by Mindy Aguon
Guam - The Guam Economic Development Authority gave the green light for the Department of Land Management to obtain a $15 million loan from the Bank of Guam. With that money the government will construct a land resources facility as authorized by Public Law 29-135 that would house land management, the Chamorro Land Trust Commission and the Ancestral Lands Commissions, and the Hagatna Restoration and Redevelopment Authority.
The GEDA board today approved the loan that will be paid over 30 years with rentals and the Land Surveying Fund. "They're anticipating that with the collections the base collections and the rentals again they're receiving about $1 million a year and land trust they were paying rent, ancestral lands is paying rent they're combining all of those rentals," noted GEDA's Tina Garcia.
The Federal Emergency Management Agency also provided $3.6 million in startup capital and the USDA provided a 90% guaranty on the loan to help reduce the interest rates.
Land Management director Chris Duenas says the new 55,000-square foot facility will be a one-stop shop, telling KUAM News, "A lot of our people on Guam will be displaced in terms of affordable housing so this will give an opportunity for this building having all these entities under one roof will really help to facilitate moving things forward and ensure that our people are able to secure their land."
Construction is expected to begin early next year with the completed facility done in late 2012.