by Nick Delgado
Guam - Senator Tom Ada introduced legislation relative to the Jose D. Leon Guerrero Commercial Port's authority to lease property. Bill 355 would allow the port to negotiate and enter into a commercial lease, or issue a permit or license for the use of its real property and other related facilities for up to a five-year term.
The measure also allows for the port to enter into a lease for the use of its real property or other facilities for marine commercial activities for a term up to 30 years. The Board shall reserve the right to terminate any such lease upon failure of the lessee to provide satisfactory proof of progress that the minimum capital investment expenditure will be achieved within the first five years of the lease.
Ada believes the measure will provide a more attractive environment for capital investment at the Port, and in turn, create jobs and other economic activities.