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Initiative seeks longer lease terms for private lands
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Posted on Sep 09 2004
A legislative initiative that seeks to amend the CNMI Constitution to extend the permissible leasehold of private land from 55 years to 75 years has been introduced at the House of Representatives, based on the recommendation of the Strategic Economic Development Council.
The measure’s proponent, House Rep. Claudio Norita, underscored the need to help investors who have concerns that the current 55-year lease term would not be sufficient to recover their investments.
“We have a lot of businesses that are currently leasing properties and some of them have expiring leases,” Norita said. “We have to help them out.”
Norita said private landowners have also been approaching him, expressing support for extending the maximum permissible lease.
House leadership spokesman Charles Reyes Jr. said that House Speaker Benigno Fitial proposed a similar measure during the 12th Legislature, but the proposed initiative didn’t make it.
Reyes said the initiative would stimulate economic growth by encouraging investments through increased incentives.
“It’s going to increase income opportunities for private landowners. The land will be more attractive to investors. They can increase value of real property,” Reyes said.
The initiative would require the vote of “three-fourths of the members of each house present and voting” to sail through both chambers.
The Constitution states that the governor may not veto such an act of Legislature.
If passed, the initiative would be brought before the CNMI electorate in a referendum concurrent with the Nov. 2005 polls.
