2023 Laws of Puerto Rico › TITLE TWENTY-ONE - Municipalities (§§ 1-4 — 6756) › Subtitle 3 - General Provisions (§§ 621-639 — 1100a) › Chapter 85B - Northern Industrial Corridor (§§ 892 — 894) › § 894 - Special Development Corporation

Pursuant to what §§ 4001 et seq. of Title 21, known as the “Autonomous Municipalities Act of Puerto Rico of 1991”, allows, the Special Industrial and Cooperative Development Corporation of the North Region is hereby created, to be primarily responsible for the creation of the Industrial Corridor of the North. This corporation shall be a nonprofit entity and shall be governed by a board consisting of the mayors or authorized representatives of the municipalities that constitute the region, the Executive Director of the Puerto Rico Industrial Development Company, the Executive Director of the Cooperative Investment and Development Fund, the Cooperative Association Commissioner of Puerto Rico, and one (1) public interest representative, to be appointed by the Chairperson of the Board and ratified by the simple majority of its members. The Corporation shall have a juridical personality separate from the municipal governments it is comprised of. The former shall elect a Chairperson and shall be subject to all the laws and statutes in effect, as established in the Puerto Rico Corporations Act. Since the Corporation shall be a nonprofit entity and its composition is based on public officials committed to the purposes of this measure, it is not necessary to appropriate funds for its operations. However, if necessary, the Corporation shall be authorized to request and receive funds from any Commonwealth, municipal or federal agency.
The Corporation shall have the following functions:
(a) Implement the objectives established in this chapter.
(b) Develop vehicles and instruments for attracting industrial investments.
(c) Plan, in a coordinated manner, together with the municipalities, PRIDCO, and FIDECOOP, the development of infrastructure projects that make viable the industrial and cooperative development of the region.
(d) Develop programs for training personnel to work in the manufacturing and cooperative industry located in the corridor.
(e) Develop financing instruments, together with PRIDCO, the Government Development Bank, and FIDECOOP, and federal or nongovernment agencies to help finance manufacturing and cooperative projects of Puerto Rican industrialists.
(f) Evaluate and endorse industrial and cooperative projects, as well as assist proponents of projects to obtain the permits required by the laws and regulations in effect in Puerto Rico.
(g) Prepare regional promotional and marketing programs.
(h) Submit not later than June 30 of each year, a report undersigned by its Chairperson, to the Governor and the Legislative Assembly of Puerto Rico, through the offices of the Secretary and the Clerk, on the efforts and progress made by the Board.
The municipal governments are hereby authorized to work in a coordinated manner on the development of the municipal incentives program in order to attract new industrial and cooperative investments. This incentives program may be administered by the Corporation, in addition to the incentives provided in §§ 10641 et seq. of Title 13, better known as the “Economic Incentives Act for the Development of Puerto Rico”, and §§ 481 et seq. of Title 23, known as the “Investment and Cooperative Development Fund of Puerto Rico Enabling Act”.
History —Sept. 15, 2004, No. 284, § 5; Oct. 17, 2009, No. 122, § 3.