Saturday, December 4, 2021

Puerto Rico Government Seeks Asset Manager

By on February 24, 2017

SAN JUAN — The administration of Gov. Ricardo Rosselló is seeking external advisers to assist in managing the government’s various assets, after issuing Thursday a request for qualifications (RFQ) for interested firms.

According to the Fiscal Agency & Financial Advisory Authority (FAFAA), the work would mainly include identifying, valuing, managing, promoting, marketing and selling Puerto Rico government’s property and real estate.

Depending on the type of assets and properties, as well as potential transactions to monetize it, these advisers, along with FAFAA, could possibly work with other government entities such as the Puerto Rico Industrial Development Co., the General Services Administration (GSA) and the Public Private Partnerships (P3) Authority.


(File Photo)

The RFQ ends Friday, March 3, at 5 p.m., although FAFAA could decide to consider proposals submitted after the deadline.

The document states that the process marks the beginning of the selection of advisers to assist the government in identifying real estate or assets that would be “appropriate for private and/or third party management”; determining how these properties should be managed in the long term or intermediate-term before their sale; marketing and promoting properties that would be sold; and the sale process.

See also: Gov’t Submits Drafts, Not Final Versions of Individual Fiscal Plans

Meanwhile, although the administration assures there are 25 projects already identified for P3s, it would not be until April 6 and 7 -during the P3 Summit Puerto Rico- that the government will reveal the inventory of these projects.

“We are not only going to have [the event], but we are also going to reveal this inventory of projects and even launch certain projects because once we start with public-private participatory partnerships, we will not stop,” said P3 Authority Director Omar Marrero, who announced the forum at the Convention Center alongside Gov. Rosselló.

Although both pointed to energy, transportation and infrastructure as some of the areas in which these initiatives would be developed, they didn’t specify the 25 projects already identified by the administration.

“The projects will be divulged through this process, and particularly in the conference, they’re going to be examined in greater depth. This conference will be open to the public and there will be great transparency so the people of Puerto Rico can see what is happening,” said Rosselló, adding that P3 transactions will not be done “in dark rooms.”

See also: Governor to deliver State of the Commonwealth speech Tuesday

For his part, Marrero assured that these identified projects not only comply with the current rule of law, but also with the requirements of Promesa, aiming at classifying them as “critical projects,” as defined by the federal law, which provides them with an expedited permitting process.

Marrero recalled that all agency heads were recently asked to identify, on or before March 31, what other projects might be viable for P3s, so they are also included in the inventory.

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