Summary – EZC Decision Meeting 20250327
Virgin Islands Enterprise Zone Commission Decision Meeting of Thursday, March 27, 2025 Summary During the Enterprise Zone Commission (“EZC”) Governing Board Meeting on Tuesday, March 27, 2025, the Governing Board heard a presentation on the EZC’s 2023 Annual Report and recommendations from the EZC Team regarding three (3) compliance matters, and voted as follows: Regular Session: • Action Items: ▪ COMPLIANCE: 1. SHE-CAT Investments, LLC – Withdrawal SHE-CAT Investments, LLC (“SHE-CAT”) was granted tax incentive benefits (tax credits) to revitalize a building located at 2A & 2B Kongens Gade, St. Thomas in the Garden Street-Upstreet Enterprise Zone. SHE-CAT committed to investing $200,000 in the revitalization of the building and employing two (2) temporary employees who are residents of the U.S. Virgin Islands. On March 4, 2025, SHE-CAT filed a petition requesting a withdrawn from the EZC tax benefit program. The Governing Board voted (5 – 0) to: • Approve SHE-CAT Investments, LLC’s request for withdrawal from the EZC tax benefit program. 2. Virgin Estates, Inc. …
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Virgin Islands Enterprise Zone Commission Decision Meeting of Thursday, March 27, 2025 Summary During the Enterprise Zone Commission (“EZC”) Governing Board Meeting on Tuesday, March 27, 2025, the Governing Board heard a presentation on the EZC’s 2023 Annual Report and recommendations from the EZC Team regarding three (3) compliance matters, and voted as follows: Regular Session: • Action Items: ▪ COMPLIANCE: 1. SHE-CAT Investments, LLC – Withdrawal SHE-CAT Investments, LLC (“SHE-CAT”) was granted tax incentive benefits (tax credits) to revitalize a building located at 2A & 2B Kongens Gade, St. Thomas in the Garden Street-Upstreet Enterprise Zone. SHE-CAT committed to investing $200,000 in the revitalization of the building and employing two (2) temporary employees who are residents of the U.S. Virgin Islands. On March 4, 2025, SHE-CAT filed a petition requesting a withdrawn from the EZC tax benefit program. The Governing Board voted (5 – 0) to: • Approve SHE-CAT Investments, LLC’s request for withdrawal from the EZC tax benefit program. 2. Virgin Estates, Inc. – Modification Virgin Estates, Inc. (“Virgin Estates”) was granted tax incentive benefits for the revitalization of a building located at 20 King Street, Christiansted, St. Croix. The Virgin Estates committed to investing $600,000 and employing two (2) temporary employees who are residents of the Virgin Islands. On February 19, 2025, Virgin Estates filed a petition requesting an investment modification. The Governing Board voted (5 – 0) to: 1. Approve a modification of Virgin Estates, Inc.’s investment amount from $60,000 to $54,179.91. 2. Require all other terms and conditions of Virgin Estates, Inc.’s EZC Certificate to remain unchanged. 3. Dennis A. & Deborah Y. Howell – Modification Dennis A. & Deborah Y. Howell (“Howell”) was granted tax incentive benefits (“tax credits”) to revitalize a building located at 87B Smithfield, Frederiksted, St. Croix. Howell committed to investing 150,000 and employing two (2) temporary employees who were residents of the U.S. Virgin Islands. On February 21, 2025, Dennis A. & Deborah Y. Howell filed a petition requesting an investment modification. The Governing Board voted (5 – 0) to: 1. Approve a modification of Dennis A. & Deborah Y. Howell’s investment amount from $150,000 to $81,595.13. 2. Require all other terms and conditions of Dennis A. & Deborah Y. Howell’s EZC Certificate to remain unchanged.