Wednesday, September 18, 2019

Deadline for Pridco property-management RFQ pushed to Aug. 31

By on August 22, 2019

(Screen capture of www.aafaf.pr.gov)

To ‘allow parties more time to prepare their statements’

SAN JUAN — The Puerto Rico Fiscal Agency and Financial Advisory Authority (Aafaf by its Spanish acronym) announced Thursday it was pushing back to Aug. 31 the deadline for bidders to submit their qualifications to manage properties owned by the Puerto Rico Industrial Development Co. (Pridco).

Aafaf said in a statement that it amended the original request for qualifications (RFQ) seeking parties to manage Pridco properties, issued Aug. 9, to “allow parties more time to prepare their statements of qualification.”

The amendment pushes the deadline from the original Aug. 26 to Aug. 31 at 5 p.m., and names María Galindo as the contact person to receive the statements of qualifications.

The amended RFQ can be accessed at: http://www.aafaf.pr.gov/assets/rfq-asset-manager-pridco-ext.pdf.

Pridco properties include lands and buildings that are ordinarily intended for industrial use.

Aafaf Executive Director Omar Marrero said earlier this month that the RFQ is a condition established in the June 13 restructuring support agreement (RSA) between his agency, Pridco and “a substantial” number of the latter’s bondholders.

The RSA to restructure Pridco bonds is expected to come about via a “qualifying modification pursuant to Title VI of the Puerto Rico Oversight, Management, and Economic Stability Act (Promesa),” according to the release issued to announce the original RFQ.

The government explained that that qualifying modification “will allow Pridco to maintain ownership of its properties and roughly $35 million that are reserved in cash, which will be used, among other things, to pay down accrued employer contributions to the Employee Retirement System and implement necessary reforms to right size and optimize the economic development arm” of the island’s government.

Economic Development Secretary Manuel Laboy said in a statement issued at the time that the process is “key” to continue creating initiatives that promote economic development and job creation on the island. He said the move will help Pridco secure funds to “comply with future obligations,” and added that the government will continue to honor contractual obligations with current tenants of Pridco properties throughout this process.

Marrero explained that the  “many tasks associated with the [management] portfolio,” include “collections, communications with tenants, advertisement strategy, record-keeping, managing improvements, monitoring properties for repairs, managing suppliers and detailed reporting of all relevant activities and performance indicators.”