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Waterfront project.

The Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla.  Ports Authority (PRPA PRPA Platte River Power Authority (Colorado & Wyoming)
PRPA Puerto Rico Ports Authority (Puerto Rican government agency)
PRPA Prince Rupert Port Authority
) has signed an agreement with Island Global Yachting (IGY IGY
International Geophysical Year
) toward the development and operation of the San Juan Waterfront project, reports Caribbean Business (Dec. 13, 2007):

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 Operating Income

The profit realized from a business' own operations.

This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit.
 (NOI NOI Net Operating Income
NOI Notice of Intent
NOI Nation of Islam
NOI Notice of Inquiry
NOI Neuro Orthopaedic Institute
NOI New Organizing Institute
NOI Notice of Interest
NOI No Offense Intended
NOI National Olympiad in Informatics
) 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
Publication:Caribbean Update
Date:Feb 1, 2008
Previous Article:US$7 billion sale of pension funds.
Next Article:Bank reports loss for 2007.

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