GEDA attains interest in Tamuning lease - KUAM.com-KUAM News: On Air. Online. On Demand.

GEDA attains interest in Tamuning lease

by Krystal Paco

Guam - It looks like property adjacent to Cost-U-Less in Tamuning is up for grabs. At today's Guam Economic Development Authority meeting, the board received updates on the property, which GEDA obtained through a foreclosure.

GEDA compliance manager Claire Cruz says GEDA has 44.6% interest in the lease. Most recently, a bidder matched the appraised amount of $2.35 million, but adds it's not a done deal just yet. "So now it's back in the hands of the realtors and our next step is we have to issue a notice to DNA Inc. who has the right of first refusal and they have 90 days. To exercise that right and once that's concluded I'll be able to report who is the ultimate buyer," she said.

Cruz says DNA must match the dollar amount up front within the 90-day period.

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