Puerto Rico Awards ICF $46 Million Disaster Recovery Contract

Rhea-AI Summary

The Government of Puerto Rico has awarded ICF a $46 million contract to assist in long-term disaster recovery from hurricanes Irma and María. This contract, administered by COR3, includes a four-month initial term and two one-year extension options. ICF will provide program support and technical assistance, helping to process FEMA disaster recovery funding. With extensive experience in managing disaster recovery efforts across the U.S., ICF aims to accelerate rebuilding efforts in Puerto Rico.

Positive

• Awarded $46 million contract for disaster recovery support.
• Experience in managing complex disaster recoveries in the U.S.
• Initial four-month term with potential for two one-year extensions.

Negative

• None.

FAIRFAX, Va., April 26, 2021 /PRNewswire/ -- The Government of Puerto Rico's Public Private Partnership Authority (P3) recently awarded global consulting and digital services provider ICF (NASDAQ: ICFI) a new $46 million contract that includes elements of ICF's previous work to provide project formulation  services to support long-term disaster recovery from hurricanes Irma and María and hazard mitigation efforts to protect against future disasters.

The contract, which is administered by the Central Office for Recovery, Reconstruction and Resiliency (COR3), includes an initial four-month term through June 30, 2021, plus two additional one-year options to extend.

ICF will provide program support and technical assistance services to support the obligation of Federal Emergency Management Agency (FEMA) disaster recovery funding in Puerto Rico. The company will review inspection, scope and cost estimate documentation prepared by FEMA and COR3's subrecipients, as well as assist with environmental and historical preservation and insurance reviews. Once these reviews are approved, funding for these projects can be obligated and processed to proceed.

"COR3 is delivering one of the largest, most complex and most comprehensive recoveries in U.S. history," said Andrew H. LaVanway, ICF senior vice president and disaster management lead. "Led by Puerto Ricans at every level, we remain wholly committed to partnering with COR3 on accelerating rebuilding efforts across the island."  

ICF has successfully managed recoveries for the largest and most complex natural disasters in U.S. history. In partnership with local experts and partners, the company has implemented mitigation and recovery efforts for over 100 U.S. state and local entities, following over 50 different disaster declarations, funded by multiple federal sources. The company supports communities across the disaster management lifecycle and is an industry leader in end-to-end mitigation services—from assessment to public engagement and planning through implementation.

Read more about ICF's efforts to help rebuild in Puerto Rico, and its disaster management and climate and resilience services.

About ICF
ICF is a global consulting services company with over 7,000 full- and part-time employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.

Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; our ability to acquire and successfully integrate businesses; and the effects of the novel coronavirus disease (COVID-19) and related federal, state and local government actions and reactions on the health of our staff and that of our clients, the continuity of our and our clients' operations, our results of operations and our outlook. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements THAT are included in the "Risk Factors" section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.

Contact: Lauren Dyke, lauren.dyke@ICF.com, +1.571.373.5577

 

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SOURCE ICF

FAQ

What is the value of the contract awarded to ICF by Puerto Rico?

ICF was awarded a $46 million contract for disaster recovery services.

What is the purpose of ICF's contract with the Government of Puerto Rico?

The contract supports long-term recovery from hurricanes Irma and María and hazard mitigation efforts.

Who administers the contract awarded to ICF?

The contract is administered by the Central Office for Recovery, Reconstruction and Resiliency (COR3).

What are the terms of ICF's contract with Puerto Rico?

The contract includes an initial four-month term with two additional one-year options to extend.

What role will ICF play in the disaster recovery process in Puerto Rico?

ICF will provide technical assistance and support to process FEMA disaster recovery funding.