1210

(a) Upon completion of negotiations with the development sponsor and holding of the required public hearing, the Authority shall submit the certified tax increment development plan to the Legislature of the Virgin Islands for its approval. The submission must include a description of the project, a listing of the public benefits to be derived from the project, the portion of real property tax increment or gross receipts tax increment to be allocated to the project, a summary of the terms of the TIF bonds to be issued with respect to the project and a copy of the TIF development plan.\n(b) No TIF area or TIF project may be established or financed under this chapter unless the Legislature enacts legislation establishing the metes and bounds of the TIF area, approving the TIF project and establishing the maximum principal amount of the TIF bonds, the maximum interest rate, the date of maturity of the bonds, maximum duration of the TIF area and the scope of the development.