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V.I. Economic Development Authority FY 2014
ANNUAL
REPORT
TRANSFORMING TODAY, INVESTING IN TOMORROW.
FISCAL YEAR 2014 OCTOBER 2013 to SEPTEMBER 2014
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V.I. Economic Development Authority FY 2014 Annual Report
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Message from the Interim Chairman of the Board
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V.I. Economic Development Authority FY 2014 Annual Report
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Message from the Chief Executive Officer
In an ever-changing global economy, great challenges are often the primary focus; however, those challenges are
also accompanied by tremendous opportunities for reflection, growth, and transformation. As the lead organiza-
tion for economic development in the U.S. Virgin Islands, we embrace the belief that transforming ourselves today
can open the doors to greater opportunities to invest in ideas that can attract and retain businesses through our tax
incentive program, revitalize our distressed neighborhoods within our enterprise zones, and sustain the operation
of our local small businesses.
As such, it is my pleasure to submit this annual report as it highlights changes in our entities and programs that
can help inspire continued progress in our goals for economic development in our Territory.
Through new legislation proposed this fiscal year by Governor John P. deJongh, Jr., the transformation of our en-
tities and programs to enhance our ability to invest in positive public and private sector initiatives and continue
meeting the needs of our residents and businesses has already begun.
With the passage of Act No. 7651, increased terms for businesses to receive tax benefits can be obtained through
the U.S. Virgin Islands’ Economic Development Commission program. This paves the way for more investment
in our Territory. New legislation has also led to the addition of commercial zones to the enterprise zone program
which would encourage business development and activity within our once vibrant towns.
And to better serve
our local small businesses, the passage of new legislation proposed by the Governor has allowed for the merging
of the Government Development Bank/Small Business Development Agency and created the Economic Devel-
opment Bank to streamline the services of the lending programs of both entities.
The VIEDA has also made great strides in its efforts to continue investing in the sustainability of our local small
businesses by widening their access to more funding through the USVI’s State Small Business Credit Initiative
(SSBCI) program.
Since this program’s origination in FY 2012, more than $3 million has been approved for small
businesses in our Territory in partnership with our local banks that are participants of the SSBCI program which
resulted in $9 million in loans to local businesses.
In addition to providing more access to funding, the VIEDA was also committed to investing in small business
growth - as highlighted in this report - through its Disaster Small-Midsized Enterprises Incubation Program, the
USVI’s State Trade and Export Promotion (STEP) Program and the USVI’s City-State Partnership with the Ex-
port-Import Bank (Ex-Im Bank) of the United States.
Again, I commend and thank the staff and executive management of the Authority, and the Board of Directors for
their tireless efforts, hard work, and dedication. I also thank Governor de Jongh and Lt. Governor Gregory R. Fran-
cis and their administration for their tremendous support.
Sincerely,
Percival E. Clouden
Chief Executive Officer
Message from the Chief Executive Officer
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V.I. Economic Development Authority FY 2014 Annual Report
VIEDA
BOARD OF
DIRECTORS*
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V.I. Economic Development Authority FY 2014 Annual Report
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MANAGEMENT
TEAM*
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V.I. Economic Development Authority FY 2014 Annual Report
MISSION
STATEMENT
VIEDA is an equal opportunity provider, employer and lender.
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Upstreet Community Town Plan Charrette, St. Thomas, USVI
Photo by Semele A.C. George/VIEDA
Jason Budsan, owner of Caribbean Herbals on St. Thomas, USVI
Photo by Semele A.C. George/VIEDA
Viewing of the proposed Christiansted Collaborative Town Plan on St. Croix
Photo by Semele A.C. George/VIEDA
Hovensa Deep Water Port on St. Croix
Photo courtesy of the St. Croix Avis
Transforming Our Community
Investing in Our Future
Transforming Our Towns
Investing in Our Small Businesses
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34
36
44
50
62
67
102
TABLE OF
CONTENTS
NOTE: The information within this annual report for FY 2014 is based on activities
within this fiscal year ending September 30, 2014 unless otherwise indicated.
VIRGIN ISLANDS ECONOMIC
DEVELOPMENT AUTHORITY
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TRANSFORMING TODAY, INVESTING IN TOMORROW
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ECONOMIC DEVELOPMENT
COMMISSION
EDC Eligible V.I. Suppliers and other attendees listen to presentations from panelists on April 16 at the 2015 EDC Eligible V.I. Suppliers
Seminar on St. Thomas at the University of the Virgin Islands Administration & Conference Center. This annual seminar provides attendees
with information and updates concerning the EDC Eligible V.I. Suppliers program. Photo by Semele A.C. George/VIEDA
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V.I. Economic Development Authority FY 2014 Annual Report
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The Economic Development Commission (EDC) is charged with promoting the growth, development,
