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Economy

After Being Spurned by Former Gov. Mapp, PFA Refinances Island Crossing Shopping Center Tax Increment…

Robert Moore | January 23, 2020

The Virgin Islands Public Finance Authority (PFA) has announced the restructuring of a $12 million loan to prop up the Island Crossing Shopping Center on St. Croix.  A similar refinancing deal was rejected by PFA two years ago when then-PFA chairman and Gov. Kenneth Mapp, opposed the loan changes he contended taxpayers simply could not afford.  Island Crossing is a controversial economic development project that dates back to 2008 when the Caribbean Development Partners LLC (CDP) received $15 million in public financing for a ambitious mix of affordable housing, retail restaurants, medical offices and other establishments. But the promise of brisk growth at the 42-acre site along the Melvin Evans Highway never quite materialized — nor did the tax revenue that was expected as the project matured. In 2008 the V.I. government enacted the Tax…

WAPA's Base Rate Charge to Customers Has Increased…

Ernice Gilbert | December 28, 2019

The Public Services Commission, according to Commission Executive Director Donald Cole, has been accused…

FEMA Awards Public Works $3.7M for Mahogany Road Drainage…

Staff Consortium | December 19, 2019

FEMA through the Hazard Mitigation Grant Program (HMGP) recently awarded $4.2 million to the Department…

Bryan Administration Releases Additional $6.6 Million…

Staff Consortium | December 19, 2019

The Department of Finance today issued $6.6 million in tax refunds, Government House has announced.…

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