I would assume any links with a club in Uruguay will be more along the lines of Girona than NYCFC. They've got an established football culture in Uruguay, if we go and take over a club and rebrand it as "Montevideo City" or whatever, I think we'd face a serious backlash from local fans.
Imagine some big American conglomerate taking over City and rebranding us the Manchester Bulls or something, we'd go ape shit! The Uruguay fans are no doubt just as passionate and deep-rooted as we are, so I can't see any of them accepting a re-brand. Similarly, I couldn't see local fans getting behind a brand new "franchise" team for similar reasons.
As others have said, Uruguay is a fairly small country and it's not a particularly attractive option for us commercially to spend millions increasing our brand presence in Uruguay.
What is attractive though, is a South American base for scouting players from the region, giving youngsters game time at the top level, getting around 3rd party rules etc. So a tie in with a local club could offer huge advantages from a footballing point of view, similar to how Girona does.
But it doesn't make logical sense to have a City branded club in a well established football market like South America in my opinion. If we are to see future "City" branded clubs, I'd expect them to be in new and emerging football markets with potential for huge future commercial growth - China and India being the obvious two.