and diversification of the economy of the United States Virgin Islands, developing the human and
economic resources of the Territory, preserving job opportunities for residents of the U.S. Virgin
Islands, and promoting capital formation to support industrial development in the Territory
EDC APPLICATIONS
DIVISION
THE APPLICATIONS DIVISION
FISCAL YEAR 2014 OBJECTIVES
FISCAL YEAR 2014 AT A GLANCE
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V.I. Economic Development Authority FY 2014 Annual Report
Margarita A. Benjamin, VIEDA's EDC Director of Applications, provides an overview about the Eligible V.I. Suppliers program to attendees of
the 2014 Eligible V.I. Suppliers Seminar on April 16, 2014. Photo by Semele A.C. George/VIEDA
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V.I. Economic Development Authority FY 2014 Annual Report
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APPLICATIONS
APPLICATIONS RECEIVED IN FY 2014
TABLE 1: EDC APPLICATIONS RECEIVED IN FY 2014
Coral World (V.I.), Inc.
GCI Management, LLC
Harborside Corporation d/b/a
Bolongo Bay Beach Resort
PBG Corporation d/b/a
Phantasea Tropical Botanical
Garden
Healthquest, LLC
Westin St. John Hotel Company, Inc.
Goddard Catering Group
St. Thomas, Inc.
Sugar Bay Club and Resort Corp.
Tropico Management, LP
Ay Ay Holdings Inc.
Aviation Partners of Boynton
Beach, LLC
Valance Co., Inc.
Circle Back Management, LLC
White Bay Group USVI, LLLP
Monoco Holdings, LLLP
Tuthill Corporation
RPP Advisors, LLC
Tramway Properties
Professional Holding
Company VI, LLC
Coral Management Group
MCS, LLLP
Global Medchoices Group, LLC
Carambola Northwest, LLC
InTrust Managed Solutions, LLLP
Gateway Global Management, LLC
Caribbean Leasing and Eco
Transportation, Inc. d/b/a
Drive Green
Flying Fish Group, LLC
JH Capital (V.I.), Inc.
CIFER Inc.
OSON VI, LLC
Discover Fund Management, LLLP
Real Impact Corporation
Plessen Healthcare, LLC
Fostar Managed Services, Inc.
Recreational Facility
Financial Service
Hotel
Botanical Gardens
Healthy Facility
Hotel
Airline Catering Service
Hotel
Business Management
Vacation Villas
Aviation Charter
Business Management
Business Management
Business Management
Financial Service
Business Management
Financial Services
Recreational Facility
Business Management
Raw Processing
Manufacturer
Business Management
Hotel
Business Management
Business Management
Auto Leasing/
Alternative Technology
Transportation
Business Management
Financial Services
Financial Services
Financial Services
Financial Services
Financial Services
Health Facility
Financial Services
Incomplete / Pending Compliance
Preparing Governor’s letter
Pending Governor’s decision
Pending election of benefits
Incomplete / Pending Compliance
Preparing Governor’s letter
Incomplete / Pending Compliance
Incomplete / Pending Compliance
Pending Public Hearing /
Compliance
On hold by applicant
On hold by applicant
Incomplete / Pending Compliance
Denied
Incomplete / Pending Compliance
Applicant withdrew its application
Pending election of benefits
Pending Governor’s decision
Incomplete / Pending Compliance
Incomplete / Pending Compliance
Pending Decision Meeting
Pending Decision Meeting
Preparing Governor’s letter
Application incomplete
Preparing Governor’s letter
Preparing Governor’s letter
Denied
Pending Public Hearing
Pending Decision Meeting
Pending Public Hearing
Incomplete / Pending Compliance
Pending Public Hearing
Application in Process
Pending Public Hearing
Pending completion/RT Park
Extension
Modification
New
New
Extension
Extension
Extension
Extension
New
New
New
Extension/Modification
New
Modification/Transfer
New
New
New
Modification
Modification
New
Modification
New
New
New
New
New
New
New
New
Modification
New
New
New
New
FY 2014 EDC Applications Received
COMPANY
#
CATEGORY
TYPE OF APPLICATION
TYPE OF BUSINESS
STATUS AS OF 9/30/14
III
IIA
II
III
III
II
III
II
IIA
III
III
IIA
IIA
IIA
IIA
IIA
IIA
III
IIA
III
II
IIA
II
IIA
IIA
III
IIA
IIA
IIA
IIA
IIA
IIA
III
IIA
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
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V.I. Economic Development Authority FY 2014 Annual Report
Harborside Corporation
d/b/a Bolongo Bay Beach Resort
RPP Advisors, LLC
Hotel
Financial Services
Pending Governor’s decision
Pending Governor’s decision
New
New
FY 2014 EDC Application Pending Governor’s Decision
COMPANY
#
CATEGORY
TYPE OF APPLICATION
TYPE OF BUSINESS
STATUS AS OF 9/30/13
II
IIA
1
2
DECISION MEETINGS IN FY 2013
TABLE 2: EDC DECISION MEETING CASES FOR FY 2014
*THESE APPLICANTS FILED APPLICATIONS IN THE PRIOR YEAR.
APPLICATIONS PENDING GOVERNOR’S APPROVAL
TABLE 3: EDC APPLICATION PENDING GOVERNOR’S DECISION
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V.I. Economic Development Authority FY 2014 Annual Report
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PETITIONS
TABLE 4: PETITIONS RECEIVED IN FY 2014
CERTIFICATES
Professional Holding Co. VI, LLC
Galtere Inc.
HMY Hotel Resorts, LLC
Bellicose VI, LLC
Bates Trucking and Trash Removal, Inc.
Galtere, Inc.
Southern Trust Company, Inc.
Yacht Haven USVI, LLC
Monaco Holdings, LLLP
Subbase Drydock Inc.
GCI Management, LLC
Sunshine Shopping Center, Inc.
Wyndham St. Thomas Dev. Co.
Coral Management Group, LLC
Margaritaville Vacation Club by Wyndham, Inc.
Global Medchoices Group, LLC
Coral Management Group
Margaritaville Vacation Club by Wyndham, Inc.
InTrust Managed Solution
Seven Seas Water Corporation
Westin St. John Hotel Company, Inc.
Approved
Approved
Approved
Approved
Approved
Approved
Approved
Approved
Approved
Approved
Approved
Denied
Approved
Tabled
Approved
Approved
Approved
Approved
Denied
Approved
Denied
10-02-13
11-13-13
11-13-13
11-13-13
12-12-13
12-12-13
01-24-14
03-28-14
03-28-14
03-28-14
07-25-14
07-25-14
07-25-14
07-25-14
08-22-14
08-22-14
08-22-14
09-03-14
09-03-14
09-26-14
09-26-14
FY 2014 Petitions Received
NAME OF APPLICANT
#
TYPE OF PETITION
DECISION MEETING
STATUS
Disregarded entity
Reconsideration
Partner admittance
