Speaker Seeks Official Copies of Tiyan Lease and Purchase Agreement

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Guam – Speaker Judi Won Pat has written to Acting Governor Ray Tenorio seeking an “official copy” of the revised Tiyan Lease and Purchase Agreement with Core Tech that was signed by the Governor last week.

In her letter the Speaker writes that “its important that the Legislature be given an opportunity to review the agreement in order to fully understand the terms of this major purchase.”

READ the Speaker’s letter to Acting Governor Ray Tenorio HERE

In particular, the Speaker is interested in the purchase of the buildings now occupied by the Guahan Charter Academy.

She notes that the “un-revised” sale documents that she has seen refer to 2 different sales options for the Charter School property purchase.

Option 1: “Purchase the license to lease these buildings for a balloon payment of $8-million.”

Option 2: “Lease the license annually for $953,070, which would total $23.8 million at the end of the 25-year agreement.”   

However the Speaker writes that she was “perplexed to learn that we will be leasing or purchasing a license from Core Tech for these buildings, because they belong to the airport.”

Won Pat notes that Core Tech does not pay any rent to the airport for the Charter School buildings they are leasing to GovGuam “because they agreed to renovate and clear the buildings of preexisting environmental hazards, which, according to the airport, would have cost $3 million.”  

The Speaker says she wants the official, revised lease and sales documents delivered to her office by tomorrow and she is also requesting a meeting with Tenorio and Governor Calvo to review the “specific terms of payment for all of the buildings and property included in this agreement.”