Legislation

Information about our legislative charter and mandate can be found in the Virgin Islands Code (VIC), which can be browsed online at Michie’s Legal Resources. The enabling legislation of the Government of the USVI which established RTPark, referred to throughout this website as the Act, comprises Acts 6502, modifications thereto by Act 6726, and any other relevant legislation of the Government of the USVI. We’ve highlighted key points regarding our operating entity “RTPark” (the University of the Virgin Islands Research and Technology Park Corporation), and our tax-incented subsidiary entity “RTPark-PC” (the Research and Technology Park Protected Cell Corporation).

Information on the RTPark Bylaws and Guiding Principles can be found on our Governance page. For more information — including US Treasury regulations, Tax Opinion Letters, budget proposals and more — visit our Other Reports page.

Legislative Statements of Purpose

RTPark. Paraphrased from 17 VIC Chapter 34 S. 480.

The purposes and objectives are declared to be the development of a technology sector in the USVI to promote the economic growth, development and diversification of the USVI and the broadening of the capabilities of UVI, including the training of UVI 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 UVI, 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 USVI that:

• 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 USVI as are determined, pursuant to this chapter, to be in the public interest of the USVI.
• There be established by the Government of the USVI a University of the Virgin Islands Research and Technology Park Corporation, as a public corporation and autonomous governmental instrumentality of the Government of the USVI 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 USVI. The Research and Technology Park shall constitute optimum usage of property owned or leased by UVI and made available to RTPark, or property owned by RTPark.
• RTPark shall provide facilities for the development or incubation of new, start-up, knowledge-based businesses and related businesses.
• RTPark promote scientific research and development in affiliation with and related to the research and development activities of UVI and that the RTPark enhance UVI’s missions of teaching, research, and public service, and provide for the financial support of UVI under such terms and conditions as may be prescribed by the UVI Board of Trustees.
• RTPark shall partner with UVI to develop and offer research and technology education, training and internships to residents of the USVI in order to qualify residents for jobs created by Park businesses.
• RTPark shall contribute to the formation of a technology community which will enhance the economic development and broaden the economic base of the USVI.
• RTPark shall provide an environment that will encompass commercial facilities that serve the needs of the Knowledge-Based Business in the Research and Technology Park.
• RTPark may finance and refinance capital projects related to the establishment and operation of one or more Research and Technology Park sites in the USVI, including facilities that complement or encourage the complete operation thereof.
• RTPark shall promote the hiring of Residents of the USVI and the purchase of goods, materials, and supplies from USVI residents, firms and corporations by businesses located in the Research and Technology Parks or Parks.
• RTPark shall complement the EDC Program established under 29 VIC Chapter 12 and the Farmers, Fishermen and Consumers Assistance Program established under 7 VIC Chapter 13 and shall establish close liaison, cooperation and coordination with the EDA and the Department of Agriculture in connection therewith.
• Every Electronic Business, Knowledge-Based Business, and Person, as defined in 17 VIC Chapter 34 S. 482, and RTPark shall be subject to the laws and the Rules and Regulations of the USVI.

RTPark-PC. Paraphrased from 17 VIC Chapter 43 S. 800.

To provide for the creation of a protected cell corporation by the Legislature of the USVI to be owned by RTPark, defined as the “Research and Technology Park Protected Cell Corporation,” as a means to provide Hosting Services to Knowledge-Based Businesses, in the Research and Technology Park and to offer tax benefits to the Protected Cells of the Research and Technology Park Protected Cell Corporation.

Confidentiality

As an autonomous instrumentality of the Virgin Islands Government, RTPark is subject to the “Government in the Sunshine Act” found at 1 VIC Chapter 15. The Sunshine Act entitles the public to the fullest practicable information regarding the decision making processes of government, subject to the protections of the rights of individuals and the ability of the government to carry out its responsibilities.

Confidentiality, however, is vital to the conduct of business, and RTPark strives to maintain a proper balance between our obligations under the Sunshine Act and our obligations to business partners. Certain of our commercial relationships are afforded special confidentiality protections under 17 VIC Chapter 43 S. 810, which states:

The following records and information of RTPark-PC and information and records provided by Protected Cells to RTPark-PC shall be kept confidential, unless disclosure is otherwise ordered by a court of competent jurisdiction, or by a person duly authorized by law to release such information or required in accordance with a legally issued investigative subpoena of the Office of the Attorney General or of the Inspector General:

(a) Confidential, proprietary information, books and records of RTPark-PC concerning Protected Cells, such as their financial arrangement with RTPark-PC, royalty arrangements, financing, patents, financial and commercial information and other trade secrets which are recognized and protected as such by law.

(b) Information or records provided to RTPark-PC by a Protected Cell pursuant to a confidentiality agreement where such information and records could not otherwise be obtained by RTPark-PC without a pledge of confidentiality.

(c) Records that represent and constitute the work product of an attorney, which are related to litigation or a claim made by or against RTPark-PC or one or more Protected Cells.

(d) Information which, if released, would give a competitive advantage to competitors of Protected Cells.

(e) Information regarding negotiations between RTPark-PC and a prospective Protected Cell.