Reconsideration
Resubmission
Reconsideration
Extension on capital investment
Correction to special condition
Reconsideration
Reconsideration
Expanded business description
Reconsideration
Name change
Reconsideration
Ratification of Agreement
Correction to language
Vote to reconsider
Certificate change
Reconsideration
Reconsideration
Reconsideration
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
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FY 2014
EDC Certificates of Benefits Issued
COMPANY NAME
STATUS
GCI Management, LLC
Southern Trust Company, Inc.
Westin St. John Hotel Company, Inc.
St. Croix Renaissance Group, LLLP
Starboard Investments, LLC
Salt Pond Holdings, LLC
Seven Seas Water Corporation (USVI)
Tecoma Asset Management, LLC
183 Media, LLC
Kinsail Corporation
Galtere, Inc.
Bates Trucking & Trash Removal, Inc.
Ferrer, LLC
Wyndham St. Thomas Development Company, LLC
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
Completed
In Progress
Completed
Completed
Completed
Completed
TYPE
New
New
Extension
Extension
Extension
New
New
New
New
New
New
Extension
New
Name Change
1
2
3
4
5
6
7
8
9
10
11
12
13
14
TABLE 5: EDC CERTIFICATES OF BENEFITS ISSUED IN FY 2014
VIEDA Interim Board Chairman José Penn (right) answers questions from attendees of the VIEDC-University of the Virgin Islands Career Fair
on St. Thomas held at UVI's Sports and Fitness Center on August 28, 2014. Photo by VIEDA staff
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BUSINESS RETENTION & PROMOTION
APPLICANTS PENDING ACTIVATION OF BENEFITS DURING FY 2014
INQUIRIES FROM POTENTIAL INVESTORS DURING FY 2014
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ELIGIBLE V.I. SUPPLIERS
TABLE 6: EDC ELIGIBLE SUPPLIERS FISCAL YEAR 2014
Caribe Craft
Waterproofing USA of the
Virgin Islands
Environmental Concepts, Inc.
Seal Tight, LLC
ABC Concepts, Inc.
Clarence R. Arthur d/b/a
Integrated Solutions & Consulting
FS Islander Holding d/b/a USVI
Sothebys International
Oliver Exterminating Inc.
JK1 Investments, LLC
McChain Miller Nissman, LLC
Sherwin-Williams VI, LLC
Pete & Cruz Landscaping, LLC
Patrice Kelly d/b/a
Hamilton Real Estate
Anneta Adams Heyliger d/b/a
Adams Financial Services
Pastory A/C Refrigeration &
Appliance d/b/a Dr. Cool
Waterproofing USA of the
Virgin Islands, LLC
Bart Enterprises, LLC
USVI Supplies, LLC
Amy Rose Herrick
RG Engineering Inc.
Denise Holmberg
Apex Construction
Glouster Pierre
Hammerhead Construction
Caribbean Solar Company
Deborah Swanson
Antilles Power Virgin Islands, LLC
Cornerstone Insurance Services
Aqua X, Inc.
KLR Services, LLC
Land Custom Clearing, Inc.
First Phase Data Comm
Discount Travel, Inc.
Victor S. Brown d/b/a
Make Over Painting
Approved
Closed
Approved
Closed
Approved
Approved
Approved
Approved
Approved
Approved
Denied
Approved
Approved
Approved
Pending
Approved
Approved
Approved
Approved
Denied
Approved
Approved
Denied
Approved
Approved
Withdrawn
Pending
Approved
Approved
Approved
Denied
Approved
Approved
Denied
Carpentry Contracting & Manufacturing Services
Commercial/Residential Waterproof
Asbestos Abatement & Remediation Services
Not Provided
Product/Metal Servicing, General Construction,
Fabrication & Welding
IT Network Consulting/ Data Cabling
Real Estate
Pest Control Services, Tent Fumigation & Termite Treatments
Estimates, Sells, & Installs Solar Power Generating Equipment
Legal Services
Paint Retail Sales, Coatings & related products
Landscaping Services
Real Estate
Bookkeeping, Payroll Services, Quickbooks Setup,
Audit Preparation Services
Air Conditioning, RefrigerationSystems, Parts, Installation &
Service Work
Commercial and Residential Waterproofing
Roofing Contractor
Wholesaler/Foods & Operational Supplies
Financial Planning, Tax, Investments & Insurance Services
Construction
Bookkeeping
General Contracting, Construction Mgmt.,
Heavy Equipment Rental
Construction
Installation of Fences, Landscaping, Gardening,
Maintenance Service, Carpentry and Painting Contractor
Solar System Installation & Sales; Public Insurance Adjuster
Accounting Services
Service, Maintenance, Sales for Parts & Installation of
Diesel Power Plants
Property, Casualty, Life & Health Insurance
Water Utility specializing in Reverse Osmosis &
Waste Water Systems
Equipment, Parts, Repair and Retail of Products
Heavy Equipment Leasing
Telecommunications, Networking & Cabling
Travel Services
Commercial and Residential Painting
EDC Eligible Suppliers - Fiscal Year 2014
COMPANY NAME
APPS RECEIVED
TYPE OF BUSINESS
STATUS
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
10/9/2013
5/15/2013
8/20/2013
8/5/2013
8/30/2013
9/5/2013
9/6/2013
9/6/2013
9/13/2013
9/18/2013
9/20/2013
10/11/2013
10/21/2013
11/12/2014
11/24/2013
12/6/2013
1/22/2014
1/22/2014
1/27/2014
2/2/2014
2/3/2014
2/3/2014
2/4/2014
3/3/2014
3/11/2014
3/13/2014
3/20/2014
3/20/2014
4/1/2014
4/7/2014
4/8/2014
4/10/2014
4/11/2014
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Tanya Van Blake-Coleman
Lon Electric, Inc.
Blue Water Environmental
St. Jan Botanica
Mock Leblanc Brown, Inc. d/b/a
MLB Creative
Shadows A.S., LLC
E&M Cleaning Services
Mackay Enterprises, Inc.
M&M Electric Co, Inc.
St. Thomas Concierge Services, Inc.
Approved
Approved
Approved
Approved
Denied
Closed
Approved
Approved
Approved
Approved
Real Estate Services
Electric Contracting Services
Installation of Equipment; Import and Retail of Goods
Installation of Equipment; Import and Retail of Goods
Advertising & Marketing, Public Relations & Event Planning
New Sails, Sail Repairs, Custom Awnings, Marie Canvas
Janitorial Services
Sales & Rental of Small Equipment & Party Goods
Electric & Plumbing Supplies
Provides water sports & tour broker services; Sports equipment,
retail, shop & store
35
36
37
38
39
40
41
42
43
44
4/11/2014
6/12/2014
5/19/2014
5/19/2014
5/21/2014
6/9/2014
6/9/2014
6/9/2014
6/12/2014
6/25/2014
EDC Eligible Suppliers - Fiscal Year 2014 - Continued
COMPANY NAME
APPS RECEIVED
TYPE OF BUSINESS
