History

In the years leading up to 1998, the U.S. Virgin Islands faced significant economic challenges exacerbated by Hurricanes Hugo and Marilyn. Recovery costs were escalating at a time of lower tourist arrivals and government revenues, and the University of the Virgin Islands was also facing significant budget reductions. The USVI Legislature challenged UVI to both reduce its dependency on the government for funds and at the same time take a greater leadership role in addressing community problems. The UVI Board of Trustees responded, challenging the University administration to develop alternative sources of revenues for long-term sustainability and growth.

In 1999, the UVI President launched a Revenue Generation Initiative with the support of the Chair of the UVI Board of Trustees. The mandate: identify new, significant revenue generation opportunities for the University. Mr. Malcolm Kirwan, UVI VP for Administration & Finance, was appointed Chair of the task force comprised of persons from across the University. Their conclusions: neither growth from existing programs nor the introduction of new instructional programs, distance learning, or on-line training products would produce significant new revenue streams. UVI had to look beyond traditional academic offerings to partnerships ventures with the private sector that would help to promote diversification by taking advantage of the assets of the Territory.

The Park Concept emerged as a model for community engagement. First, to create a business environment that would serve as a vehicle for developing a technology sector in the USVI. This would include the development of a technology community (consisting of technology and knowledge-based businesses) as well as an environment for conducting e-commerce from the USVI. Next, to enhance the instruction, research and public service programs of UVI. Finally, to recognize new revenue streams that could include income from Park rents, equity participation in business ventures, and income from licenses, fees, royalties and training programs.

In 2000, the task force engaged in field research and hosted a public forum and symposium. Exploratory visits to better understand the Park Concept and gather information so that a coherent set of ideas could be presented to the community included the University of New Orleans Research Park (which helped to create a high-tech sector in a city that was primarily focused on tourism as the engine for economic development), Bermuda (which utilized an e-commerce model to attract e-business there), and Barbados (which had successfully formed partnerships among Government, private sector companies and labor unions to support the advancement of its information technology sector). Participants in the Public Forum and Symposium included the UVI President, representatives of UVI, the USVI Governor’s representative, the USVI Delegate to Congress, the Executive Director of the USVI IDC (now Economic Development Commission), Bond Counsel to the USVI government, the Executive Director of the Florida Atlantic University Research Park, senior executives from a variety of private sector companies including Global Crossing, Southern Electric, IBM and others.

The task force recommended that the Park Concept be adopted and tailored to the realities of the Territory, so as to diversify the economy and broaden the tax base, link local economic growth with expanding sectors of the global economy, create information age job opportunities at home, prepare young people of the USVI to function in the new era of globalization, and enhance the academic programs of UVI and generate new revenue streams. Unique selling propositions were identified, including world-class connectivity through the USVI fiber hubs, tax benefits and business incentives, jurisdiction under US Federal law including intellectual property protections, and the lifestyle advantages of a tropical climate. A collaborative relationship with UVI was envisioned, integrating Park programs with the University’s academic programs to link workforce development with job creation, internships and job opportunities for UVI students with Park tenants, the potential for Park tenants and partners as adjunct faculty, and other collaborative engagements.

A Feasibility Study was conducted by Hammer Siler George Associates (HSGA) and completed in March, 2001. The report concluded that the Park Concept was viable given the mutual benefits the USVI and Park tenants would derive. The US Department of Interior provided a $250,000 grant in connection with the Park Concept, the UVI Board of Trustees approved the legislative framework for the Park, and proposed legislation was presented to the Governor and the Legislature, followed by public hearings on the measure by the Senate’s Committee on Economic Development. Act 6502 was subsequently signed into law by Governor Turnbull in 2002, establishing the University of the Virgin Islands Research and Technology Park Corporation (Title 17 VIC Chapter 34) – “RTPark” – and the Research and Technology Park Protected Cell Corporation (Title 17 VIC Chapter 43) – “RTPark-PC.”

Act 6502 established RTPark as a public corporation and autonomous governmental instrumentality with its own governing board, to foster the formation of a technology community that will enhance the economic development of the territory, with the ability to extend tax incentives to knowledge-based businesses through a Protected Cell corporation established for that purpose. In October, 2002, UVI and RTPark approved the Guiding Principles, defining their affiliate relationship and providing a framework for the management and operation of RTPark. In October, 2003, RTPark was added to the USVI Comprehensive Economic Development Strategy (CEDS) list as an economic development priority for the USVI, making RTPark eligible to apply for federal economic development grants and loans.

In 2005, RTPark recruited Mr. David Zumwalt to serve as Executive Director, and Mr. Kirwan continues to serve RTPark in an advisory capacity. For a brief chronology on RTPark’s ongoing history and notable achievements, download Brief History and Accomplishments.