The US congressional bill which imposes a Financial Control Board on the government of Puerto Rico, was given the deceptive name of PROMESA.
This week, Pres. Obama announced a “Promise Zone” for the Eastern edge of Puerto Rico…which will benefit several US billionaires and a Defense Department developer in Virginia known as Clark Realty Capital. It is another empty promise for Puerto Rico…
CLARK REALTY CAPITAL
Clark Realty Capital (CRC) is located at 4401 Wilson Blvd. in Arlington, VA…four miles and an 11-minute drive from the Pentagon in Washington, D.C. This is very helpful, because for the past three decades, the main CRC client has been the US Dept. of Defense, for whom CRC builds military housing complexes.
On December 22, 2014, CRC was selected as the “Master Developer” of the 3,000 acre Roosevelt Roads complex. CRC will build and own hotels, high-rise office buildings, a shopping center, shops, restaurants, a cruise port area, a marine terminal for speedboats, golf courses, and “entertainment areas.”
As reported by the New York Times, CRC will convert Roosevelt Roads into a multi-billion dollar “entertainment project with hotels, an airport, a marina and a harbor.”
According to the Times, the project “is part of the push to draw luxury clientele: celebrities, fashionistas, one-percenters, high-flying singles. Hotels are the main magnet, but high-end shopping like the new Mall of San Juan, near the international airport, is part of the mix.”
The Times further noted that “mainland and foreign investors are taking advantage of financial opportunities and tax breaks,” that US billionaires are “opening lavish resorts, boutique hotels and restaurants,” and that a popular business pamphlet reads: “Sol, arena y cero impuestos…Sun, sand and zero taxes.”
THE MAP OF OBAMA’S “PROMISE ZONE”
The Obama “Promise Zone” will geographically coincide with precisely those areas where CRC will build its multi-billion dollar Roosevelt Roads resort complex, and where John Paulson owns his hotels.
Here is a map of Obama’s “Promise Zone” for Puerto Rico:
All of Paulson’s hotel and resort complexes are within the “Promise” area…including La Concha Hotel, the San Juan Beach Hotel, the St. Regis Bahia, the Condado Vanderbilt, and the Dorado Beach Ritz-Carlton.
So are the $450 million Puerto del Rey Marina in Fajardo and the $108 million Ciudadela Luxury Condominiums in Santurce, both owned by US billionaire Nicholas Prouty.
So is the multi-billion dollar Roosevelt Roads resort complex, to be built by Virginia-based CRC.
THE SUBSTANCE OF OBAMA’S “PROMISE”
The Obama “Promise” to Puerto Rico contains no guaranteed new federal money…only “the opportunity to apply for some grants,” and “access to federal employees who act as liaisons and guides through the federal bureaucracy.”
This will do nothing for the small business owners of Puerto Rico. On the contrary, it will increase the land value of the real estate holdings already owned by Clark Realty Capital, John Paulson, Nicholas Prouty, and a private club of Wall Street hedge funds and US billionaires.
Collectively, their luxury coastal properties will appreciate by millions of dollars overnight…their back-office operations will be expedited for free by the federal liaisons…and everyone else gets nada.
Then if the other PROMESA comes through, and the Financial Control Board gets its way, a $4.25 minimum wage will provide this private club of opportunists with indentured servants…for all of their tourist traps…all throughout Obama’s “Promise Zone.”
Instead of removing the Jones Act, this is what the US offers to Puerto Rico.
PROMESA and Promise Zones.
A Financial Control Board for Puerto Ricans, and a real estate bonanza for US billionaires.
When will all the lying stop?
When will Puerto Rico break free of all this?
For a history of the War Against All Puerto Ricans, read the book…
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