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Charlotte Amalie
Monday, May 20, 2024
HomeNewsLocal newsMapp Approves One, Denies Two EDA Tax Benefit Applications

Mapp Approves One, Denies Two EDA Tax Benefit Applications

Gov. Kenneth Mapp approved the application of Spectrum Engineering Inc., a St. Croix-based engineering and construction firm, for Economic Development Authority benefits this week, in a decision handed down Tuesday.

But on Wednesday, Mapp denied benefits to Leeward Capital Corp. and Perpetual Motion Management LLC, saying that in reviewing the applications, “It was clear to me that both Leeward’s and Perpetual Motion’s applications do not adequately meet the appropriate ratio of investment in our economy for an award of tax holidays as outlined in the vision and purpose of our tax incentive program."

"If I were to approve the benefits, the applicants would receive benefits that would far outweigh the levels of investment in our economy,” Mapp said in a statement Wednesday.

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