P.R. Laws tit. 21, § 1095f
Every person shall submit a proposal to the Territorial Ordinance Office of the municipality with an area or historic zone plan, which shall evaluate the proposal, before carrying out or participating in a project for the rehabilitation of an urban center and receiving the tax benefits set forth in this chapter. In the case of a municipality in which said area or zone plan is not in effect, the proposal shall be submitted before the Office of the Director and it shall evaluate the proposal with the participation of the mayor of the municipality in which the project shall be developed and the Planning Board. Said evaluation shall be made pursuant to the Rehabilitation Plan approved for the urban center and the criteria established in § 1095d of this title. The proposal shall include the programming of the project, work plan, estimated time for the initiation and completion of the project, total investment, including sources of funds and financing, and the direct and indirect benefits of the project when established in the corresponding urban center.
The Territorial Ordinance Office of municipalities with area plans or a historic zone or in the case of municipalities that do not have them, the Office of the Director shall establish, by regulations, the additional requirements that said proposals shall include, and the procedure to consider them; notify their approval; program the development of the project; and supervise its compliance. The proposals must be approved or rejected within a term of not more than sixty (60) days.
Once the proponent is notified of the approval of the presented proposal, the Territorial Ordinance Office of the municipalities with area or historic zone plans or in the case of those municipalities lacking them, the Office of the Director, shall notify the Secretary of the Treasury the name, employer’s or social security number (in case of a natural person), the incentives that the proponent shall receive, if the proposed project is performed, the nature and uses of the project, the amount of the investment the starting date of the construction, and the estimated completation date of the project. The notice of the approval of the proposal does not establish the right of the proponent to receive the incentives granted by this chapter; for that to take place, the certification of completion of the project referred to in § 1095g of this title shall be a requirement.
History —Aug. 29, 2002, No. 212, § 4.02; Apr. 23, 2004, No. 102, § 1.