1306

(a) A person wishing to develop a hotel shall apply to the Authority on forms prescribed and made available by the Authority.\n(b) Before a hotel development project is approved, the applicant must produce a letter of intent from a financial institution and a copy of all documents submitted to the financial institution. The application for certification must contain the following information:\n(1) Description of the proposed land with the appropriate zoning to construct the Project;\n(2) A proforma projection of the revenues and expenses of the Project;\n(3) An assessment of the financial feasibility of the Project;\n(4) A schedule of the timing and phasing of the Project prepared no earlier than six months before the date the application is submitted; and\n(5) Such other information as the Authority may require.\n(c) To be eligible for benefits under this chapter, the project must be:\n(1) located on the island of St. Croix; or\n(2) located on the island of St. Thomas, St. John or Water Island.\n(d) The Authority shall establish by regulations comprehensive eligibility requirements for applicants' participation in the Program.