The Virgin Islands Housing Management, Inc. (VIHM), together with Reliance Housing Foundation recently announced the long awaited onset of the demolition and new construction redevelopment phase of the Emergency Housing Hospital Ground Apartments on St. Thomas, U.S. Virgin Islands.  Ronald R. Pennington, Chair of the BoltNagi PC’s Real Estate & Financial Services Practice Group served as counsel to Reliance Housing Foundation in the transaction.

Continue Reading BoltNagi Facilitates $20M Transaction to Revitalize Hospital Ground Housing

If you are currently considering selling and acquiring property of similar value, perhaps a 1031 exchange is right for you. A 1031 exchange differs a typical real estate sale because the property is considered to be exchanged instead of sold. Partial exchanges also qualify and receive partial tax-deferred treatment. One of the main advantages of a 1031 exchange is that the taxes are deferred, unlike those of a sale. As no economic gain has been realized, the government allows you to bypass the payment of taxes.

Continue Reading 1031 Exchange: Is It Right For You?

Interest rates are at or near historical lows while at the same time only a limited number of Virgin Islands financial institutions are  providing financing for commercial real estate, even to long time creditworthy customers with long histories of investing in commercial real estate. At BoltNagi PC we have seen financial institutions of all sizes from the small local banks to the large national banks curtailing most all financing of commercial real estate due in part to the antiquated banking laws in the Territory and at this point in time we see no relief in the near term.

Continue Reading Creative Ways to Finance Commercial Real Estate

In the recent precedent-setting decision of Matthew v. Herman (S. Ct. Civ. No. 2009-0074), the Virgin Islands Supreme Court overturned a $125,000 jury award against a man who was sued for breaking up another man’s marriage, ruling the common law principle cited at trial did not apply, was antiquated, and out of step with a majority of United States states and territories.

Continue Reading VI Supreme Court Rules Wives Are Not “Property”

The Federal Deposit Insurance Corporation (FDIC) and U.S. Small Business Administration (SBA) recently announced new resources to support small businesses across the nation and the U.S. Virgin Islands.  FDIC Director for Depositor and Consumer Protection Mark Pearce and SBA’s Deputy Associate Administrator for Entrepreneurial Development Michael Chodos released Money Smart for Small Business, a training curriculum for new and aspiring business owners.  Developed in partnership between both agencies, this curriculum is the latest offering in the FDIC’s 10 year old award-winning Money Smart program.

Continue Reading FDIC and SBA Offer Support for New and Aspiring Entrepreneurs

U.S. Virgin Islands Governor John P. de Jongh  De Jongh has executed an executive order this past week laying the groundwork for new economic and cosmetic renewal projects in historic towns on St Croix and St Thomas.

“The United States Virgin Islands recognizes the importance of revitalizing these once-vibrant towns with an infusion of new business and economic opportunities, to renew their physical appearance, and to rejuvenate and diversify the local economy by providing incentives for business relocation and job creation,” de Jongh said in the order.

Accordingly, Government House will establish Enterprise Zones within those towns “in order to attract new businesses and provide incentives for investment in order to sustain the future preservation of these towns for the People of the Virgin Islands.”

Continue Reading Governor Promotes Urban Renewal with Tax Benefits

 

In the current down economy, as government and private sector employees continue to lose their jobs, many are worried about losing their homes too.  To help, U.S. Virgin Islands Delegate to Congress Donna Christensen has aggregated multiple federal programs to help people stay in their homes.

"Several homeowners have called or emailed my office asking about federal programs that can assist them, as they will be out of income and unable to maintain their mortgages," Christensen said in a written statement. "There are programs in the departments of Treasury, Housing and Urban Development, Agriculture (Rural Development) and the Small Business Administration that can be helpful."

Continue Reading Territory Offers Foreclosure Prevention Programs

In response to the closure of the HOVENSA oil refinery, the United States Virgin Islands single largest private employer, the Territory’s Delagate to Congresss, Donna Christensen, is pursuing an Economic Disaster Declaration by President Obama.

“I know that is what the car industry got, and while this is on a smaller scale, for our territory, with its 110,000 population to lose over 2,000 jobs and its main supplier of energy, it is an economic disaster,” she said in a meeting with Department of Commerce officials this past week.

Continue Reading USVI Delegate Appeals to President Obama for Declaration

The National Labor Relations Board (the "NLRB" or the “Board”) has ruled that a mandatory arbitration agreement preventing employees from pursuing class or collective claims against their employer is unlawful under the National Labor Relations Act (“NLRA” or the “Act”). 

In D. R. Horton, Inc., the Board held that merely maintaining such agreements with nonsupervisory employees constitutes an unfair labor practice by interfering with nonsupervisory employees’ right, under Section 7 of the Act, to engage in “concerted activities” to affect wages, hours, and other terms and conditions of employment. The Board further ruled that an arbitration agreement requiring nonsupervisory employees to submit all employment-related claims to arbitration violates the NLRA by leading employees to believe that they may not file unfair labor practice charges with the Board. While the Board sought to downplay the scope of its ruling, the decision not only may increase the number of class and collective actions filed, but also means that both unionized and non-unionized employers throughout most of the private sector should review, and potentially rewrite, the arbitration provisions contained in their employment agreements, handbooks, and policies.

 

Continue Reading NLRB Decision Impacts Unionized and Non-unionized Employers

As we begin the new year – 2012, it is especially important for U.S. Virgin Islands employers to review their employee handbooks to ensure that they are both legally compliant and up to date with current practices.  A number of  changes in federal and territorial employment laws have taken place over the past year and are slated to become effective in 2012, requiring employers to act now. 

Continue Reading New Year Provides Opportunity to Review and Update Employment Policies