2005 Section 108 Project Summary - Puerto Rico

Economic Development

Treasure Island Hotel (Phase 2 & 3)
BORROWER: CIDRA
STATE: PR
SECTION 108 LOAN GUARANTEE AMOUNT: $2,000,000

Cidra will use the Section 108 Guaranteed Loan to fund the renovation of the Treasure Island Hotel complex in the Bayam�n Ward and construction of complimentary facilities. The project will include the purchase/construction of sixteen (16) cabins, a bar, access control station, lead and asbestos removal, machinery and equipment, air conditioning, and recreational facilities including a swimming pool, basketball court, tennis court, gazebos, and a bicycle rent station.

The City owns the project site and will operate the complex as a tourist facility, but lease related entertainment facilities to private sector operators. This Phase 2 & 3 of the project is expected to create 57 additional job opportunities, 51% of which will be held by, or will be available to, low- and moderate-income persons.

Amelia Sector Public Improvement
BORROWER: GUAYNABO
STATE: PR
SECTION 108 LOAN GUARANTEE AMOUNT: $2,000,000

Guaynabo will use its Section 108 Guaranteed Loan to undertake a public improvements project in the Amelia sector, and a portion of the Jerusalem sector in the Pueblo Viejo Ward of Guaynabo. The improvements will include storm and sanitary sewer systems, streets, sidewalks, curbs, and gutters. Approximately 12,869 square meters of asphalt will be removed and 17,570 square meters will be repaved; 3,473 lineal meters of sidewalks will be demolished and constructed; 2,294 lineal meters of curbs, 18 meters of gutters and 300 square meters of entrances will be installed. The sanitary sewer system improvements include the removal of 360 lineal meters of existing pipes and the installation of 2,577 lineal meters of 8� sewer lines, 49 manholes and 225 lot connections, which involves the installation of 1102 meters of pipelines and 33 inlets.

The project will benefit low- and moderate-income families in the Pueblo Viejo Ward, which is a primarily residential area with a total population of 5944. More than 51% of the residents are low- and moderate-income households.