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Mayagüez on talks for $120 million investment

By on November 13, 2016

Mayagüez will have the opportunity to present development projects for up to $120 million before more than 500 New York City Hispanic Chamber of Commerce (NYHCC) business associates.

The municipality’s delegation that will travel to the Big Apple is composed of a group of government officials headed by Mayor José Guillermo Rodríguez, in addition to directors of municipal agencies in charge of planning and development, along with a nourished group of businessmen, real estate brokers, and leaders of professional organizations.

New York City Hispanic Chamber of Commerce logo (@NYCHCC116 via Twitter)

New York City Hispanic Chamber of Commerce logo (@NYCHCC116 via Twitter)

“The potential for this relation of commercial exchange and investment in partnership with Mayagüez and that city’s businessmen may inject around $120 million. We have the money to invest, there is the availability to make business immediately, but we depend on serious proposals that include good tax incentives and the capacity to repay on projects we can finance,” said NYCHCC President Nick Lugo.

He added that “NYCHCC business partners were very impressed with the professionalism the people of Mayagüez displayed on the different presentations. Having included universities such as the [University of Puerto Rico-Mayagüez campus] and schools like [Residential Center of Educative Opportunities of Mayagüez (Croem)] was a detail that convinced investors that this city is a good place to invest in.”

On its fifth day of work sessions on the Chamber’s sixth convention, celebrated in a hotel in Isla Verde, associates have been receiving preliminary reports of efforts made last Friday, Nov. 11 to hold the ‘Investment in Mayagüez’s Economy’ conference.

Lugo, born in New York to parents born in San Germán, completed his bachelor’s degree at the Inter American University of Puerto Rico-San Germán campus. His grandmother lived many years in Mayagüez’s Aquilino Monteverde sector, and he is co-proprietor of several businesses, including Cofresí Travel Agency and Nick Lugo Travel.

“We have the intention to invite many organizations from New York so together we can give Mayagüez and its mayor the help necessary to incentivize the economy of that great city in Puerto Rico’s west,” concluded de NYCHCC president.

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