ST. CROIX 116 King Street, Frederiksted, VI 00840
(360) 773-6499 FAX (340) 773-7701
ST. THOMAS 8000 Nisky Shopping Center, Suite 620, St Thomas, VI 00802
(340) 714-1700 FAX (340) 715-2753
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[conomic Development Authority www.USYIEOA.org
GOVERNMENT OF THE VIRGIN ISLANDS OF THE UNITED STATES
ECONOMIC DEVELOPMENT COMMISSION
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH ST. THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
(Beneficiary)
Pursuant to the authority vested in me as Chairman of the Virgin Islands Economic
Development Commission (“VIEDC” or “Commission”) by V.1. CoDE ANN. tit. 29, chapter 12 and
in the name of the Government of the Virgin Islands of the United States, I do hereby issue this
Second Extended and First Modified Certificate (“Certificate”) to IGY-AYH St. Thomas Holdings,
LLC d/b/a American Yacht Harbor (“Beneficiary”). Beneficiary’s VIEDC application for extension
and modification of its tax incentive benefits pursuant to 29 V.I.C. § 713a(b)(5) and 715 was
accepted as complete on May 31, 2018 and approved by VIEDC on July 5, 2018.
The grant of tax incentives hereinafter described is for Beneficiary, or any successors
approved by the Commission, to own and operate a Categories II & Ill commercial real estate
and marina facility on St. Thomas known as American Yacht Harbor (“AYH Marina”) which
leases boat slips and tenant occupied marine and related facilities.
This Certificate is subject to the acceptance of and full compliance by Beneficiary with the
following standard and special provisions and the timely performance and observance of same
by Beneficiary:
I.
Beneficiary shall invest a minimum of Two Million Dollars’ ($2,000,000.00) in the
benefited business commencing September 2, 20172 and ending December 31, 2019.
II.
Beneficiary shall employ a minimum of 17 full-time employees, excluding owners, for
the duration of the extension of tax incentive benefits.
During the
period
of tax
incentive
benefits,
Beneficiary shall
comply
with the
requirement that at least eighty percent (80%) of all persons it employs shall be U.S. Virgin
Islands residents as defined in 29 V.I.C. § 703(e) and not less than twenty percent (20%) of
management, supervisory and/or technical positions shall be held by residents of the U.S. Virgin
Islands pursuant to 29 V.I.C. § 710(a).
Ill. The following standard provisions shall apply:
1
“Dollars” refer to the currency of the United states of America.
2
A Beneficiary may receive credit for capital investments that occur no earlier than twelve months prior to the date the
beneficiary’s application is deemed complete by the vlEDc. See 29 v.l.c. § 718(a)(4); see also Act No. 8032, May 1,2018, § 1,
v.1. Sess. Laws, p.
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Economic Development Authority www.USVIEOA.orq
Virgin Islands Economic Development Commission
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH ST. THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
1.
Beneficiary shall contribute Two Thousand Five Hundred Dollars ($2,500.00) annually to
the Department of Labor, to be managed in collaboration with the Virgin Islands
Economic
Development
Authority
(“USVIEDA”),
for
the
creation,
development,
management, and maintenance of a database designed to recruit Virgin Islanders living
abroad who desire to move back to the U.S. Virgin Islands pursuant to Act No. 7301,
October 27, 2011, § 5(a), p. 7, V.1. Sess. Laws (2011), p.---.
2.
Beneficiary shall notify the Virgin Islands Employment Service3 as to the availability of
employment by it or its subcontractors, the number of employees required, the
occupational classification of such workers, and the applicable wage rate in accordance
with 29 V.I.C. § 708(k).
3.
Beneficiary shall pay a minimum of Three
Virgin Islands Board of Education to be
pursuant to 29 V.I.C. § 708(m) to be used in
set forth in 17 V.I.C. § 171.
Thousand Dollars ($3,000.00) annually to the
placed in the Territorial Scholarship Fund
accordance with the purpose of said fund as
4.
Beneficiary shall submit plans for, and comply with, a management training program as
approved by the VIEDC in accordance with 29 V.I.C. § 708(n).
5.