STATUS
Rock Master Paving &
Excavating, LLC
Terrence Rabsatt
Caribbean Consortium, LLC
Jacobs Real Landscaping & More
Boyd & Son Construction, LLC
Fun Water Tours, Inc.
Island Services Group, LLC
Jonetta Darden
Personal Touch Insurance
Services, LLC
Julio Gonzales d/b/a
Gondwanaland
Pending
Pending
Approved
Approved
Approved
Approved
Pending
Pending
Pending
Pending
Heavy Equipment Rental, Masonry & Construction
Telecommunications, Equipment, Camera & Gate Systems,
Network Equipment & all Smart Home Equipment
Computer Sales, related IT Equipment & Services
Landscaping and Painting Services
Construction, Masonry & Interior Finish
Commercial Boat Tours, Freight & Passengers, and retail shop
water sports equipment services
Electrical Services
Grant Writing, Business & Management Consulting, Notary
Public, Legal Assistant Services and Records Management
Marketing & Sales - Supplemental Health Insurance,
Life Insurance and Medical Air Services
Landscaping, Garden, Maintenance & Services
45
46
47
48
49
50
51
52
53
54
7/8/2014
7/15/2014
7/21/2014
7/29/2014
8/8/2014
8/12/2014
8/13/2014
8/13/2014
8/15/2014
8/22/2014
CONFERENCES AND SEMINARS
EDC BENEFICIARY SUMMIT
VI ECONOMIC DEVELOPMENT COMMISSION CAREER FAIR
TABLE 6: CONTINUED
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V.I. Economic Development Authority FY 2014 Annual Report
ELIGIBLE VIRGIN ISLANDS SUPPLIERS SEMINAR
ONGOING PROJECTS AND TASKS
ONLINE APPLICATION AND CASE MANAGEMENT SYSTEM:
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STANDARD OPERATING PROCEDURES:
FISCAL YEARS HISTORICAL DATA
TABLE 7: EDC FY HISTORICAL APPLICATIONS INFORMATION
34
9
2
23
Applications Activity     FY 2012 - 2014 Historical Data
# of Apps Received
# of Apps Approved
# of Apps Tabled or Denied
Apps Pending
FY2014
23
10
0
13
20
8
2
10
FY2012
FY2013
307
329
Job Opportunities
Job Opportunities
FY2013
FY2014
256
FY2012
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V.I. Economic Development Authority FY 2014 Annual Report
$63,865,315
Minimum Potential Investment of New Applications
Minimum Potential
Investment of New Apps
FY2014
$46,946,884
$89,870,777
FY2012
FY2013
$23,044,827
$16,070,868
Approximate Wages of New Application
Approx. Wages of New Apps
FY2012
FY2013
$15,265,490
FY2014
34
4
3
3
0
58
36
6
8
4
ELIGIBLE SUPPLIER - Historical Application Information
Received
Approved
Denied
Pending
Closed/Withdrawn
FY2012
41
20
9
10
2
FY2013
FY2014
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EDC COMPLIANCE
DIVISION
The Economic Development Commission (EDC) was created for the promotion of the growth,
development, and diversification of the economy of the United States Virgin Islands and is guided by
Title 29, Chapter 12 of the Virgin Islands Code.
FUNCTIONAL STATEMENT
The mission of the EDC Compliance Unit is to promote compliance with the Economic Development
Program Law, Rules and Regulations and the beneficiary’s certificate of benefits. We provide services
in two distinct yet related disciplines -- audit (assurance services) and compliance (ethics) in support
of our vision of making EDC compliance commonplace and establishing a culture that promotes going
beyond compliance through collaboration, innovation, and partnership. We value teamwork, open
communication, professionalism, integrity, creativity, and fairness.
The EDC Compliance Unit ensures the integrity of the Economic Development Program through a
compliance review process and reports its findings to the EDC Commission, which has the legal
authority to resolve non-compliance matters. The funds derived from any penalties assessed for non-
compliance may be used to support education, workforce development, and training programs within
the Territory.
OPERATIONAL GOAL
FISCAL YEAR 2014 OBJECTIVES
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V.I. Economic Development Authority FY 2014 Annual Report
ACCOMPLISHMENTS AS OF SEPTEMBER 30, 2014
ORIENTATIONS
TABLE 1: EDC CERTIFICATES ISSUED IN FISCAL YEAR 2014
BENEFICIARY
#
INDUSTRY
Asset Recovery Management
DIAM Management
MCS, LLLP
SCRG (extension certificate)
GCI Management, LLC
Southern Trust Company, Inc.
Starboard Investments (extension certificate)
Salt Pond Holdings
Seven Seas Water Corp.
Green Leaf VI II, Inc. (Transfer certificate)
183 Media, LLC
Galtere, Inc.
Tecoma Asset Management, LLC
1
2
3
4
5
6
7
8
9
10
11
12
13
DSB – financial and management consulting, advisory services
DSB – financial and management consulting, advisory services
DSB-Business Management and financial consulting services
Eco-industrial park, utility production, desalination and wholesale
of water, machine shop operation, and marine activities/port services
DSB – investment and advisory services
DSB – DNA database and developer of data mining platform
DSB - financial consulting, money management, and investment
management services
DSB - Private merchant banking services and family office services
Reverse osmosis water purification
DSB – Management and consulting
DSB – Financial Management
DSB – Financial Management
DSB – Financial Management
*DSB – DESIGNATED SERVICE BUSINESS
Orientation
13
5
EDC Certificates issued in Fiscal Year 2014
FY13
FY12
FY14
13
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V.I. Economic Development Authority FY 2014 Annual Report
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Stephanie J. Berry, the EDC director of compliance, speaks with the Hon. John P. deJongh, Jr., Governor of the U.S. Virgin Islands, at the
2014 EDC Beneficiary Summit on St. Croix at the Divi Carina Bay All Inclusive Beach Resort & Casino on August 12, 2014. Governor
deJongh was the keynote speaker at this summit. Photo by Semele A.C. George/VIEDA
PETITIONS TO THE BOARD
TABLE 2: PETITIONS TO THE EDC GOVERNING BOARD IN FY 2014
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V.I. Economic Development Authority FY 2014 Annual Report
St. Thomas Tramway, a V.I. Joint Venture 
 
