2002 Section 108 Project Summary - Puerto Rico

Economic Development

REVIVED TOURIST COMPLEX TO CREATE 147 NEW JOBS
Cidra PR Reconstruction of Tourist Complex $5,100,000

The Municipality of Cidra will finance reconstruction of the vacant Treasure Island tourist complex, utilizing $5,100,000 in Section 108 loan funds. The municipality will own and operate the tourist facilities and lease related entertainment facilities to private sector operators. The project will consist of reconstruction of existing 16 cabanas, 20 apartments, a restaurant, swimming pool and activity room. Two retail shops will be added, along with an artisan retail sales area, bicycle rental areas, fishing retail shop, a bar, and tennis courts. The tourist complex project is expected to create 147 full-time jobs, of which at least 51% will be filled by low- and moderate-income persons.

Public Facilities

IMPROVEMENTS TO SPUR DEVELOPMENT OF DISTRESSED NEIGHBORHOOD
Aguadilla PR Paseo de la Real Marina-Area Project $12,995,000

The Municipality of Aguadilla launched its economic development initiative with the help of a Section 108 award of $12,995,000 in loan guarantee assistance that will finance infrastructure and public improvements for development of the Paseo de la Real Marina neighborhood. This development will include road expansion, sidewalk construction on the west side of the project, along with electrical, water and sewage, and telephone utility upgrades. The Municipality will also use $1,000,000 of the Section 108 funds toward acquisition of 98,448 square feet of waterfront property.

NEW MULTI-USE COMPLEX TO INCLUDE RESTORED PUBLIC SQUARE, THEATER
Jayuya PR Urban Core Project $3,000,000

The development of a multi-use complex in Jauuya was made possible via a Section 108 award of $3,000,000 in loan guarantee assistance that will be used to finance construction. The project will include: (1) the restoration of the Catalina Figueras School and three adjacent buildings; (2) construction of a theater; (3) restoration and expansion of the Municipality's Public Square, and; (4) acquisition and restoration of five houses to be used as a Guest House/Inn. The construction of parking facilities will be coupled with the development. The built-out complex is expected ultimately to create 62 full-time jobs.

ACQUISITION, RENOVATION TO ADD MARKETPLACE, EXPANDED SPORTS COMPLEX
Juncos PR Multiple Projects $2,385,000

The City of Juncos was awarded $2,385,000 in Section 108 loan guarantee assistance that will finance the following three projects:

1. Juncos Marketplace - Acquisition and renovation of two buildings, which will become part of the Juncos Marketplace at Pueblo Ward. These two buildings will provide space for up to 14 vendors and small businesses.
2. Municipal Cemetery - Acquisition of 4.25 acres to be used as an addition to the municipal cemetery. This property will provide an additional 700 interment spaces.
3. Valenciano Sports Complex - Acquisition of property and expansion of capacity of facilities at the City's Valenciano Sports Complex.

SECTION 108 TO FINANCE EXTENSIVE URBAN ECONOMIC DEVELOPMENT INITIATIVE
San Juan PR Municipal Projects $72,515,000

The Municipality of San Juan launched a multi-faceted public infrastructure investment made possible by the Section 108 award of $72,515,000 in loan guarantee assistance, which will be used to undertake 17 different projects. These projects include reconstruction of streets, upgrading lighting and signage in low-income neighborhoods, construction and/or rehabilitation of community parks and recreation centers, conversion of the abandoned Coast Guard Officer's Quarters into a center for abused and/or orphaned children, rehabilitation of a historic theater, and construction of a new exposition center.

SECTION 108 FUNDS MULTIPLE KEY PUBLIC INVESTMENTS
Vega Baja PR Public Facilities and Improvements $3,200,000

The Municipality of Vega Baja will utilize $3,200,000 in Section 108 loan guarantee assistance to finance a variety of activities including reconstruction, construction, rehabilitation, and acquisition of public facilities and improvements. Section 108 funds will be used for the following six (6) projects:

1. Reconstruction of Urban and Rural Roads of Vega Baja: This project's activities will include drainage improvements, sidewalk construction, along with gutters and/or lighting improvements within the Municipality. Approximately 63,000 square meters of roads will be improved.
   
2. Reconstruction to "Plaza de Recreo" and other Recreational Facilities: This reconstruction involves facilities including the Plaza de Recreo, Cancha Moises Navedo, Balneario Puerto Nuevo, and Parque Carlos Roman Brull.
   
3. Municipal Public Facilities: The project involves the reconstruction, improvement, and historic preservation of existing municipal facilities.
   
4. Reconstruction and Improvements to Municipal Cemeteries: The Municipality will expand the number of burial niches affordable to low- and moderate-income persons.
   
5. Acquisition of Real Property: Acquisition of real properties and structures for future development projects, such as an industrial and commercial and information center, public parking and recreational facilities.
   
6. Housing Apartments for Elderly within the Urban Area: The Municipality has purchased two adjacent properties at Baldorioty Street in the Urban Core to be redeveloped into low-income elderly family housing. The building will be rehabilitated in accordance with historic preservation standards and will provide twenty-two (22) apartments.