The marina will entail a private investment of US$113.6 million and include 67,000 sq ft of commercial space and 7,496 linear feet of piers. Seventy-six spaces for yachts of less than 80 ft and 20 spaces for yachts of more than 80 ft will be available. The accord also requires the building of a 240-room (168,000 sq ft), four to five-star hotel on Pier 9. IGY will handle demolition and repair of the wooden foundations for piers 7 through 10, the construction of public spaces including parks and walkways;
The agreement is for 50 years and also entails payment of $6.75 million to the PRPA, to be paid a year after the reconstruction of the piers is completed, or three years after signing the development contract, whichever comes first, plus US$250,000 annual payment to the agency. Net operating income (NOI) will be distributed 75% to IGY and 25% to PRPA. Estimated profits will reach US$20 million throughout the contract's term.
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|Title Annotation:||PUERTO RICO|
|Date:||Feb 1, 2008|
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