Resolution of FY 2010 non-compliance
Sugar Bay Hotel Corp.
Resolution of non-compliance matters
Sunshine Shopping Center
Resolution of non-compliance matters
TAG Virgin Islands, Inc.
Revocation
TF Treasures, LLLP 
Resolution of non-compliance matters
The Windward Company
Resolution of non-compliance matters
The Windward Company
Resolution of non-compliance matters/board decision
Tropico Management, LP
Resolution of non-compliance matters
Westin St. John Hotel Company, Inc.  
Consideration of alternative donated leave program
61
62
63
64
65
66
67
68
69
TABLE 2: CONTINUED
Bluewater Management, LLLP 
 
Resolution of non-compliance matters
Cambridge Management Group, LP
Resolution of non-compliance matters
Cane Bay Partners VI, LLLP  
 
Resolution of non-compliance matters
Caribbean Reservations, Inc.
Order to show cause
Charlie’s Concrete Services, Inc.
Resolution of non-compliance matters
Contractors Concrete & Building Supplies
Resolution of non-compliance matters
Derivative Consulting Group, LLC 
 
Resolution of non-compliance matters
DIAM Management, Inc.
Capital Investment extension
Diamond Rock Frenchman's Owners, Inc.
Resolution of non-compliance matters
Diamond Rock Frenchman’s Owner, Inc. 
 
Reconsideration of resolution of non-compliance matters
EMAX Financial Group, LLC  
Administrative closure
Emerald Beach Corporation Beach Corp. 
 
Resolution of non-compliance matters
Four Points Management, LLLP
Resolution of non-compliance matters
GeoNet Biofuels, Inc. 
 
 
 
Revocation
GeoNet Biofuels, Inc. 
 
 
 
 
Post Show Cause resolution
Glacial Energy VI, LLC 
 
Resolution of non-compliance matters
Hudson Management Group, Ltd. 
 
 
Resolution of non-compliance matters
Inner Circle Logistics, Inc. 
 
Extension of Suspension
Intrepid Investments, LLC 
 
Order to show cause
Leach & Garner Company VI, Inc. 
 
Resolution of non-compliance matters
Lizard Management VI, LLLP 
Resolution of non-compliance matters
Lizard Management VI, LLLP 
Resolution of non-compliance matters/board decision
Mario’s Virgin Crystal, LLC  
 
Resolution of non-compliance matters
Mega Management Advisors, LLC 
 
Non-compliance and termination
NASCO Corporate Finance Consultants, LLC  
Resolution of non-compliance matters
Odyssey VI, LLLP  
Resolution of non-compliance matters
Phyle Industries, Inc. 
 
 
Resolution of non-compliance matters
Plantation View, Inc. 
 
 
Resolution of non-compliance matters
QT Investment Managers, LLLP
Resolution of non-compliance matters
RRT Produce, LLC 
 
Resolution of non-compliance matters
Salt Pond Holdings, LLC 
 
 
Extension of deadline regarding capital investment
Seaborne Airlines Virgin Islands, Inc.  
 
 
Resolution of non-compliance matters
Seaborne Airlines Virgin Islands, Inc.  
 
 
Discussion regarding show cause order
Secret Harbor Beach Resort Association
Resolution of non-compliance matters
Shoreline Management Group, LLLP
Issue show cause at request of beneficiary
Shoreline Management Group, LLLP
Resolution of non-compliance matters
Shoreline, Inc. 
 
 
Extension of show cause deadline
Smooth Kreationz, LLC 
 
Order to show cause
Smooth Kreationz, LLC 
 
Resolution of non-compliance matters
Southern Hills Financial
Revocation
Southern Hills Financial (fka The March Group)
Order to show cause
Southern Hills Financials, LLLP
Compliance disclosure
St. Thomas Tramway Joint Venture 
 
Resolution of non-compliance matters
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
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SHOW CAUSE MATTERS
TABLE 3: SHOW CAUSE MATTERS BEFORE THE EDC GOVERNING BOARD IN FY 2014
COMPLIANCE REVIEWS
TABLE 4: COMPLIANCE REVIEWS COMPLETED IN FY 2014
B&B Manufacturing, Inc.
Diamond Rock Frenchman's Owners, Inc.
St. Thomas Tramway, A Joint Venture
VI Paving
The Windward Company
Cane Bay Partners
Mega Management
Bellicose VI
Seaborne Airlines
Tropical Plastics Corporation
Emerald Beach Corporation
St. Thomas Nursing Home Prime, LP
Valance Company, Inc.
Financial Trust Company
MIFR
B&B Manufacturing, Inc.
Allquest Financial Services Corporation
Aggregate, Inc.
Derivative Consulting Group
Contractors Concrete & Building Supplies
Tropico Management, LP
VRBO International, LLC
Global Capital Advisors
RRT Produce
Phyle Industries, Inc.
Charlie’s Concrete
Alliance Management
Mario’s Virgin Crystal
Financial Trust Company
Sugar Bay
VI Analytics, LLC
Alpha Broadcasting Corporation
Bluewater Management, LLLP
Compliance reviews completed in FY 2014
BENEFICIARIES
Petitions
77
17
Show Cause matters before the EDC Governing Board in FY 2014
FY13
FY12
FY14
22
Compliance reviews completed in FY 2014
FY13
FY12
FY14
Completed
Compliant
Non-Compliant
33
5
28
15
6
9
31
7
24
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SITE VISITS
TABLE 5: SITE VISITS CONDUCTED IN FY 2014
Belair Quartz, Inc.
Greenleaf VI II 
 
 
183 Media
Galtere, Inc. 
 
Bellicose VI, Inc.  
B&B Manufacturing
Atlantic Industries, Inc.
Tropical Plastics Corporation
CI (USVI), LLC
Lexington Management, LLC 
 
