NMIRF building space has no takers

An official of the Northern Mariana Islands Retirement Fund expressed hopes yesterday its new multimillion-worth building will not be a white elephant although the economic crisis continues to plague the islands.

The second and third floors of the three-story $3.4 million NMIRF building which have been designed to be for lease so that the agency can recoup the construction cost, still have no tenants although it has been ready for occupancy as early as December.

Acting Administrator Fred Camacho said many government agencies are just reluctant to move in due to budgetary constraint and possible legal impediments.

Camacho said government agencies are now preparing for their budget proposals for fiscal year 2000. Some of them may also have existing contracts with their lessors.

“Right now, there’s no specific government agency that have indicated to lease space. But it’s too soon to tell because a lot of agencies are probably working on their fiscal year 2000 budget,” he said.

The Fund has pegged the rental fee at $1.65 per sq. ft.

“Under the circumstances, it (rental fee) may appear a little bit high. For example, compared to what PSS is now paying at the Nauru Bldg., we are probably a little bit higher. But then, I think our building has a lot to offer,” Camacho said.

“That is not an unreasonable rate if you compare it to commercial buildings. Some government agencies are paying a lot higher than $1.65,” he added.

The Fund’s building is located in Capitol Hill, just a stone’s throw away from the governor’s office. It’s typhoon-proof, has elevator and fire sprinklers. It also has 24-hour power and water supply and an ample parking space.

The Fund hopes to recoup its investment in the building by the year 2010.