CHARLOTTE AMALIE — The annual meeting of the Enterprise Zone Commission (EZC) marked a significant stride towards revitalizing historical communities in the U.S. Virgin Islands, with a focus on Christiansted, Frederiksted, Savan and Downstreet, and Garden and Upstreet.
EZC Director Nadine Marchena Kean highlighted the commission’s success in granting economic benefits to 34 beneficiaries, aimed at fostering development and preserving the rich cultural heritage of these areas.
Revitalization Efforts and Economic Incentives
At the heart of the EZC’s mission is the revitalization of historical communities through improvement projects and the provision of tax incentives to attract investors. With 27 active beneficiaries and 16 in full compliance, the commission is on a promising path to achieving its goals. However, challenges such as securing approval for essential memorandums of agreement to utilize federal funds before their expiration have emerged as significant hurdles.
Supporting Business Development
The Economic Development Commission (EDC) has played a pivotal role in supporting business development within the territory. Recent approvals, including a petition from White Bay Global Inc. for a real property tax exemption and applications from Achilles Consulting LLC and Pink Palm Hotel owner Brent Pelton for economic incentives, underscore the EDC’s commitment to facilitating business growth and development in the U.S. Virgin Islands. Learn more about economic relief for businesses in U.S. territories.
Challenges Ahead
Despite the progress made, the EZC and EDC face obstacles in their efforts to bolster economic development and community revitalization. The complexities of navigating federal funding requirements, alongside the need for streamlined processes for approving essential agreements, highlight the ongoing challenges in maximizing the impact of these commissions’ work.
The initiative to rejuvenate historical communities in the U.S. Virgin Islands through the Enterprise Zone Commission and Economic Development Commission represents a beacon of hope for economic growth and cultural preservation. As these commissions navigate the challenges ahead, the potential for transformative change in these communities remains immense, promising a brighter future for residents and investors alike.
By WOJCIECH ZYLM/BNN