VITELCO-ILD, Joint Venture
DiamondRock Frenchman Owners
Caribbean Reservations, Inc.
Southern Hills Financial, LLP
Seaborne Virgin Islands, Inc.
American Management Solutions, LLC 
Charlie’s Concrete Service, Inc.
Kiskidee, LLC
Mega Management Advisors LLC 
 
Professional Holding Company VI, LLC 
Glacial Energy, VI
Integrity Life
Sugar Bay
White Bay Group
Goddard Catering Group, St. Thomas Corp.
Black Diamond Advisors, LLLP
Black Diamond Holdings, LLLP
OSON VI, LLC 
 
Intrepid Investments, LLC 
 
St. Thomas Tramway, A Joint Venture
MCS, LLLP
Magic Ice
RC Hotels (Virgin Islands), Inc.
Alpine Group USVI, LLC 
 
Emerald Beach Corp.
West Indies Bay Company, Inc.
Tecoma Asset Management
Valance Company, Inc.
United Electronics Industries Services
Heavy Materials LLC 
 
The Windward Company
STR Management, LLC
Intrepid Investments, LLC 
 
Professional Holdings Company VI, LLC 
VI Paving
Coral World
IGY-AYH   
 
RC Hotel
Westin St. John Hotel, Inc.
Auven Therapeutic Management, LLLP 
VI Analytics, LLC
Sites Visits conducted in FY 2014
SITE VISITS
Cane Bay Partners VI, LLLP
EDC BENEFICIARY SUMMIT
“OUR EDC BENEFICIARIES ADD VALUE TO THE ECONOMY”
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FISCAL YEAR 2015 OBJECTIVES
EDC summit panelist William Neville, president of U.S. Viking, LLC, an EDC Beneficiary, talks to summit attendees about the benefits of
investing in the USVI alongside panelist Willa Fils, manager of Public Relations and Governmental Affairs for EDC Beneficiary Innovative
Companies. This summit was held on August 14, 2014 at Frenchman's Reef and Morning Star Marriott Beach Resort on St. Thomas.
Photo by Semele A.C. George/VIEDA
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KEY PERFORMANCE INDICATORS
ONGOING PROJECTS/TASKS
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V.I. INDUSTRIAL PARK
DEVELOPMENT CORPORATION
The WILLIAM D. ROEBUCK INDUSTRIAL PARK
The V.I. INDUSTRIAL PARK on ST. THOMAS
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 V.I.
Economic Development Authority. Presently, there are two (2) industrial parks that fall under the
auspices of the IPDC, the William D. Roebuck Industrial Park and the V.I. Industrial Park on St. Thomas.
VACANCY/OCCUPANCY (%)
VI INDUSTRIAL PARK DEVELOPMENT CORPORATION - ST. THOMAS INDUSTRIAL PARK
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VI INDUSTRIAL PARK DEVELOPMENT CORPORATION - WILLIAM D. ROEBUCK INDUSTRIAL PARK
VACANCY/OCCUPANCY (%)
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ECONOMIC
DEVELOPMENT BANK
The Economic Development Bank (EDB) was created to assist small and medium-sized businesses
in accessing capital by providing loans and guarantee support in accordance with established laws and
industry standards. Additionally, the EDB provides technical and managerial assistance to these
businesses to ensure continued viability thereby facilitating employment growth and opportunities.
EDB FISCAL YEAR 2014 OBJECTIVES
EDB FISCAL YEAR 2014 ACCOMPLISHMENTS
IRP Loan Fund
Farmers & Fisherman Loan Fund
SDBA Loan Fund
GDB Micro Loan Fund
GDB Micro - PFA Loan Fund
SBDA I 3801 Loan Fund
SBDA II 3804 Loan Fund
EDA 7081 Loan Fund
TOTAL
Note:
55% of Principal Amount Delinquent
71% of Loans Delinquent
3
1
10
18
42
3
6
9
92
4
3
17
26
43
7
10
19
129
Outstanding Loan Amounts and Delinquency as of September 2014
LOAN FUND
PRINCIPAL BALANCE
# LOANS
DELINQUENT LOANS
DELINQUENT VALUE
DELINQUENCY
$168,237.00
 22,651.00
 589,162.00
 496,127.00
 600,638.00
 270,405.00
 179,921.00
2,563,488.00
$4,890,629.00
$78,886.00
 8,624.00
 368,524.00
 406,168.00
 581,871.00
 142,270.00
 84,962.00
 995,685.00
$2,666,990.00
46.89%
38.07%
62.55%
81.87%
96.88%
52.61%
47.22%
38.84%
54.53%
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LOAN APPLICATIONS
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Health
Tourism
Retail
Construction
Social Services
Hospitality
Grand Total:
USD
$5,205,000
2,475,000
766,000
50,000
20,000
1,116,390
USD
$9,632,390
USD   $1,658,325
771,000
293,000
5,000
2,000
164,000
USD   $2,893,325
SSBCI - St. Thomas/St. John District
INDUSTRY TYPE
PRIVATE BANK LOAN AMOUNT
SSBCI SUPPORT AMOUNT
Health
Enviromental
Food
Retail
Grand Total:
USD
$626,000
150,000
200,000
100,000
USD
$1,076,000
USD
$60,000
15,000
20,000
50,000
USD   $145,000
SSBCI - St. Croix District
INDUSTRY TYPE
PRIVATE BANK LOAN AMOUNT
SSBCI SUPPORT AMOUNT
VI Economic Development Authority - Economic Development Bank
FY 2013 AND FY 2014 COLLECTIONS
FY 2013
FY 2014
$1,101,228
$774,793
29.64
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EDB FISCAL YEAR 2015 OBJECTIVES
Sharmane A. Brookes, Director of Lending at the VIEDA Economic Development Bank (center), meets with Dr. Louis Petersen (fifth from the
right), Commissioner of the V.I. Department of Agriculture; and local farmers at the Estate Bordeaux Farmers Market on St. Thomas on
November 5, 2014 to learn more about each farmers’ business, their needs, challenges and successes. Brookes, who joined the VIEDA in
August 2014, also informed the farmers about the technical and financial support that is available for small business owners at the EDB.
Photo courtesy of the V.I. Department of Agriculture
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In summary, the EDB’s focus for fiscal year 2015 will be centered on
