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House, Senate to act on 15-year land-lease extension for Bank of Guam, CMS

THE House of Representatives and the Senate will hold a joint session on Friday afternoon to act on 15-year lease-extension requests from the Bank of Guam and Construction Material Supply.

Their 25-year lease agreements with the government have expired and both have requested an extension of 15 years, which is subject to the approval of the Legislature.

The Department of Public Lands recommended an extension.

BOG’s lease expired on Dec. 31, 2015 while that of CMS expired on Jan. 14, 2014.

If approved by the Legislature, BOG’s land lease extension will expire on Dec. 31, 2030 while that of CMS will expire on Jan. 17, 2029.

BOG is leasing public property in Garapan while CMS is leasing public property in Kanat Tabla.

Another company requesting a 15-year lease extension is IT&E. Its lease expired in June 2015 and if approved, the extension will expire on May 31, 2030.

IT&E is leasing public land in As Gonno, Kagman and Garapan.

Source: Marianas Variety : http://www.mvariety.com/cnmi/cnmi-news/local/101202-house-senate-to-act-on-15-year-land-lease-extension-for-bank-of-guam-cms

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