Bryan expanded St. Thomas enterprise zones and promoted investment programs at Miami forum

Gov. Albert Bryan Jr. signed an executive order on October 25, 2019, expanding enterprise zones in the Savan-Downstreet and Garden Street-Upstreet neighborhoods on St. Thomas, according to Government House.

The order said the expansion was needed because increased residential activity in those areas indicated more people were living below the poverty line. Government House said enterprise zone designation can increase access to Enterprise Zone Program benefits, Community Development Block Grant funding and New Markets Tax Credits.

Government House said the order specified the boundaries of the expanded zones.

On November 15, 2019, Bryan traveled to Miami to speak at NAI Miami's 6th Annual Florida and Caribbean Forum about Qualified Opportunity Zone investment in the U.S. Virgin Islands. Accompanying him were Chief Legal Counsel David Bornn, Virgin Islands Economic Development Authority Executive Director Kamal Latham, RT Park Executive Director Peter Chapman and other territorial representatives.

During the forum, Bryan, Bornn, Latham and Chapman took part in a panel discussion sponsored by the Duane Morris law firm on commercial real estate opportunities and investment incentives in the territory. Government House said Bryan discussed federal Qualified Opportunity Zone benefits along with local programs including the Economic Development Program, the Enterprise Zone Program, the Hotel Development Act, tax increment financing, historic tax credits, the New Markets Tax Credit Program and RT Park benefits for technology and knowledge-based investments.

Official source: https://www.vi.gov/governor-bryan-expanding-development-opportunities-for-small-businesses-in-the-usvi/