P.R. Laws tit. 21, § 4622
The municipality is hereby empowered to provide, administer or require the mechanism for the transfer of development rights, where it has been determined in an ordinance plan. The Planning Board, the Permit Management Office and the Puerto Rico Land Administration are also empowered, as may be pertinent to each according to its jurisdictional scope, to provide, administer or require the mechanism for the transfer of development rights, to comply with the provisions in an ordinance plan or a land use plan, as said mechanism has been provided in said plans. This mechanism shall be used pursuant to the regulations adopted by the Planning Board for this purpose.
The transfers of development rights may be used in the following situations, among others:
(a) To permanently preserve structures and properties of a historic, architectural, symbolic or cultural value.
(b) To permanently open lands for agricultural use or for natural reservations.
(c) To distribute charges and profits among the various proprietors within the area comprised by an ordinance plan or a land use plan.
Said mechanism will allow a project developer to acquire the development rights of other properties, as established in an ordinance plan or in a land use plan. These plans shall establish the areas among which transfers may be made, clearly establishing the areas that will cede the development rights and the areas that will have the power to acquire these rights. Any alteration to the areas shall represent a revision of the plan.
The regulations to be adopted to enact the mechanism for the transfer of development rights shall meet the following conditions:
(a) The transfer of development rights may be conducted as a normal purchase and sale transaction between two (2) free agents. Any transfer shall obtain an authorization of the municipality or the public agency concerned which shall attest to its compliance with the ordinance plan or the land use plan and an authorization of the registered real rights title holders, if any, prior to its transaction.
(b) The person who cedes or purchases the development rights may do so through one or several transactions.
(c) Any transfer of development rights, regarding one or more pieces of property, as well as its modification or encumbrance, shall be recorded in the Property Registry through the presentation of a public deed accompanied by evidence of the authorization of the municipality or the public agency concerned, as well as of all the registered real rights title holders, if any.
(d) Once the development rights of a property are sold or transferred, the rights to said property that are sold or transferred are extinguished.
(e) The municipality or the public agencies concerned shall have the power to create a special transfer fund with the capacity to acquire or sell development rights, as any other agent.
(f) The Permits Office of a municipality or the Permit Management Office shall maintain an inventory of the development rights used as part of a construction permit.
History —Aug. 30, 1991, No. 81, § 13.024; Oct. 29, 1992, No. 84, § 82.