DPL provides more documents to support proposed new land lease to Coral Ocean Resort

The Department of Public Lands has provided more documents and information regarding DPL’s proposed new 40-year land lease with the owner of Coral Ocean Resort, as requested by a Senate committee that is reviewing the proposed lease.

DPL Secretary Teresita A. Santos sent the documents and information last Wednesday to Sen. Corina L. Magofna (Ind-Saipan), who chairs the Senate Committee on Resources, Economic Development, Programs & Gaming.

Magofna made the request after a meeting with Suwaso Corp. officials last April 19.

Santos said they acknowledge and value the committee’s thorough approach to reviewing the proposed lease agreement.

Santos said they are committed to providing comprehensive and transparent information to support the committee’s efforts.

Among the documents and information submitted to Magofna are a detailed status report of scholarship awards; copies of four amendments to the current land lease with Suwaso Corp.; a new land survey of the proposed land lease area; projected financial statements of potential revenue collections by the CNMI government; and detailed analysis regarding the $5-million value of constructing 100 new rooms.

DPL supports granting the new land lease to Suwaso Corp. to allow its Coral Ocean Resort’s operation to continue for another 40 years, with an investment of over $30 million.

Under the proposal, Suwaso Corp. will be granted additional 15-year lease extension if the initial lease is granted by DPL and approved by the Legislature.

Last March 11, Santos submitted to the Legislature a packet of documents for the lawmakers’ review and consideration of Suwaso’s request to renew its land lease.

Santos said as their records show, Suwaso has been compliant with the provisions of the lease and has kept its account current.

Suwaso’s 15-year extension from the original land lease granted in 1986 will expire in 2026.