Business

E.D.A. Wants To Transform Industrial Development Park Into Renewable Energy Masterpiece; Takes Action On Multiple Tax Beneficiaries

ST. CROIX -- The Virgin Islands Economic Development Authority, during a Thursday board meeting, listened to results of an assessment conducted by the Pacific Northwest National Laboratory, based in Richland, Washington, detailing a number of important factors affecting the E.D.A's vision to transform the William D. Roebuck Economic Development Park into a model of energy efficiency in the Caribbean, while realizing considerable savings overtime for the E.D.A. and its tenants. The park would consist of four buildings with a total of 152,000 square feet, with mixed use spaces, according to the assessment document, provided to The Consortium by the E.D.A. It would save the government-owned authority and its tenants $47,000 yearly on power alone, and realize a reduction in carbon dioxide emissions of 102 metric tons, among other savings. Overall, the E.D.A. would realize $325,000 in savings annually, with a simple payback of its expenses being realized in 11.7 years. The entire proje...