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2017 ANNUAL REPORT United States Virgin Islands Economic Development Authority

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2017 ANNUAL REPORT United States Virgin Islands Economic Development Authority 2017 ANNUAL REPORT United States Virgin Islands Economic Development Authority Committed to Fostering Opportunities for Economic Growth in the U.S. Virgin Islands 2017Annual Report_COVER_11.indd 1 3/30/19 12:20 PM MESSAGE FROM THE GOVERNOR US Virgin Islands U.S. VIRGIN ISLANDS ECONOMIC DEVELOPMENT AUTHORITY ST. CROIX ST. THOMAS 116 King St. 8000 Nisky Shopping Center St Croix, U.S. Virgin Islands 00841 Suite 620, 2nd Floor Telephone: 340-773-6499 St. Thomas, U.S. Virgin Islands 00802 Telephone: 340-714-1700 Email: [email protected] • Website: www.usvieda.org USVI Economic Development Authority FY 2017 Annual Report 2 www.usvieda.org www.usvieda.org 3 USVI Economic Development Authority FY 2017 Annual Report ST. CROIX 116 King Street, Frederiksted, VI 00840 (340) 773-6499 FAX (340) 773-7701 ST.THOMAS 8000 Nisky Shopping Center, Suite 620, St. Thomas, VI 00802 (340) 714-1700 FAX (340) 777-1103 www.USVIEDA.org Message from the Chairman of the Board The United States Virgin Islands Message from the Chairman of the Board The United States Virgin Islands MESSAGE FROM OFFICE OF THE LIEUTENANT GOVERNOR CHARLOTTEOFFICE A MALIEOF THE, ST LIEUTENANT. THOMAS, VIRGIN GOVERNOR ISLANDS 00802 CHAIRMAN OF THE BOARDThe United States Virgin Islands Economic Development Authority maintained its efforts C HARLOTTE A MALIE , S T . T HOMAS , VIRGIN ISLANDS 00802 to meet its legislated mandate of performing the economic development function for the United The United States Virgin Islands Economic Development Authority maintained its efforts States Virgin Islands for the 2017 Fiscal Year. As evidenced by the to meet its legislated mandate of performing the economic development function for the United MESSAGE FROM Authority’s accomplishments highlighted in this Annual Report, the goal of being effective and States Virgin Islands for the 2017 Fiscal Year. As evidenced by the MESSAGE FROM THE LIEUTENANT GOVERNOR productive in the administration of the Territory’s Economic Development Program was THE LIEUTENANT GOVERNOR Authority’s accomplishments highlighted in this Annual Report, the goal of being effective and MESSAGE FROM THE LIEUTENANT GOVERNOR achieved, but this is always an ongoing effort. I am proud of the accomplishments of the productive in the administration of the Territory’s Economic Development Program was entire Authority’s management and staff, and the Governing Board’s work to continue to achieved, but this is always an ongoing effort. I am proud of the accomplishments of the Each year, we take pride in presenting the Virgin Islands Economic Development improve our quality of life in collaboration with all stakeholders of the territory. Authority’sThe (EDA)Virgin AnnualIslands ReportEconomic, which Development serves as the Authority official tool (EDA) that depictsis the armthe currentof economic status entire Authority’s management and staff, and the Governing Board’s work to continue to ofgrowth the Virgin and sustainability Islands’ economy. in the United Notwithstanding States Virgin the Islands. catastrophic This Fiscalchallenges Year the(FY) Virgin 2016 IslandsAnnual improve our quality of life in collaboration with all stakeholders of the territory. Report depicts a favorable representation of economic development in our territory. We are The objective of economic development is to create jobs and wealth, and improve the quality of faced in the last month of the territory’s fiscal year, this Fiscal Year 2017 Annual Report highlights life for our people. The Territory’s Economic Development Program is a process performed by pleased to invite all stakeholders to review this product and use it as an essential source for data The objective of economic development is to create jobs and wealth, and improve the quality of favorable outcomes in economic growth, capital improvement projects, and tax incentive the Authority intended to enhance the economic well-being of the territory. It is therefore, my programsand analysis, whic of hthe translate Virgin Islandsinto job economy. creation. I am pleased to invite current and prospective life for our people. The Territory’s Economic Development Program is a process performed by opinion, that despite all the accomplishments during the 2017 Fiscal Year, we must stakeholders to utilize this Annual Report as an important guide for continued investments in the the Authority intended to enhance the economic well-being of the territory. It is therefore, my Recently, several executive and legislative measures have been put in place to stimulate consider the process by which we collaborate with all stakeholders and partners within and Virgin Islands economy within various and diverse industries. opinion, that despite all the accomplishments during the 2017 Fiscal Year, we must our Virgin Islands economy. Although some measures are still works in progress, we are outside the territory to manage the impact to our well-being due to Hurricanes