Monique T Samuel (center), former Acting Director of Lending; and Charlene Gerard, EDB Loan Assistant (right), explain the EDB lending
programs to attendees of the Women Striving for Success (WSFS) Conference. This annual conference, hosted by the Hon. Janette Millin
Young, a U.S. Virgin Islands senator, was held on October 14, 2013 at Frenchman's Reef and Morning Star Marriott Beach Resort on
St. Thomas. Photo by Semele A.C. George/VIEDA
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DISASTER SMALL-MID SIZED ENTERPRISES
INCUBATION PROGRAM
TRAINING
FY 2014 PROGRAM MILESTONES
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Cusa Holloway (left), Manager of the VIEDA Disaster Small-Midsized Enterprises Incubation Program, informs the public about the program’s
purpose during an interview on May 8, 2014 at an open house held at the program’s facility at the William D. Roebuck Industrial Park on
St. Croix. Photo by Semele A.C. George/VIEDA
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6% - Outreach Services
(SBDC, EDB, etc.) - 65 hours
5% - Accounting Services - 49 hours
10% - Legal Services - 99 hours
2% - Seminars Workshops - 19 hours
Direct Consulting
Legal Services
Accounting Services
Outreach (V.I. Small Business Development Center, Economic Development Bank, etc.)
Seminars (Entrepreneurs Incubator Institute and Small Business Camp)
Total
77%
10%
5%
6%
2%
100%
796.25
99
49
65
19
1028.25
Consulting and Support Services / Total Hours - 1028.25
HOURS
PERCENTAGE
AREAS
77% - Direct Consulting - 796.25 hours
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ENTERPRISE & COMMERCIAL
ZONE COMMISSION
2014 A TRANSFORMATIVE YEAR – 2015 A YEAR OF IMPLEMENTATION
Fiscal Year 2014 has been a transformative year for the Enterprise & Commercial Zone Commission,
formerly the Enterprise Zone Commission. The ECZC has been aggressive in securing and or creating
the necessary tools to offer a robust level of service to the people of the enterprise zones. This has
been done through the actions of the Enterprise & Commercial Zone Commission who unanimously
voted to approve a different direction for the unit through the new Enterprise & Commercial Zone
Commission’s Five-Year Strategic Plan. Members also approved a budget for fiscal year 2015 that will
assist in the implementation of programs within the enterprise zones. Finally, the Commission
approved four (4) applicants for benefits which represent direct employment of 20 permanent &
temporary employees and more than $1.9 million in direct projected investments.
Within the Enterprise & Commercial Zone Commission's Five-Year Strategic Plan, there are three
pillars:
PILLAR 1: OFFERINGS AND OPPORTUNITIES
SURVEY (ARCGIS TRAINING).
STAKEHOLDER PROGRAM - (TRAINING SEMINAR).
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TOWN PLANNING (CHRISTIANSTED, GARDEN STREET AND UPSTREET).
ECZC Director Nadine T. Marchena Kean (second from the right) explains the process of noting ideas on maps of the Upstreet neighborhood
to participants of the four-day charrette for Upstreet on March 17, 2014 at the Winston Raymo Recreation Center on St. Thomas, USVI.
Photo by Semele A.C. George/VIEDA
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SCRAPE, PAINT & REJUVENATE.
STREETSCAPES.
PILLAR 2: READINESS AND RESILIENCE
Attendees of the VIEDA's Enterprise Zone Commission's annual Estate Planning Conference on St. Croix learn about various estate planning
options on March 5, 2014 at the University of the Virgin Islands' Great Hall. Photo by Semele A.C. George/VIEDA
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ESTATE PLANNING.
EDUCATION.
PILLAR 3: INNOVATION AND ENTERPRISE
INCENTIVE PROGRAMS.
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VI12.
EXIM BANK OF THE UNITED STATES MEETINGS AND SEMINARS.
MEETINGS.
SEMINARS.
VIRGIN ISLANDS INTERNATIONAL ARTISTRY & BUSINESS EXPO.
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Michael K. Jackson, director of Small Business Training and City State Partners, informs, VIEDA officials and USVI Lt. Governor Gregory R.
Francis (right) about programs and services at Ex-Im Bank for local businesses alongside Sharyn H. Koening, managing director of Ex-Im
Bank (Eastern Region). Photo by Semele A.C. George/VIEDA
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MARKETING and
PUBLIC RELATIONS INITIATIVES
Our marketing and public relations initiatives promote the entities and programs of the V.I. Economic
Development Authority (VIEDA) and the activities and events that contribute to the enhancement of
economic development in the U.S. Virgin Islands.
These initiatives also assist the VIEDA in educating local residents and investors about the economic
development programs available through the Authority to spur economic growth.
EXTERNAL MARKETING ACTIVITIES
INVESTMENT LEAD GENERATION
HIGH-VALUE MANUFACTURING
FINANCIAL SERVICES
BACK OFFICE PROCESSING
INFORMATION TECHNOLOGY
SELECTIVE PROJECTS IN HOTEL/RESORT DEVELOPMENT, FILM PRODUCTION AND
MARITIME
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HOT PROJECTS
PIPELINE PROJECTS
ACTIVE TARGETING
EXTERNAL MARKETING EVENTS & MISSIONS
2013 ANNUAL INTERNATIONAL ECONOMIC DEVELOPMENT CONFERENCE
PHILADELPHIA, PA (OCTOBER 2013)
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43RD ANNUAL CARIBBEAN SHIPPING ASSOCIATION CONFERENCE
