2023 Laws of Puerto Rico › TITLE TWENTY-ONE - Municipalities (§§ 1-4 — 6756) › Subtitle 3 - General Provisions (§§ 621-639 — 1100a) › Chapter 85D - Mountain Region Socioeconomic Development Corridor Act (§§ 896 — 896c) › § 896c - Special Development Corporation

Pursuant to what §§ 4001 et seq. of this title, known as the “Autonomous Municipalities Act of Puerto Rico of 1991”, allows, the Special Industrial and Cooperative Development Corporation of the Central Region is hereby created, to be primarily responsible for the creation of the Socioeconomic Development Corridor of the Central Region. This Corporation shall be a nonprofit entity and shall be governed by a Board composed of the mayors or authorized representatives of the municipalities that constitute the region, the Executive Director of the Industrial Development Company or his/her authorized representative, the Executive Director of the Investment and Cooperative Development Fund or his/her authorized representative, the Commissioner of the Cooperative Development Commission or his/her authorized representative, one (1) representative of the Planning Board, and one (1) representative of the public interest, to be appointed by the Chair of the Board and ratified by the simple majority of its members.
The Corporation shall have a juridical personality separate from the municipal governments that it comprises, elect a chair and be subject to all the laws and statutes in effect, as established in the Puerto Rico Corporations Act. Given that the Corporation shall be a nonprofit entity and its composition is based on public officials committed to the purposes of this chapter, the appropriation of funds for the operations thereof shall not be necessary. However, if necessary, the Corporation shall be authorized to solicit and receive funds from any Commonwealth, municipal or federal agencies, nonprofit organizations, and any natural or juridical person subject to this chapter.
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 and PRIDCO, 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 and the Government Development Bank, the Economic Development Bank, and FIDECOOP, federal or nongovernmental agencies, to help finance the manufacturing and cooperative projects of Puerto Rican industrialists.
(f) Evaluate and endorse industrial and cooperative-related projects, as well as assist the 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 signed by its Chair, to the Governor of Puerto Rico and the Legislative Assembly, through the office of the Secretary and the Clerk, as applicable, on its efforts and progress.
(i) It may accept contributions from the private and public sectors, provided that such contributions do not represent a conflict of interests with the proponents of the projects, the suppliers, or any other entity with specific interests in the projects within the Corridor.
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 under §§ 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 —May 26, 2010, No. 39, § 5, eff. July 1, 2010.