Beneficiary shall provide its employees with additional leave from work, other than time
applied to their annual leave, to participate and represent the U.S. Virgin Islands in
athletic and sporting events in accordance with 29 V.I.C. § 708(p).
6.
Beneficiary shall provide its employees with school-age children two (2) hours’ leave
monthly to attend school-related events, including parent-teacher conferences
in
accordance with Act No. 6124, Oct. 3, 1996, § 1(g), V.1. Sess. Laws (1996), p. 122,
amended by Act No. 6246, Jul. 20, 1998, § 8, V.1. Sess. Laws (1998), p.
7.
Beneficiary shall establish and maintain
a Donated
Leave Program similar to the
program established under 3 V.I.C. § 583b and in accordance with 29 V.I.C. § 708(s).
8.
Beneficiary shall require all contractors to purchase insurance from resident insurance
companies, agents, or brokers licensed to operate
in the
U.S.
Virgin
Islands
in
accordance with 29 V.I.C. § 708(r).
See 24 v.i.c. § 153 (providing that the virgin islands Employment Service is a division of the V.1. Employment Security
Agency, which is a division of the virgin isiands Department of Labor); see also 3 v.i.c. § 355(a) (transferring the virgin islands
Security Agency from the office of the Governor to the virgin Islands Department of Labor).
Page 2 of 12
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Economic Development Authority www.USVIEDA.o.g
virgin Islands Economic Development Commission
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH ST. THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
9.
In accordance with and subject to 29 V.I.C. § 708(h) and applicable rules and regulations
of VIEDC with regard to the Eligible Supplier Program, Beneficiary shall purchase all
goods and services from U.S. Virgin Islands entities duly licensed and in good standing
under the laws of the U.S. Virgin Islands, as available, to the greatest extent possible.
10. Beneficiary shall maintain payroll accounts, from which local employees are paid, in a
bank licensed and conducting business in the U.S. Virgin Islands, in compliance with Act
No. 5768, Jan. 28, 1992, § 8, p. 10, V.1. Sess. Laws (1992), p.---.
11. Beneficiary shall commence the active conduct of the business at a date certain, but in
no event may the commencement of tax incentive benefits occur later than one year
after the date of the Governor’s approval of tax incentive benefits.
VIEDC may extend
the time for commencement of tax incentive benefits to a time certain beyond one year
after the date of the Governor’s approval of incentives upon good cause and a finding
that the incentives would be a nullity to Beneficiary if commenced prior to one year
after the date of the Governor’s approval of incentives pursuant to Act No. 7651, Oct.
13, 2014, § 2(k), V.1. Sess. Laws (2014), p.
12. Beneficiary shall comply with all reasonable requests including, but not limited to
subpoenas during regular business hours of VIEDC from federal and local government
entities.
13. The Certificate shall be conditioned upon the performance and observance of the tax
incentives contained herein within the period of time specified and upon the final
determination of the Secretary of the Treasury of the United States, or his or her
delegate, of Beneficiary’s compliance with the requirements of the
U.S. Internal
Revenue Code § 932, 934, and 937, as amended, if applicable.
14. Beneficiary shall comply with all applicable provisions of title 29, chapter 12 of the Virgin
Islands Code, the rules and regulations issued pursuant thereto, and all other applicable
local and federal laws and regulations, including but not limited to those dealing with
non-discrimination and veterans’ employment rights. Beneficiary shall also comply with
all federal and local laws including but not limited to laws which establish standards of
ecological and environmental compatibility; with rules and regulations of the Virgin
Islands Bureau of Internal Revenue, including the filing and payment of all applicable
taxes owed and due, and with VIEDC rules and regulations.
