P.R. Laws tit. 23, § 11084
(a) New entrepreneurs who wish to establish a micro, small-, or medium-sized business may lease an eligible property from the Puerto Rico Industrial Development Company or the Trade and Export Company to establish operations and shall pay an annual rent of one dollar ($1) during the first two (2) years of the lease. The Puerto Rico Industrial Development Company and the Trade and Export Company shall establish guidelines for leasing their properties. The lease agreement shall include all the usual terms and conditions for this type of agreement and shall comply with all the legal provisions applicable to the lease of properties of the Puerto Rico Industrial Development Company or the Trade and Export Company. The applicable rent, once the two (2)-year period ends, shall be the prevailing rent at the time the lease agreement was executed.
(b) In order to be eligible to participate in this Program, the applicant shall:
(1) Be the owner of a micro, small-, or medium-sized business.
(2) Commit him/herself to create or retain certain jobs.
(3) Have a business plan or proposal approved by the Puerto Rico Industrial Development Company (PRIDCO) or the Trade and Export Company.
(4) Submit a proposal to the Board.
(A) The Board shall issue its determination within fifteen (15) business days.
(B) The Board shall promulgate guidelines for the evaluation of the proposals submitted by participants seeking to receive this type of grant.
(C) Benefits under the Preferential Rent Program shall take effect upon the expiration of the effective term of §§ 11021 et seq. of this title, known as the “Jobs Now Act”.
History —June 11, 2014, No. 62. § 11.