While the Department of Economic Development still works on an inventory of all government-owned properties, the Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF, by its Spanish Acronym) published on Tuesday the Single Regulation for the Evaluation and Disposition of Government Real Estate Assets.
In a press release, the chairman of the Committee for the Evaluation and Disposition of Real Estate (CEDBI, by its Spanish Acronym) and executive director of AAFAF, Omar J. Marrero, explained that the purpose of the Single Regulation is to expedite and unify the different processes of disposition and transfer of government real estate, including unused school sites.
The exercise could become a central component of the new program and lead to a much-needed investment push that could help the U.S. territory find its way out of recession and its fiscal woes
Marrero indicated that the Single Regulation consolidates two sets of rules to simplify procedures and establish a more efficient system with uniform parameters. In addition, it standardizes the requirements for the disposition and transfer of properties, including the management of proposal requests.
“This unique regulation will strengthen and guide the disposition of government assets with the purpose of bringing greater resources to the government's coffer and offer agility in favor of the applicants. It is our responsibility to create and promote efficient procedures in which the principles of competition, transparency, job creation, economic development and the revival of our real estate market prevail,” said Marrero.
The RFQ is meant to identify one or more qualified parties who manage properties, which include lands and buildings that are ordinarily intended for industrial use
With the publication of the regulation, a period of 30 days begins so that anyone can submit comments and suggestions writing to email@example.com. The document is available for review on the AAFAF website: http://www.aafaf.pr.gov.
Marrero also indicated that to date, the CEDBI has evaluated more than 255 requests for lease, sale or transfer of the government-owned real estate. The proposals have been submitted by non-profit organizations, municipalities, government entities, and individuals. Of these, 180 are petitions for school sites.