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Economic Development Authority www.USVIEDA.oçg
Virgin Islands Economic Development Commission
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH St THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
15. Upon a written finding by VIEDC, after a hearing as provided in 29 V.I.C. § 722, if
required, that Beneficiary has failed to observe the conditions in this Certificate, or to
comply with any of the time limits provided herein or otherwise provided by law, and
upon such further finding that such failure is not due to an act of God, a “force
majeure,” or to the reliance in good faith by Beneficiary, on a false statement by a third
party agent unrelated to Beneficiary, then the Certificate may be revoked, suspended or
modified by VIEDC pursuant to 29 V.I.C. § 722. As provided in 29 V.I.C. § 718(b), upon
failure of Beneficiary to perform or observe the provisions as required by VIEDC, the
Certificate shall be deemed to be of no force and effect and Beneficiary shall pay or
refund, as the case may be, to the Government of the U.S. Virgin Islands, the amount of
any tax incentive benefits actually received under the Certificate. Upon a determination
by the Secretary of the Treasury of the United States or his or her delegate that
Beneficiary
has
not
complied
with
applicable
Internal
Revenue
Code
sections,
Beneficiary shall pay or refund, as the case may be, to the Government of the U.S. Virgin
Islands, the amount of any subsidy tax incentives, based on income tax liability, actually
received, or the amount of the reduction of income tax liability on a current basis for all
the years of non-compliance.
16. If Beneficiary is found to have made false or fraudulent statements or representations
or false claims for tax incentives, then pursuant to 29 V.I.C. § 725, Beneficiary shall be
fined not more than Twenty-five Thousand Dollars ($25,000.00) or imprisoned not more
than two years, or both.
In addition to the foregoing, any tax incentives previously
granted by VIEDC to such Beneficiary shall be deemed automatically revoked, without
necessity for the procedures established under 29 V.I.C. § 722.
All taxes that were
otherwise due and payable by such Beneficiary but for the tax exemption benefits
granted, shall become due and payable as of the date or dates when, but for such tax
exemption, they would have been due and payable, and the same shall be assessed and
collected in accordance with the provisions of the applicable tax laws in force for such
date or dates. Additionally, the amount or amounts of all subsidy tax incentives, based
on income tax liability, actually received, shall be deemed debts due and owing to the
Government of the Virgin Islands as of the date or dates when payment of subsidy was
made.
17. Any new shareholders, partners, owners, members or beneficiaries added to the entity
after its application has been approved may not claim tax incentives under the
Economic Development Program without the prior written approval of VIEDC
in
accordance with 29 V.I.C. § 714(b).
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Economic Development Authority www.USYlEflA.org
Virgin Islands Economic Development Commission
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH ST. THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
18. For any Beneficiary who proposes to do business on land adjoining any beach or
shoreline, Beneficiary shall agree to grant to the Government of the United States Virgin
Islands a perpetual easement upon and across such land to the beach or shoreline to
provide free and unrestricted access thereto to the public, which easement shall be duly
recorded in the Recorder of Deeds upon the granting of a certificate of economic
development tax incentives. The required easement properly executed, shall be
delivered to VIEDC simultaneously with the delivery of the certificate. See 29 V.I.C. §
708(i).
19. Beneficiary shall comply with
all Coastal Zone Management laws and
rules and
regulations.
20. If Beneficiary’s investment pursuant to 29 V.I.C. § 708(a) is in excess of Five Hundred
Thousand Dollars ($500,000.00), Beneficiary shall employ at least two (2) individuals
from the Jobs Financial Program, formerly known as the Welfare to Work Program,
administered by the Virgin Islands Department of Labor and Department of Human
Services pursuant to 29 V.I.C. § 708(I).
21. Beneficiary acknowledges and agrees that if any provision, or part of any provision, of
this certificate of tax incentive benefits is or becomes for any reason, invalid, illegal or
unenforceable in any respect, the validity, illegality, and enforceability of the remaining
provisions and/or parts thereof shall not be affected thereby and this certificate shall, to
the fullest extent permitted by law, be reformed and construed as if such invalid, illegal
or unenforceable provision, or part of a provision, had never been contained herein.
IV. The following special provisions shall apply:
1.
Beneficiary
shall
make
a
minimum annual charitable contribution of Thirty-four
Thousand Five Hundred Dollars ($34,500.00) per year. No more than fifty percent (50%)
of the contributions shall be made in in-kind donations. The valuation of in-kind
donations shall be based on “fair market value” in accordance with the Internal Revenue
guidelines even if the value of the in kind donation is not deductible for tax purposes on
Beneficiary’s tax return.
2.
Beneficiary shall provide health, dental and vision coverage to eligible employees, with
employer paying one hundred percent (100%) of the premium. Beneficiary shall also
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Economic Development Authority www.USYlEOA.org
virgin Islands Economic Development Commission
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH ST. THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
provide dependent coverage through the same provider, at one-third (1/3) of the
premium for dependent coverage.
