|Navy Transfers Nearly 1,000 Acres to Puerto Rico|
Naval Facilities Engineering Command, BRAC PMO Public Affairs/Communications Office - January 26, 2012, Contact: Melanie Ault
Byline - CEIBA, PUERTO RICO
Dateline - Jan.26
Body The Department of the Navy today transfers 992 acres of the former Naval Station Roosevelt Roads (NSRR), Puerto Rico, to the Local Redevelopment Authority (LRA) for NSRR through an Economic Development Conveyance (EDC). An EDC is an authority provided to the military services to dispose of property for the purposes of job generation.
Under the terms of the EDC, the Navy will transfer a total of nearly 1,370 acres of land and improvements to the LRA in exchange for an anticipated consideration of $8.04 million. The Navy would also be paid an additional forty percent of all LRA revenue over $56.8 million received through 2035. The remaining 378 acres will be transferred to the LRA as Navy completes the environmental remediation process for the property.
“Through the transfer of 1,370 acres of lands and facilities to the Local Redevelopment Authority – Roosevelt Roads, the government of Puerto Rico will achieve Governor Luis Fortuño’s strategic objective of creating jobs and spurring economic growth in the towns of Ceiba and Naguabo, and the eastern region of Puerto Rico, which were most severely impacted by the closure of former Naval Station Roosevelt Roads,” said Jaime López, Interim Executive Director of the LRA.
Both the Navy and the Commonwealth of Puerto Rico benefit from this transfer noted James Anderson, Director of Navy BRAC PMO Southeast. The Navy will no longer have to carry caretaker and security costs for the property and the Commonwealth will reap the benefits of maximizing economic and job creation potential for this area of the Caribbean Anderson also said.
“We have kept our promise to communities adjacent to NSRR and the people of Puerto Rico that we would finalize negotiations with the Navy this year. The culmination of the Economic Development Conveyance process also represents a vote of confidence by the Navy to the vision and viability of the Master and Business Plans proposed by the LRA and the ability of the government of Puerto Rico to make this redevelopment project a reality. We appreciate the cooperation and support provided by Navy officials throughout this process,” said López.
To view the full document at the source publication, go to http://oea.gov/index.php?option=com_docman&task=doc_download&gid=1103&Itemid=33.
The information above is for general awareness only and does not necessarily reflect the views of the Office of Economic Adjustment or the Department of Defense as a whole.