A new bill with a goal to provide businesses long-term stability and certainty in their
government land has been introduced by Democrat Sen. Roy Quinata.
If enacted, Bill 103-37, would extend the number of years a business can lease government land from five to thirty years.
In an interview with the Pacific News Center, he expresses his belief that this legislation will help attract more businesses to Guam, create jobs, and stimulate economic growth.
The bill was introduced after a recent roundtable hearing, which included the Guam Economic Development Authority, and business groups around the island to discuss the future opportunities Guam can take advantage of.
Quinata shared with PNC that with the goal of investing in our island which in turn invests in our people it’s hard to invest in an area with only a five year lease.
“A lot of other places and other countries are offering property up with the investment but the investment has to be fair because if you’re an investor you don’t want to invest millions of dollars on a property with only a five year lease,” said Quinata. “I really want to assure the economic development on our island and make sure we can offer other opportunities for investment and insure we don’t have the same challenges so introduced the legislation based on the guidance of the members of GEDA and those business people at the roundtable.”
The piece of legislation is similar to Republican Sen. Telo Taitague’s Bill 100-37, which also aims to make investing in the island worthwhile. The difference is the bill would extend commercial leases of Public Real Property from five to 10 years.