2004 Section 108 Project Summaries - Puerto Rico

Children's Dream Park & Center for Performing Arts
BORROWER: JUANA DIAZ
STATE: PR
COMMITMENT AMOUNT: $5,500,000
Juana Diaz will use the Section 108 guaranteed loan to finance two public facilities projects - the Performing Arts Center & School and the Children's Dream Park. The Performing Arts Center and School that will be constructed on approximately 4.29 acres of land. It will include the theater, faculty room, plaza for artisans, park of sculptures, maintenance/service areas, classrooms (rehearsal), workshop, and parking accessible to principal streets. The Children's Dream Park will be developed on approximately five acres of land and will include a multiple activity room, one covered basketball court, two baseball parks, children's passive recreation park, gazebos, bathrooms, and equipment for patio games. These two public facilities will benefit the residents of Juana Diaz of which more than 51% of the residents are low- and moderate-income persons.

Cultural Center & Public Facilities
BORROWER: SANTA ISABEL
STATE: PR
COMMITMENT AMOUNT: $824,000
Santa Isabel will use the Section 108 guaranteed loan funds to finance the construction of a publicly-owned three-story office building and the rehabilitation of two public facilities: the Cultural Center and La Plazita which will be converted into a public library. The city estimates that the office building will create 57 new jobs, of which 51% will be held by low- and moderate-income persons. The two public facilities will benefit the residents of the city of which 52% of the residents are low- and moderate-income persons.