Ground has been broken for the $40.4 million Island Crossing Shopping Center on St Croix, which will bring in the island’s first Home Depot.
The Island Crossing Shopping Center, developed by Caribbean Development Partners, is the territory’s first tax increment financing project. The government benefits from the increased tax revenue, jobs and the added infrastructure like roads, sewage and power lines. The developer benefits by getting government-backed financing for the project.
So far, the government has committed to issuing $15.7 million in bonds to pay for the infrastructure portion of the $40.4 million first phase of the project. The project includes four phases. and the agreement between the government and the Caribbean Development Partners allows for up to $30 million in government-backed bonds to be issued for the entire project.
While the Senate approved the Island Crossing development on St. Croix more than a year ago, the final documents for the first phase of the $40.4 million project were signed by Gov. deJongh only last month.