Guam - The Chamorro Land Trust Commission board met today to finalize the rules and regulations governing commercial leases. CLTC Acting Administrator Jesse Garcia says the board voted to adopt the 29 pages of policy.
The rules are now with the trust's legal consul being finalized for transmittal to the Governor's Office. The board would not release the details of the rules until that time. From there, the regulations will be sent to legislature for their approval.
Garcia says the moratorium on issuing commercial leases has cost the trust hundreds of thousands in revenue. The board has been working to revise the set of laws for over a year.