Guam - The Chamorro Land Trust Commission is in the process of moving forward with a new set of rules and regulations for its commercial lease program. As we reported, the Guam Economic Development Authority is authorized to lease out and manage some of the commercial properties for CLTC through a memorandum of understanding.
Land management deputy director David Camacho says a draft set of rules and regs has since been presented to the CLTC. "It's rules that was mandated by the Legislature that we could go in on commercial leases, right now Land Trust is doing commercial license and without that rules and regulations, we cannot entertain or we cannot do commercial leases," he said.
Camacho says having rules and regulations not only provides guidance and fairness to the CLTC, but is helpful with revenue enhancement one of which includes moving forward with the Oka Point property in Tamuning. Before taking any action on the rules, the CLTC has requested GEDA to make a presentation at its meeting next month.