Hotel developers, investment consultants, a local manufacturer and two energy resource firms recently won tax benefit grants from the Economic Development Commission. EDC commissioners, led by Kevin Rodriguez, held a decision hearing on Feb. 6.
Among those awarded tax incentives was VI Electron, an alternative energy company partnering with the Water and Power Authority to help diversify its energy resource mix. The company was announced as part of a new partnership with WAPA in late January.
EDC board members took action on nine applicants requesting tax exemptions or adjustments to existing applications. Five new applicants — VI Electron, PL Partnerships, LLC; Sail Rock Investment, LLC; United Investors, LLC d/b/a Concrete Masters, LLC and West Indies Petroleum USVI received 100 percent tax exemptions.
West Indies Petroleum received a 20-year tax exemption for a cruise ship fuel bunkering service.
YHG Hotel, LLC was granted EDC benefits previously. They won a fourth extension of time before their term of tax exemptions began. 340 Worldwide, LLC was granted a chance to adjust its schedule of charitable contributions.
Harborside Corporation — doing business as Bolongo Bay Resort — had its EDC tax benefits adjusted to reflect recent property expansions. And Lovango Island Holdings, LLP was granted a temporary procurement waiver and was also given more time to meet its 2023 certificate requirement.
Decisions were also reached over compliance matters involving Secret Harbor Beach Resort Associates, LLLP and Fintrac, Inc.
Details about the position of the board on each applicant can be found on the agency’s website.