3.
Beneficiary shall provide its qualified employees with a minimum of Thirty Thousand
Dollars ($30,000.00) employer-paid basic life insurance.
Employees may purchase
additional coverage under the plan at their own expense.
4.
Beneficiary shall provide each eligible employee with an individual Simplified Employee
Pension (SEP) retirement account based on plan requirements and eligibility pursuant to
29 V.I.C. § 708(q), with employer contributing up to three percent (3%) of each eligible
employee’s annual salary.4
In the event that changes to the foregoing retirement plan commitment are required as
a result of any federal law applicable to Beneficiary and/or its affiliate companies,
Beneficiary shall notify VIEDC and shall provide its eligible employees with no less than
the economic equivalent of the foregoing retirement plan commitment subject to
review and approval by VIEDC.
5.
Beneficiary shall provide eligible full-time employees with paid vacation, sick and
personal leave. Leave is provided each calendar year based on service as of the first day
of each year. All leave shall be accrued on a monthly basis. Employee vacation benefits
shall be prorated for the first year of employment, and thereafter: (i) 10 days for two (2)
to four (4) years of service; (ii) 15 days for five (5) to nine (9) years of service; and (Hi) 20
days for 10 pIus years of service.
6.
Beneficiary shall provide six (6) days of sick leave each calendar year, prorated for the
first year of employment.
7.
Beneficiary shall provide three (3) personal days each calendar year, prorated for the
first year of employment. All leave must be approved and scheduled in accordance with
Beneficiary’s policies.
8.
Beneficiary shall provide its eligible employees with seven (7) paid holidays annually:
New Year’s Day, Martin Luther King, Jr. Day, Memorial Day, Independence Day, Labor
Day, Thanksgiving Day, and Christmas Day.
See Employee Retirement income Security Act of 1974 (“ER1SA”), 29 u.s.c. § 1001 et seq.
Page 6 of 12
Economic Development Authority www.USVlEflA.org
Virgin Islands Economic Development Commission
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH ST. THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
9.
Beneficiary shall provide its eligible full-time employees with tuition reimbursement for
pre-approved job-related courses at the University of the Virgin Islands, with the
employee receiving one hundred percent (100%) reimbursement for receiving an “A”,
seventy-five percent (75%) reimbursement for receiving a “B”, and one hundred percent
(100%)
reimbursement for receiving
a
passing grade
given
in
a
Pass/Fail
class.
Beneficiary shall pay one hundred percent (100%) of the cost for job-related pre
approved conferences, courses and seminars.
10. Beneficiary shall commit to working closely with VIEDC to bring other enterprises to the
U.S. Virgin Islands and shall participate in public/private initiatives and VIEDC marketing
efforts toward that end.
11. During the tax incentive period, if Beneficiary desires to enter into any contract with
third party providers for supplemental and supporting services concessions to be
located on Beneficiary’s property, as may be available and appropriate from time to
time, then Beneficiary shall provide written notice to the Economic Development Bank
for the United States Virgin
Islands
(“VIEDB”) setting forth
a description of the
supporting concessions it
is seeking to
fill with
a
list of any qualifications and
requirements for potential third party providers.
VIEDB may use this information to
provide notice to VIEDB approved businesses in order that they may submit a proposal
to Beneficiary for a contract and, provided the requisite qualifications have been met,
the VIEDB approved business shall be given the right-of-first-refusal to contract for the
supplemental and supporting services concession.
12. This Certificate shall be effective as long as Beneficiary remains in compliance with all
provisions and requirements herein.
V.
Specifically Excluded Trade or Business:
Retail sale of fuel and other retail activities are specifically excluded from the tax incentives.
NOW, THEREFORE, after due consideration of Beneficiary’s representations made both
orally and in writing, and as agreed to herein pursuant to the public hearing held on June 5,
2018 and the Commission meeting held on July 5, 2018, the Commission hereby enters into this
Certificate with Beneficiary. Said Certificate grants the tax incentive benefits provided in
Appendices and Sub-Appendices A through C for an additional term of 10 years pursuant to 29
V.I.C. § 713a(d) and 715 to commence and terminate as stated in each signed Appendix.