PANAMA (OCTOBER 2013)
“SELECT USA 2013 INVESTMENT SUMMIT” - WASHINGTON, DC (NOVEMBER 2013)
BUSINESS DEVELOPMENT MISSION - NEW YORK CITY
(MARCH 2014)
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EUROPEAN BUSINESS DEVELOPMENT MISSION
GERMANY AND DENMARK
(APRIL 2014)
RIMS CONFERENCE – DENVER, CO
(APRIL 2014)
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U.S. VIRGIN ISLANDS ECONOMIC DEVELOPMENT SUMMIT 2014
ATLANTA, GA
(MAY 2014)
CREDITS & INCENTIVES SYMPOSIUM - ARLINGTON, VA
(SEPTEMBER 2014)
VIEDA 2014 INVESTMENT ADVISOR FORUM
ST. THOMAS & ST. CROIX, U.S. VIRGIN ISLANDS
(OCTOBER 2014)
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OTHER EVENTS SUPPORTED OR ATTENDED BY THE VIEDA
PRODUCT DEVELOPMENT
Jeff Finkle, CEcD, president and CEO of the International Economic Development Council (IEDC), begins the IEDC course titled
“Introduction to Economic Development” on St. Thomas on April 2, 2014 with a few opening remarks for individuals taking the three-day
course. The IEDC is the world's largest economic development membership organization. Photo by Semele A.C. George/VIEDA
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MARKETING COMMMUNICATIONS
COLLATERAL
PRESS
WEBSITE
CLIENT MANAGEMENT SYSTEM
2015 PROJECTED EXTERNAL MARKETING EVENTS
VIEDA 2014 INVESTMENT ADVISOR FORUM
CARIBBEAN CENTRAL AMERICAN ACTION ANNUAL CONFERENCE
CARIBBEAN CLEAN ENERGY TECHNOLOGY SYMPOSIUM
SELECTUSA INVESTMENT SUMMIT
RIMS ANNUAL CONFERENCE
CHINA INVESTMENT MISSION
EAST COAST INVESTMENT MISSION
EUROPEAN INVESTMENT MISSION
INTERNAL MARKETING AND PUBLIC RELATIONS EFFORTS
INTERNATIONAL ECONOMIC DEVELOPMENT COUNCIL (IEDC)
INTRODUCTION TO ECONOMIC DEVELOPMENT COURSE - APRIL 2014
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PUBLIC RELATIONS
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GOOGLE ANALYTICS REPORT - SEPTEMBER 2014:
24,446
USVI Governor John P. deJongh, Jr. (center) pictured with 13 global tax advisors and site selection professionals at the Governor’s Dinner
held at St. Peter Great House and Botanical Gardens on St. Thomas. Governor deJongh hosted this dinner for the advisors on October 17,
2014 during the VIEDA’s first Investment Advisors Forum. Photo by Emmet Prevost
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Marketing Report - Oxford Intelligence
Investment Leads
Marketing Report - Oxford Intelligence
Sector Focus to Date
Companies
Contacted
for USVI
4,946
Financial
Services
3,183
ICT
614
Consumer
& Retail
157
Aero
/Auto
203
Med-Tech
111
Industrial
/HMV
678
• 4,946 companies targeted since July 2011
Results:
• 8 pipeline companies
• 72 investment leads delivered
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Marketing Report - Oxford Intelligence
2% - Medtech (4)
26% - Aerospace/Automotive (60)
16% - Industrial (37)
38% - Financial and Business Services (87)
12% - IT (28)
Active Targets by Sector (231)
Marketing Report - Oxford Intelligence
Leads (delivered) by Sector (72)
6% - Marine (4)
4% - Renewables (3)
12% - Services (9)
8% - IT (6)
11% - Industrial (8)
17% - Hotel/Resort
(Including Medical Tourism) (12)
4% - Biotech/MedTech (3)
31% - Financial Services (22)
7% - Other (5)
6% - High Value Manufacturing (15)
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30% - Financial Services (24)
Marketing Report - Oxford Intelligence
Leads (delivered and pipeline) by Sector (80)
9% - Other (7)
5% - Marine (4)
4% - Renewables (3)
4% - Biotech/MedTech (3)
6% - IT (5)
14% - Services (11)
12% - Industrial
(Including HVM) (10)
16% - Hotel/Resort
(Including Medical Tourism) (13)
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SPECIAL PROJECTS
LEGISLATIVE ACTION
ECONOMIC DEVELOPMENT COMMISSION AMENDMENT (BILL NO. 30-0300)
GOVERNMENT DEVELOPMENT BANK / SMALL BUSINESS DEVELOPMENT AGENCY
(GDB/SBDA) MERGER (BILL NO. 30-0302)
ENTERPRISE ZONE / COMMERCIAL ZONE (BILL NO. 30-0153)
HOTEL DEVELOPMENT ACT (BILL NO. 30-0339)
REGARDING THE HOTEL DEVELOPMENT ACT (BILL NO. 30-0341)
SUSTAINABLE TOURISM THROUGH ARTS-BASED REVENUE STREAMS (“STARS”)
ACT (BILL NO. 30-0417)
AGRICULTURE BUSINESS INCUBATOR (BILL NO. 30-0429)
SPORTS COMMISSION (BILL NO. 30-0418)
HOTEL DEVELOPMENT
TRANS-SHIPMENT TERMINAL FACILITY
FREE TRADE ZONE
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EMPLOYMENT BASED-5TH CATEGORY PROJECTS (EB-5)
TAX INCREMENT FINANCING (TIF)
TOUR BUSES
INSPECTOR GENERAL AUDIT REPORT
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NOTES
FINANCIALS
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ADMINISTRATION
FY 2015 STAFF OF THE VIRGIN ISLANDS
ECONOMIC DEVELOPMENT AUTHORITY
EXECUTIVE
ACCOUNTING / ADMINISTRATION
HUMAN RESOURCES
LEGAL
BOARD
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VIEDA ENTITIES
EDC APPLICATIONS
EDC COMPLIANCE
ENTERPRISE & COMMERCIAL
ZONE COMMISSION
ECONOMIC DEVELOPMENT BANK
VIRGIN ISLANDS INDUSTRIAL PARK
DEVELOPMENT CORPORATION
EDB DISASTER SMALL-MIDSIZED
ENTERPRISES INCUBATION PROGRAM
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NOTES
A place of promise, opportunity, & prosperity.
WE ARE THE U.S. VIRGIN ISLANDS.
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ST. CROIX
ST. THOMAS
8000 NISKY SHOPPING CTR, STE 620, ST. THOMAS, VI 00802 (340) 714-1700
116 KING STREET, FREDERIKSTED, ST. CROIX, VI 00840 (340) 773-6499
WWW.USVIEDA.ORG