Irma and consider the process by which we collaborate with all stakeholders and partners within and optimisticIn the of currentthe long climate-term impact of rebuilding, and benefits the Virgin that will Islands derive is atfrom a strategic these strategic position approaches. for private Maria. sectorThe Virgin development Islands hasand the expansion. distinction The of beingpublic a sectorunique isdestination also at a forposition offering of manyinfrastructure cultural outside the territory to manage the impact to our well-being due to Hurricanes Irma and products, services, and experiences. The expansion of our economy through the influx of Maria. redevelopment and expansion, which creates the atmosphere to attract or retain investors and As a territory, with the assistance of our federal partners and the private sector, we will industries ranging from, but not limited to, health, tourism, construction, hospitality, stimulate our economy. We recognize the enormous potentials that exist when both sectors benefit continue to address the recovery of our home. We must work together to attain the quality of retail/restaurant, environmental, technology and aviation, demonstrates that we are open for As a territory, with the assistance of our federal partners and the private sector, we will from a thriving economy. Therefore, the executive and legislative branches of the Government of life we want. The economy necessary for that quality of life to be possible requires a business. We are very fortunate to have the Virgin Islands Economic Development Authority to continue to address the recovery of our home. We must work together to attain the quality of the Virgin Islands continue to explore and implement measures that seek to stimulate growth. comprehensive strategic plan with everyone engaged. The impacts of the 2017 hurricanes are provide the necessary guidance and resources to assist businesses in becoming established or life we want. The economy necessary for that quality of life to be possible requires a The 2017 Annual Report comprehensively dissects many facets of the Virgin Islands not limited to the damages to our infrastructure and our homes. The emotional impact is sustained. comprehensive strategic plan with everyone engaged. The impacts of the 2017 hurricanes are economy, and also outlines the efforts that the EDA implements to reach its goals. I applaud the taking a toll on our health that we must address if we are to have a good quality of life. GoverningI commend Board and the the Governing entire team Board at the of Economic Directors Development and the dynamic Authority team for at producingthe Economic this not limited to the damages to our infrastructure and our homes. The emotional impact is taking a toll on our health that we must address if we are to have a good quality of life. exceptionalDevelopment source Authority for data for and theanalysis professional of the Virgin services Islands that economy. they provide to our economic Therefore the United States Virgin Islands Economic Development Authority’s 2018 beneficiaries, and for producing this FY 2016 Annual Report. This report is at a standard that Fiscal Budget, themed “Sowing The Seeds For Economic Prosperity” will be revised to representIf syou the are high a potential quality of or work new investor,derived from we welcome the EDA. you. We If are you confident are an exist thating this investor, report will we Therefore the United States Virgin Islands Economic Development Authority’s 2018 address the new reality of the territory. The Authority will continue its efforts for invitebe a useful you to resource stay. In for the all Virgin stakeholders Islands, thereand will is always continue room to demonstratefor growth. why the Virgin Islands Fiscal Budget, themed “Sowing The Seeds For Economic Prosperity” will be revised to improved internal operations, but it will also be working to be part of a recovery process is a viable market for potential investors and economic growth. address the new reality of the territory. The Authority will continue its efforts for that creates the foundation for an improved quality of life. improved internal operations, but it will also be working to be part of a recovery process that creates the foundation for an improved quality of life. .. Osbert E. Potter José A. Penn Osbert E. Potter José A. Penn José A. Penn Board Chairman José A. Penn Board Chairman USVI Economic Development Authority FY 2017 Annual Report 4 www.usvieda.org www.usvieda.org 5 USVI Economic Development Authority FY 2017 Annual Report MESSAGE USVIEDA BOARD of DIRECTORS FROM THE ACTING CHIEF EXECUTIVE OFFICER José A. Penn, Chairman Fiscal Year (“FY”) 2017 was a memorable one. On September 6, 2017, Hurricane Irma, Chief Financial Officer of Penns’ Apartment Rental, Inc.; one of the most powerful Category 5 Atlantic storms in a century, tore its way through Penns’ Jeep Rental, Inc. the Territory, leaving mass destruction in its wake, particularly on St. Thomas and St. and Penns’ Trucking Services, Inc. John. Two weeks later, as the U.S. Virgin Islands was still reeling from the effects of (St.
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