Jan. 30, 2003 – The developer of a 46-unit condominium resort along St. John's Cruz Bay waterfront is among nine companies just granted tax benefits by the Economic Development Commission. Bay Isles Associates is the developer and Grande Bay Resort is the name of the development.
According to St. John architect Michael Milne of Barefoot Associates, the 1.5-acre project includes parcels on the uphill side of the road that runs to Gallows Point as well as two tiny beachfront parcels. Milne said no development will occur on the beachfront land.
St. Thomas attorney Marjorie Roberts, a company representative, said Bay Isles Associates' benefits package provides tax breaks only on its revenues from the the rental of condominium units on a hotel plan.
Also receiving Economic Development Commission approval for tax benefits, according to a Government House release issued on Wednesday, were six other new companies, three of them on St. Croix and three on St. Thomas:
International Awards Group, which manages awards competitions, will continue to manage competitions that recognize creators and producers of advertising, commercials, promotional materials, television and radio programming and the film industry from its new St. Croix base.
Two St. Croix companies, Managed Quantitative Advisors St. Croix and Tropico Management, and South Bay Partners, on St. Thomas, all provide financial and investment services.
Clearwater Consulting Concepts, on St. Thomas, provides business and administrative functions in connection with medical devices such as heart valves. It will assist the territory's hospitals in setting up and bringing medical conventions or lecturers to the territory, according to the release.
ExOxEmis Inc., which is relocating its biotech company from Arkansas to St. Thomas, will continue its research, development and marketing of technology based on biological oxygen chemistry in the area of health care.
Benefits were modified for DBC Corp. on St. Croix, which provides business and management consulting and e-commerce relative to its jewelry manufacturing business.
Benefits were extended for the St. Croix-based Gold Coast Yachts, which manufactures multihulled boats.
Gov. Charles W. Turnbull, in the Government House release, said that the seven new beneficiaries together represent an investment of $14.3 million and jobs for 72 people. He noted that five of the nine companies are or will be located on St. Croix.
He said that since he became governor four years ago, "we have seen an increase in the number of companies and types of businesses which have relocated to the U.S. Virgin Islands."
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