Guam - The Guam Economic Development Authority along with the Guam
Education Financing Foundation - a group that partnered with GovGuam to design,
build, finance and lease back four of the island's newest public schools, sat
before the Chamorro Land Trust Commission today presenting
a CLTC board resolution relative to finalizing the financing documents for
the Okkodo High School expansion project.
GEDA administrator Karl Pangelinan says Okkodo currently sits on
64 acres of Chamorro Land Trust property, which was to leased the GEFF. "With
the expansion we're trying to carve out a small piece of four acres so we can
accomplish the expansion so we can tie the financing documents to so it's a
just a formality with regard to the property," he said.
The project costs $24 million worth of loans committed already by
three local banks and seeks to increase student capacity from 1,200 to 2,000.
The CLTC voted to review the lease and resolution and hope to make a decision
in time for when the loans are closed early-December.