Saipan Chamber of Commerce supports extension of public-land-lease term

THE Saipan Chamber of Commerce supports a Senate measure that will extend the public-land-lease term from 40 to 75 years.

Senate Bill 20-35 will increase the term of public land leases up to 40 years plus an extension of up to 35 years for a total of 75 years.

Velma Palacios

Introduced by Senate President Arnold Palacios, the bill is now with the Senate Committee on Resources, Economic Development and Programs chaired by Senate Floor Leader Frank Borja.

Saipan Chamber of Commerce president Velma Palacios, in a letter to the Senate, said extending the existing lease term up to 75 years is in the best interests of the commonwealth.

The chamber, she added, strongly supports the measure and agrees that it would generate renewed interest in the CNMI among current and future investors.

“Many of our hotelier-chamber members are pleased with the possibility that they will be given an opportunity for a 35-year extension. This legislation is in the best interests of our business community and will benefit our tourism-based economy,” Palacios said.

A longer leasehold term, she added, will further encourage lending by investment and financial institutions to finance major projects that will, in turn, create new job opportunities and stimulate more economic activity in the commonwealth.

“The [chamber] supports this bill. The [chamber] commends your efforts and thanks you for considering our comments. We appreciate the opportunity to give our opinions on how this bill affects the business climate of our island,” she added.

Source: Marianas Variety :

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