Beneficiary shall comply with the conditions herein, the provisions of title 29 Virgin Islands
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Economic Development Authority wwwUSVI ED La raVirgin Islands Economic Development Commission
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH St THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
Code, chapter 12 as existing on the date of the VIEDC Governing Board’s approval, the Rules
and Regulations of the Commission promulgated in accordance with 29 V.I.C. § 705(f) and all
applicable laws, rules and regulations of the U.S. Virgin Islands and the United States of
America.
IN WITNESS WHEREOF, the parties hereunto set their hands below.
kro ILLL7JJflUA_____..__
Witness
/1
/ Witness
/
Witness
JOSE A. PENN, CHAIRMAN
V.1. ECONOMIC DEVELOPMENT COMMISSION
Date: 7//ac/Jo/f
Accepted
-7;: MLcM-I
Print Name
Title
Date:
/& 51 - 2ci6
IGY-AYH ST. THOMAS HOLDINGS, LLC
D/B/A AMERICAN YACHT H
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Economic Development Authority www.USVIEOA.org
Virgin Islands Economic Development Commission
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH ST. THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
APPENDIX A
USVI INCOME, GROSS RECEIPTS AND EXCISE TAXES
NAME: IGY-AYH ST. THOMAS HOLDINGS, LLC d/b/a AMERICAN YACHT HARBOR
PHYSICAL AND MAILING ADDRESS: American Yacht Harbor, 6100 Red Hook Qtr. 2
St. Thomas, VI 00802
TELEPHONE:
(340) 775-6454
FAX:
(340) 776-5960
NATURE AND EXTENT OF TAX INCENTIVES:
USVI Income Tax:
USVI Gross Receipts Tax:
USVI Excise Tax (Raw Materials):
USVI Excise Tax (Equipment, Machinery):
81% percent exemption
90% percent exemption
Not Applicable5
90% exemption6
COMMENCEMENT DATES OF TAX INCENTIVES:
USVI Income Tax: March 8, 2015
USVI Gross Receipts Tax: March 8, 2015
USVI Excise Tax (Raw Materials): Not Applicable
USVI Excise Tax (Equipment, Machinery): November 1, 2017
TERMINATION DATES OF TAX INCENTIVES:
USVI Income Tax: March 7, 2025
USVI Gross Receipts Tax: March 7, 2025
USVI Excise Tax (Raw Materials): Not Applicable
USVI Excise Tax (Equipment, Machinery): October 31, 2027
AUTHORITY FOR TAX INCENTIVES:
29 V.I.C. § 713b, 713a(a)(2), 713a(a)(3);
33 V.I.C. § 43d
Chief Executive Officer, USVIEDAc7Z_-t. ezi Date:______
This excise tax exemption does not appiy to gasoline taxes and raw materials and component parts used by
Beneficiary in its production process and does not apply to businesses that do not perform an industrial or manufacturing
process.
6
This excise tax exemption applies to building materials, tools, pipes, conveyor belt, or other appliances, material, and
supplies necessary for use in the construction, alteration, reconstruction or extension of the physical plant or facilities of
Beneficiary. “[l]n the case of hotels, the excise tax exemption shall not apply to original or replacement furnishings.
.
.
“[F]urnishings” means furniture and fixtures.” See V.I.R.R. 713-4(b).
Page 9 of 12
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Economic Development Authority WWWUSVIEDAPJft.gin Islands Economic Development Commission
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH ST. THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
APPENDIX Al
USVI WITHHOLDING TAX ON DIVIDENDS AND INTEREST
NAME: IGY-AYH ST. THOMAS HOLDINGS, LLC d/b/a AMERICAN YACHT HARBOR
PHYSICAL AND MAILING ADDRESS: American Yacht Harbor, 6100 Red Hook Qtr. 2
St. Thomas, VI 00802
TELEPHONE:
(340) 775-6454
FAX:
(340) 776-5960
NATURE AND EXTENT OF TAX INCENTIVES:
Dividend Withholding Tax Exemption in accordance with 29 V.I.C. § 713d
Interest Withholding Tax Exemption in accordance with 29 V.I.C. § 713d
Member
Address
Owned
Island Global Yachting
717 5th Ave., 181h Floor
50%
Facilities, Ltd.
