7003

The Planning Board shall delimit one or several special planning zones, covering the entire territory of Río Piedras, and establish a schedule for the designation of zones, pursuant to the periods of time and priorities described in § 7005 of this title, within a period of not more than one hundred and twenty (120) days as of the date of approval of this act. The Planning Board shall establish an Integral Development Plan for said zone or zones, special regulations, and special applications of regulations that shall govern land use and building characteristics as needed to stimulate the rehabilitation and development of Río Piedras, pursuant to the goals and objectives indicated in § 7002 of this chapter in order to guarantee the common good. A zone shall be deemed to be designated when the Development Plans and the necessary regulations have been adopted and approved in accordance with the provisions of § 7005 of this title and the provisions of §§ 62 et seq. of this title. The tax benefits granted in §§ 7006, 7007 and 7012 of this title shall take effect by zone upon completion of the designation process of each.

title and the provisions of §§ 62 et seq. of this title. The tax benefits granted in §§ 7006, 7007 and 7012 of this title shall take effect by zone upon completion of the designation process of each. The Planning Board shall complete the designation of all zones within a term that shall not exceed thirty (30) days, after two years from the approval of this act and the corresponding appropriation of funds stated in § 7004 of this title. Should the Planning Board fail to comply with the schedule established pursuant to § 7003 of this title, the tax benefits provided herein that are subject to the designation of a zone shall automatically take effect thirty (30) days after the date established in said schedule, and be subject to the Planning regulations in force for the sector. Nothing shall prevent the Board from designating a zone within a shorter period of time than that established in said schedule.\nHistory —July 5, 1995, No. 75, § 2.