The United States Department of the Treasury and the Federal Internal Revenue Service (IRS) designated that 98% of Puerto Rico is a Zone of Opportunity, under the Federal Act for Work and Tax Reduction (Tax Cuts and Jobs Act). These zones were created to promote local, national and international investment, create jobs and generate economic development in disadvantaged communities.
The Roosevelt Roads Redevelopment Project is an extraordinary initiative that will enhance economic and social growth in the eastern region of the Island and Puerto Rico, in general. The primary objective of the Local Redevelopment Authority' for Roosevelt Roads (LRA) is to continue its efforts to identify developers with the ability to advance the business objectives of the Roosevelt Roads (RR) redevelopment project, consistent with the Master Plan, and to continue to promote and develop specific projects within that context, to create jobs and to spur economic growth in Ceiba and Naguabo, and the eastern region of Puerto Rico.
The Port of Ponce is located in the municipality of Ponce, on the south coast of the island, towards the Caribbean Sea. Ponce is the second largest city in Puerto Rico, by population and by territorial extension. Since 1911, this city has had the right to operate a franchise for a port operation, granted by the former Executive Council, by special act of the United States Congress, approved on June 11, 1906.
The use of deep sea or ocean water technology has been discussed globally since the 1960s. Numerous studies and discussions have been conducted in Puerto Rico over the years. However, since the 1980s this matter has remained a forgotten dream. In September 2017, two catastrophic natural disasters, Hurricanes Irma and María, changed the rules of the game related to power generation and the use of new technologies. This opened up new opportunities to explore this untapped resource.
The DEDC is in the process of developing a Class A "Multi-story" building. As part of this effort, we are working on the preparation of the land that is located in the middle of the metropolitan area next to the largest commercial buildings and offices in Puerto Rico. Once the land preparation is completed, we will look for a Developer to finance, build and operate this facility. The long-term project will provide office space of up to 120,000 square feet and will represent an investment of more than $45 million.
The Puerto Rico Public-Private Partnerships Authority (the "P3 Authority") has come to transform the economy and lifestyle of Puerto Rico by improving our infrastructure and services through the effective integration of innovation and the experience of the private sector. Following a global trend, our success stories have shown that we are able to support and establish agreements that can be mutually beneficial to all stakeholders involved; particularly, our citizens of Puerto Rico.