New York, NY 10022
Jeffrey Epstein
6100 Red Hook Quarter, Ste. 8-3
50%
St. Thomas, VI 00802
COMMENCEMENT DATES OF TAX INCENTIVES:
Dividend Withholding Tax Exemption: March 8, 2015
Interest Withholding Tax Exemption: March 8, 2015
TERMINATION DATES OF TAX INCENTIVES:
Dividend Withholding Tax Exemption: March 7, 2025
Interest Withholding Tax Exemption: March 7, 2025
AUTHORITY FOR TAX INCENTIVES:
29 V.I.C. § 713d
Chief Executive Officer, USVIEDAi%ZAkThate: ///S% g—
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Virgin Islands Economic Development Commission
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH ST. THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
APPENDIX B
USVI REAL PROPERTYTAX
NAME: IGY-AYH ST. THOMAS HOLDINGS, LLC d/b/a AMERICAN YACHT HARBOR
PHYSICAL & MAILING ADDRESS: American Yacht Harbor, 6100 Red Hook Qtr. 2
St. Thomas, VI 00802
TELEPHONE:
(340) 775-6454
FAX:
(340) 776-5960
NATURE AND EXTENT OF TAX INCENTIVES:
Real Property Tax:
Ninety percent (90%) tax exemption on real property used for the
ownership and operation of a commercial real estate and marina facility on St. Thomas known
as American Yacht Harbor, which leases boat slips and tenant occupied marine and related
facilities.
PARCEL(S) EXEMPTED:
LEGAL DESCRIPTION:
_________
18B Rem. Estate Smith Bay East End Qtr.
St. Thomas U.S. Virgin Islands
(1.40 U.S. Acres)
18B-1 Estate Smith Bay East End Qtr.
St. Thomas, U.S. Virgin Islands
(0.50 U.S. Acre)
1-07702-0134-00
iSA-i Estate Smith Bay East End Qtr.
St. Thomas, U.S. Virgin Islands
(0.23 U.S. Acre)
1-07702-0135-00
18-W Smith Bay (Filled Submerged Land) East End Qtr.
St. Thomas, U.S. Virgin Islands
(0.64 U.S. Acre)
1-07702-0198-00
PARCEL NO.:
1-07702-0133-00
COMMENCEMENT DATE OF TAX INCENTIVES:
Real Property Tax: January 1, 2017
TERMINATION DATE OF TAX INCENTIVES:
Real Property Tax: December 31, 2026
AUTHORITY FOR TAX INCENTIVES:
29 V.I.C. § 713a(a)(1)
Chief Executive Officer, USVlE6%uL.17fEThate: ///&// R
A
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Virgin Islands Economic Development Commission
SECOND EXTENDED and FIRST MODIFIED CERTIFICATE
IGY-AYH ST. THOMAS HOLDINGS, LLC D/B/A AMERICAN YACHT HARBOR
APPENDIX C
CUSTOMS DUTY
NAME: IGY-AYH ST. THOMAS HOLDINGS, LLC d/b/a AMERICAN YACHT HARBOR
PHYSICAL AND MAILING ADDRESS: American Yacht Harbor, 6100 Red Hook Qtr. 2
St. Thomas, VI 00802
TELEPHONE:
(340) 775-6454
FAX:
(340) 776-5960
U.S. Virgin Islands customs duties to be assessed on raw materials and component parts
brought into the U.S. Virgin Islands by Beneficiary for the purpose of producing, creating, or
assembling an article, good or commodity as a result of industrial or manufacturing processing,
such raw materials or component parts shall be imported into the U.S. Virgin Islands at a
customs duty rate of one percent (1%).
COMMENCEMENT DATE OF TAX INCENTIVES:
Customs Duty Reduction: NOT APPLICABLE
TERMINATION DATE OF TAX INCENTIVES:
Customs Duty Reduction: NOT APPLICABLE
AUTHORITY FOR TAX INCENTIVES:
29 V.I.C. § 713c
Chief Executive Officer, USVIED1fkZL..& Date: ///,//
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