The Central Bank of the Dominican Republic issued a statement on the sale of the land where the Vehicle Retention Center of the National Institute of Transit and Land Transportation (intranet), known as the El Coco dog track.
Here is the full statement:
The Central Bank of the Dominican Republic, through the Policy Committee Support Structure
for the Realization of Assets (COPRA), in the interest of edifying public opinion and society in general, it is allowed to make these clarifications on the transparent and competitive process carried out for the sale operation of Plot No. 102-B, of the Cadastral District No. 4, of the National District (former Dog Track El Coco).
This institution acquired, among other properties, the aforementioned parcel from the Financiera Hipotecas y
Promissory Notes, C. by A. (currently in the process of liquidation), represented by the Superintendent of Banks,
through a Purchase and Sale Contract dated March 18, 1994. It should be noted that it motivates the receipt of this and other assets by decision of the Monetary Board as counterpart of the payments made by the Central Bank to the depositors of bankrupt financial companies in the decade of the 1980s. Those assets that have been received from entities in liquidation are carried out by COPRA, a department created by the Monetary Board for the liquidation of the assets transferred from said
entities.
As part of its procedure, COPRA always publishes in newspapers with national circulation and
on the website of the Central Bank all the assets for sale.
In the case at hand, COPRA published in the newspaper Hoy on September 6, 2017, a notice
for sale in the amount of RD$298 million with status “in the process of demarcation and occupation”, prior compliance with the procedure approved by the Monetary Board in 2004, proceeding to fix the price according to the valuation carried out by independent appraisers, certified by the Dominican College of Engineers, Architects and Surveyors (CODIA) and the Institute of Dominican Appraisers, Inc. (ITADO).
Subsequently, the publications were made as detailed in the previous table. After the publications made both in the national press and through the Central Bank’s website, purchase offers were received that were not considered because they were below the published price; for lack of documentation required for due diligence; or because the payment methods
proposals by the bidders were not in accordance with the parameters established by COPRA.
As a consequence of the publication made on November 22, 2019, several developers
real estate showed acquisition interest, including the one that was awarded. The latter formulated a cash proposal on February 21, 2020, according to the amount published by the Central Bank for sale purposes.
On August 6, 2020, COPRA approved the purchase offer, and the Central Bank proceeded to
accept and award the aforementioned plot to the company CBS Developments Nuevas Terrazas, SRL, thereby consummating the sale.
The company CBS Developments Nuevas Terrazas, SRL, by communication dated August 19
of 2021, requested COPRA to change the subscribing legal entity to replace it with the company CBS Developments, SRL, in order to formalize the purchase and sale operation before the Title Registry, a request that was accepted, after evaluation, signing the contract purchase agreement dated October 8, 2021. b
