P.R. Laws tit. 21, § 6651
Any petitioner wishing to establish a tourism improvement district shall file a petition with the Company requesting its determination as to the proposed tourism improvement district shall promote and substantially strengthen the Puerto Rico tourism industry.
The petition must contain:
(a) The name of the proposed tourism improvement district;
(b) The consent of two-thirds (⅔) of the owners of real property located in the proposed tourism improvement district;
(c) a detailed description of the proposed improvement project or projects and the reasons that make it necessary and which justify the creation of the district;
(d) a detailed report as to how the establishing of the tourism improvement district and the development or implementation of the improvement project shall promote and substantially strengthen the tourist industry in Puerto Rico;
(e) the formula to be used to determine the amount of the imposts charged for benefits or profits to be imposed on each property located within the tourism improvement district, and
(f) any other information the Company may require from the petitioner which is reasonably related to the above.
The Company may:
(1) Deny the petition stating its reason for doing so;
(2) endorse the petition;
(3) suggest amendments to the petition, or
(4) set conditions for its approval within the term of sixty (60) days after the petition has been duly presented.
The Company shall establish, through regulations, the procedures and requirements it deems necessary to make such determinations. Should the Company accept the petition, the latter shall state whether the formula to calculate the imposts charged for benefits or profits is a fair mechanism to determine the specific benefit that each property within the tourism improvement district shall receive.
History —Aug. 8, 1998, No. 207, § 3.001; Dec. 16, 2009, No. 171, § 4, eff. 30 days after Dec. 16, 2009.