Company still pursuing billion-dollar deal - KUAM.com-KUAM News: On Air. Online. On Demand.

Company still pursuing billion-dollar deal

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by Lannie Walker

Guam - A billion-dollar deal that fell through with the Ancestral Lands Commission is still being pursued by Jorberg Properties. The company was in negotiations with the Guam Economic Development Authority, the agency that handles leases for the ALC, for several years. The two sides were on the cusp of signing a deal to lease the Commission's FAA property when public law was signed mandating that same piece of property instead be deeded to Tiyan landowners.

GEDA subsequently withdrew the request for proposal, but Joel Tribuadini, a representative of the potential investors, told KUAM News they expected the ALC to keep their end of the bargain. Apparently they still do - Jorberg recently stated, "Jortberg Properties and its joint venture partners are willing ready and able to execute and implement the full terms of the lease agreement we have negotiated. This commitment includes but is not limited to paying all rent amounts required by the terms of the lease."

The statement was signed by company president R. Jortberg. The company was negotiating a 99-year lease for 500 acres on the FAA land for a billion dollars.

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