2019 US Virgin Islands Code
Title 17 - Education
Chapter 34 - University of the Virgin Islands Research and Technology Park
Subchapter I - Declaration of Purpose; Short Title; Definitions
§ 480. Declaration of purpose
- The purposes and objectives of this chapter are declared to be the development of a technology sector in the Virgin Islands to promote the economic growth, development and diversification of the Virgin Islands and the broadening of the capabilities of the University of the Virgin Islands, including the training of University of the Virgin Islands students through the creation and transfer of technology from campus-based research centers and their related technical and communications infrastructure to the marketplace, with the support of a research environment which combines the resources of the University of the Virgin Islands, the public sector, private industry, and the human and economic resources available in a progressive community. To this end, it is the policy and determination of the duly elected representatives of the people of the Virgin Islands that:
(a) Certain benefits be made available for the development and expansion of business activities in one or more Research and Technology Parks established by the Government of the Virgin Islands as are determined, pursuant to this chapter, to be in the public interest of the Virgin Islands.
(b) There be established by the Government of the Virgin Islands a Research and Technology Park Corporation, as a public corporation and autonomous governmental instrumentality of the Government of the Virgin Islands with the power to acquire, operate and improve one Research and Technology Park, with the initial thrust of development on the island of St. Croix, in order to provide suitable sites for the location of research businesses, technology-based businesses and agricultural research businesses in the Virgin Islands. The Research and Technology Park shall constitute optimum usage of property owned or leased by the University of the Virgin Islands and made available to the Virgin Islands Research and Technology Park Corporation, or property owned by the Corporation.
(c) The Corporation shall provide facilities for the development or incubation of new, start-up, knowledge-based businesses and related businesses.
(d) The Corporation promote scientific research and development in affiliation with and related to the research and development activities of the University of the Virgin Islands and that the Corporation enhance the University of the Virgin Islands' missions of teaching, research, and public service, and provide for the financial support of the University of the Virgin Islands under such terms and conditions as may be prescribed by the Board of Trustees of the University of the Virgin Islands.
(e) The Corporation shall partner with the University of the Virgin Islands to develop and offer research and technology education, training and internships to residents of the Virgin Islands in order to qualify residents for jobs created by Park businesses.
(f) Such Corporation shall contribute to the formation of a technology community which will enhance the economic development and broaden the economic base of the Virgin Islands.
(g) Such Corporation shall provide an environment that will encompass commercial facilities that serve the needs of the Knowledge-Based Business in the Research and Technology Park.
(h) The Corporation may finance and refinance capital projects related to the establishment and operation of one or more Research and Technology Park sites in the Virgin Islands, including facilities that complement or encourage the complete operation thereof.
(i) Such Corporation shall promote the hiring of Residents of the Virgin Islands and the purchase of goods, materials, and supplies from Virgin Islands residents, firms and corporations by businesses located in the Research and Technology Parks or Parks.
(j) The Corporation shall complement the Economic Development Program established under Title 29, chapter 12 of this Code and the Farmers, Fishermen and Consumers Assistance Program established under Title 7, chapter 13 of this Code and shall establish close liaison, cooperation and coordination with the Economic Development Authority and the Department of Agriculture in connection therewith.
(k) Every Electronic Business, Knowledge-Based Business, and Person, as defined in section 482 of this chapter, and the University of the Virgin Islands Research and Technology Park shall be subject to the laws and the Rules and Regulations of the Virgin Islands.