P.R. Laws tit. 21, § 6655
The owner or owners of a parcel or parcels of land who wish to develop an improvement project on these may organize themselves as an association, request that the Company designate their improvement project or projects as a tourism improvement district, and file an improvement project proposal with the mayor pursuant to the provisions of this chapter, which shall include an authorization for the municipality to impose imposts for profits on all real property located in the tourism improvement district. In the event that, at the time an association is constituted, owners of real property located in the proposed improvement district already exist, the consent of two-thirds (⅔) of said owners shall be obtained. In the event that there are no such owners, but there are potential buyers who have already executed purchase commitment or option contracts, it shall be an essential condition to approve any petition for establishing a tourism improvement district, for the seller or sellers to notify said potential buyers, in writing, about the existence of or intention to establish a tourism improvement district and the imposition of imposts for profits before the purchase transaction. Once the buyer or potential buyer is notified in writing about the existence of the district and the imposts for profits, the subsequent purchase action shall be deemed as consent from the new owner to the establishment of the tourism improvement district and the imposts for profits. Provided, That if the potential buyer does not agree to the establishment of tourism improvement district and the imposts for profits, the seller or sellers may not impose any penalty whatsoever if the former opts for the termination of the purchase or option contract, insofar as such contracts were executed before the establishment of the district and the imposts for profits, and if such contracts included no reference or notice on the existence or the intention to establish such district and the imposts for profits before the purchase action.
History —Aug. 8, 1998, No. 207, § 3.005; Dec. 16, 2009, No. 171, § 8, eff. 30 days after Dec. 16, 2009.