GEDA denies GRRP bond assistance request - KUAM.com-KUAM News: On Air. Online. On Demand.

GEDA denies GRRP bond assistance request

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by Janjeera Hail

Guam - The Guam Economic Development Authority board denied a request from Guam Resource Recovery Partners to assist them with obtaining a $150 million private activity bond.  GEDA Spokesperson Rita Nauta said the board used three criteria in its decision-making process.

She said, "Will the project itself benefit the community? The second criteria is the feasibility and viability of the project itself. And then finally is the project consistent with the use of private activity bonds especially for this year's allocation?"

GRRP was hoping to take this route to obtain financing to build its private landfill in Atantano, Santa Rita.  A private activity bond provides an avenue for companies like GRRP to obtain financing for the Ordot consent decree projects in return for tax credits.

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