GVB proposing borrowing $59 million for Tumon infrastructure


Guam – The Guam Visitors Bureau is looking at borrowing $59 million dollars via a Hotel Occupancy Tax (HOT) bond for capital improvement projects in Tumon.

GVB’s destination management subcommittee chairman Clifford Guzman spoke to the Rotary Club of Guam recently about the need to borrow this money to improve Guam as a tourist destination. Guzman says it’s been over twenty years since Tumon has had any major improvements to its infrastructure and since then the competition with other tourist destinations has only increased.

“The projects that we’re talking about includes redoing all of San Vitores road, taking care of the flooding mitigation problem once and for all, hard scape improvements, land scape improvements. You know, looking for areas to make it more pedestrian and traffic friendly and looking at new and exciting ways to alleviate the traffic issue down in Tumon, but it’s also not just about Tumon, it’s about looking at historical Inalahan upgrading that. Mt. Lam Lam, you know, the trail up there making it safe and easier for eco-tourism. Some provisions for Umatac as well for the historical district there, as well as taking a look at some of the island tourist spots everything from Cetti bay to Talofofo bay overlook seeing what we can do to improve all of those things,” said Guzman.

Guzman says refinancing the existing HOT bond will save about a million dollars a year in debt service payments.