V.I. Code tit. 29, § 1208 (2019)
2019 US Virgin Islands Code|Title 29 - Public Planning and Development|Chapter 22 - Tax Incremental Financing|§ 1208. Tax increment development plan; preparation; adoption; filing; modification

 (a) After the filing of the certificate of the Chairperson of the Authority pursuant to section 1204, the Authority shall prepare or cause to be prepared a tax increment development plan for the TIF area after review of the proposed provisions of the plan by the agencies or departments as the Authority considers appropriate. After preparation of the tax increment development plan, the Authority shall submit the plan to the Governor. (b) The development plan must contain: (1) A statement of the relative amounts and proportions of proposed public, semi-public, private or community facilities or utilities including but not limited to major arterial street systems, parks, recreational facilities, shoreline development, water and drainage systems and health and educational facilities; (2) If the plan authorizes the issuance of bonds to be repaid in whole or in part from the allocation of property taxes increment revenues the plan shall establish a limit on the amount of bonded indebtedness which can be outstanding at one time without an amendment of the plan; (3) Such additional statements or documentation as the Authority may consider necessary or appropriate; (c) Every development or redevelopment plan must show by diagram and in general terms: (1) The approximate amount of open space to be provided and street layout. (2) Any limitations on type, size, height, number, and proposed use of buildings; (3) The approximate number of dwelling units; and (4) The property to be devoted to public purposes and the nature of such purposes. (d) Upon the adoption by the Authority of its resolution approving the tax increment development plan, the Authority shall file the resolution and the tax increment development plan as a public record in the Office of the Recorder of Deeds for the District in which the property is located and any conveyance, encumbrance or contract may incorporate provisions thereof by reference, which must afford notice thereto to all parties. (e)  (1) Subject to paragraph (2), the Authority may modify a TIF development plan at any time before legislative approval, but any modification after sale or lease of real property for development in the TIF area or following the public hearing required in section 1205, is subject to any rights a lessee or purchaser may have acquired by virtue of such lease or purchase, and any material modification to the tax increment development plan requires a new public hearing as provided in paragraph (2)[.] No public hearing is required for any modification that is not a substantial modification under paragraph (2), but the Authority shall give notice as provided in section 1205(b) of any insubstantial modification. (2) Modifications that (A) alter the exterior boundaries of TIF area, (B) substantially affect the general land uses established pursuant to the TIF development plan, (C) substantially change the nature of the economic development project, (D) change the general description of any proposed developer, user, or tenant of any property to be located or improved within the TIF area, or (E) change the description of the type, class and number of employees to be employed in the operation of the facilities to be developed or improved within the TIF project area, may be made only after notice and hearing pursuant to the procedures set forth in section 1205.