The Economic Development Commission Tuesday approved St. John Brewers for added tax incentives. The approval was one of a handful of measures acted on by the commission after a lengthy executive session.
Westin St. John, VIElectron, and Virgin Bay representatives probably are not as happy with the actions as the owners of St. John Brewers should be.
Virgin Bay had requested a waiver on its required charitable contribution for 2023. The commission said no and that Virgin Bay should, within 30 days, make good any shortfall in contributions that year. However, the commission did allow an extension for Virgin Bay to make its contributions for 2024.
The commission also found that Westin St. John was not in compliance in 2022, and it needed to contribute $47,982.90 to the Industrial Promotion Fund to get in compliance.
VIElectron asked for modifications of its agreement with EDC, but the commission, on recommendation from its staff, refused to. VIElectron owns the Petronella solar farm on St. Croix, which went online last month. It is in the process of building another solar farm. The modifications concerned how the definition of manufacturing equipment relates to solar materials.
The commission voted that LV USVI Investment and Management, LLLP, and its three subsidiaries deserve 100 percent tax incentives for 20 years. The firm provides investment and advisory services, real estate development, business management, and consulting services.
Also getting the commission approval for tax incentives was TrillaMed Global. TrillaMed provides management and consulting services, marketing and advisory services, and family office services.
SK Venture Group did not earn approval on its application for tax benefits because, according to a staff report, it did not “sufficiently demonstrate an ability to conduct the proposed services.”
In a less complicated matter, the commission acknowledged the name change of Margaritaville Vacation Club by Wyndham, Inc. to Margaritaville Vacation Club, Inc.
St. John Brewers has been operating since 2006 and has continued to expand.
According to owners Chirag Vyas and Kevin Chipman, the expansion will be helped with the added tax benefits. The business has expanded into nonalcoholic soda production and hard seltzer. To augment the brewpub and restaurant, the owners are creating a line of specialty products, including hot sauces, snacks, and healthy beverages.
Excluded from the tax incentives granted to St. John Brewers are revenues derived from the retail sale of products not manufactured by the beneficiary.
Commission members attending were Philip Payne, Positive Nelson, Kevin Rodriguez, Anise Hodge, Jose Penn, and Gary Malloy.
