FEMA assigns $93M to PRIDCO for property reconstruction projects
The Puerto Rico Industrial Development Company (PRIDCO, in Spanish) has been assigned $93 million from the Federal Emergency Management Agency (FEMA) to begin reconstruction and revitalization of commercial properties affected after the passage of Hurricanes Irma and María in 2017.
PRIDCO Executive Director Javier Bayón-Torres said the allocation will benefit 54 mandatory projects throughout the island.
The projects are distributed among some 41 municipalities throughout the Island, which represent about 159 commercial properties. PRIDCO’s commercial properties can accommodate a variety of uses, from light manufacturing to specialty manufacturing, manufacturing, research and development, distribution, and warehousing centers, among other light industrial activities.
“Each restored building, park or industrial area represents an opportunity for growth and potential competitive advantage, both at the municipal and state levels. Our commitment is aimed at streamlining these processes to continue encouraging and strengthening our economy,” said Bayón-Torres, crediting FEMA and Central Office of Recovery, Reconstruction and Resiliency (COR3) for identifying the funds.
“The funds represent a short- and long-term economic impact, given the potential to create jobs in the rebuilding process,” said Bayón-Torres.
The funding allocation “will boost the economy of the towns where the PRIDCO properties are located,” he said.
Each project is estimated to generate between 15 and 25 direct and indirect jobs. Once the repairs are completed, the properties will be ready to be leased, which, in turn, will create more economic development in the areas.
“Optimizing PRIDCO properties so that they are in good condition is one of the priorities of this administration, to improve operational efficiency to become the most effective real estate asset management within the government. These efforts will result in a successful strategy to promote economic development,” said Bayón-Torres.
Meanwhile, COR3 Executive Director Manuel A. Laboy, said rebuilding the PRIDCO properties will also benefit public corporations, such as the Puerto Rico Aqueduct and Sewer Authority, the Puerto Rico Electric Power Authority, and the Highways and Transportation Authority, which will be called upon for the repairs.
“All of these components are important to promote Puerto Rico as an investment destination for local and foreign entrepreneurs. At COR3, we will support the processes related to the development of these projects that are so important for our island’s economy,” said Laboy.