024 18. VI Boating Expo St. Thomas May 10-12, 2024 19. VIHFA Housing Expo St. Thomas and St. Croix June 1 and 29, 2024 20. Tech Beach Retreat St. Thomas June 20-21, 2024 21. SelectUSA Investment Summit National Harbor, MD June 23-26, 2024 22. Emancipation Day: Fort to Fort Walk to Freedom and St. Croix July 3, 2024 3rd Annual Freedom Concert 23. WTJX Coverage of the St. John Festival Parade St. John July 4, 2024 24. Women of Resilience Conference St. Thomas July 19, 2024 25. 2024 Healthy Encores Health Awareness Weekend St. Thomas July 19-21, 2024 26. Paradise 48 Film Festival St. Thomas July 20, 2024 27. 28th Annual International African American Hotel Miami, FL July 24-26, 2024 Ownership and Investment Summit 28. Boxing Tournament Sponsorship Dominican Republic July 28, 2024 29. Caribbean Day Event Sponsorship, hosted by the Washington, DC September 12, 2024 Honorable Stacy Plaskett, Delegate to Congress – Congressional Black Caucus Annual Legislative Conference EVENT LOCATION DATE www.usvieda.org 2024 usvi eda financial report FINANCIAL SUMMARY The Virgin Islands Economic Development Authority’s FY 2024 Audited Financial Summary will be published separately and will be available on the USVIEDA website at https://usvieda.org/financial-statements/. 84 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: HUMAN RESOURCES ST. CROIX DISTRICT ST. THOMAS/ST. JOHN DISTRICT A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 85 TOTAL EMPLOYEE HEADCOUNT 49 NUMBER OF EMPLOYEES IN THE ST. CROIX DISTRICT 21 NUMBER OF EMPLOYEES IN THE ST. THOMAS/ST. JOHN DISTRICT 28 NEW HIRES IN THE FISCAL YEAR 5 NUMBER OF VACANCIES AT THE END OF THE FISCAL YEAR 4 Management Team Wayne L. Biggs, Jr. Executive Chief Executive Officer Dwayne A. Benjamin Executive Assistant Chief Executive Officer Tracy Lynch Bhola, Esq. Legal General Counsel Kelly Thompson Webbe Admin and Finance Chief Financial Officer Margarita Benjamin Economic Development Comm. Managing Director, Economic Development Nadine Marchena Kean Enterprise Zone Managing Director, Enterprise Zone Commission Monique T. Samuel Lending Managing Director, Economic Development Bank Celina D. Morris Marketing Director, Marketing Kali Richardson Human Resources Director, Human Resources Mark Finch Economic Development Park Corp. Director, Facilities FY 2024 EMPLOYMENT STATISTICS Shelly Anslyn Gardiner Human Resources Specialist Administrative Assistant St. Thomas/St. John District St. Croix District 2024 EMPLOYEES of the YEAR FY 2024 STAFF - ADMINISTRATION Executive Wayne Biggs Chief Executive Officer STX Dwayne Benjamin Assistant Chief Executive Officer STT Lynnette Lindesay Executive Assistant to the CEO STT Ja'Nelle Forbes Administrative Assistant STT Yolanda Bryan Business Ambassador STX Carmen Rivera Administrative Assistant STX EMPLOYEE NAME TITLE ISLAND Ahsima Anthony 86 Virgin Islands Economic Development Authority FY 2024 Annual Report Strengthening Our Foundation: USVIEDA ENTITIES Economic Development Commission – Applications Sasha Garnett Applications Analyst II STT LaShanna McBean DeChabert Applications Analyst II STX EMPLOYEE NAME TITLE ISLAND Administration and Finance Kelly Thompson Webbe Chief Financial Officer STT Maritza Hernandez Senior Accountant STT Jana Cammie Accountant II STT Gersha Eusebe Accounting I STT Lizbeth Daniel Accountant I STT Abdul Smith Facilities Assistant I STT Ahsima Anthony Administrative Assistant STT EMPLOYEE NAME TITLE ISLAND Legal Tracy Lynch Bhola General Counsel STX Lisa Mitchell-Harris Paralegal/Investigative Analyst II STX Anurie Oliver Paralegal/Investigative Analyst I STX EMPLOYEE NAME TITLE ISLAND Human Resources Kali Richardson Director, Human Resources STT Shelly Gardiner Human Resources Specialist STX EMPLOYEE NAME TITLE ISLAND Marketing Celina Morris Director, Marketing STT Semele George Marketing & Public Relations Specialist STT Kyle Thomas Program Manager, Marketing & 2040 Vision STT EMPLOYEE NAME TITLE ISLAND USVIEDA Board Lorraine Lynch Liaison, Board of Directors STT EMPLOYEE NAME TITLE ISLAND A Year of Impact and Innovation. Virgin Islands Economic Development Authority FY 2024 Annual Report 87 Key: STT – ST. THOMAS STX – ST. CROIX USVIEDA – VIRGIN ISLANDS ECONOMIC DEVELOPMENT Next page: Skyline lookout overlooking Charlotte Amalie on St. Thomas, U.S. Virgin Islands. Photograph by Nicole Canegata Economic Development Commission – Compliance Enterprise Zone Commission Economic Development Bank Economic Development Park Corporation Margarita 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 Ashley Lake Compliance Officer I STT 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 II STT Wayne Scott, Jr. Enterprise Zone Specialist I STX Tariq Molloy Program and Grants Compliance Officer I STX EMPLOYEE NAME TITLE ISLAND Monique Samuel Managing Director, Economic Development Bank STX Gloria Fredericks Receptionist STX Sharmane Brookes Director, SSBCI STT Joanna Williams Loan Assistant STT Safiya Farrelly Loan Assistant STX K’Nisha Gumbs Loan/Collection Officer STT David Stevenson Sr. Loan Officer STT Cusa Holloway Incubator Program Manager STX EMPLOYEE NAME TITLE ISLAND Mark Finch Director, Physical Plant STX Athanasius Obeius Maintenance Worker II STX Ethelbert Lesmond Maintenance Worker II STX Norton Williams Maintenance Worker I STX Anthony Navarro Maintenance Worker I STX EMPLOYEE NAME TITLE ISLAND St. Croix District Office 116 King St. Frederiksted, St. Croix, U.S. Virgin Islands 00840 340-773-6499 St. Thomas - St. John District Office 8000 Nisky Shopping Center, Suite 620, 2nd Floor St. Thomas, U.S. Virgin Islands 00802 340-714-1100 Westin St. Thomas Beach Resort & Spa