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Kaipat estate to get $4.41M check soon
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Posted on May 04 2005
The Rita Kaipat estate is expected to get their $4.41-million land compensation in a few days, with the disbursement process only two stages away from completion.
Commonwealth Development Authority chair Sixto Igisomar said yesterday that the drawdown request to pay the Kaipat estate has now been prepared by the Marianas Public Lands Authority, concurred by the Department of Finance, and approved by the Attorney General’s Office.
The only steps that need to be done are for CDA to sign the document and forward it to the bond trustee—Bank of Guam—which will disburse the money.
Igisomar said he received the document on Tuesday and was scheduled to sign it yesterday afternoon. “I have cleared it with my legal counsels and I’m ready to sign it. The Kaipat family should be able to get their check soon,” he said.
The land compensation is being made in connection with the government’s expropriation of land registered in the name of Rita Kaipat, which measures approximately 6,000-sqm and now forms part of the Chalan Pale Arnold or Middle Road. The estate has received no compensation from the government.
MPLA originally offered the family a compensation of over $102,000. But because of the implementation of the new land compensation, MPLA had to make another offer of $4,761,955.38. This amount was based on the land’s appraised value in 1992, which was the year that the CNMI government certified the property for public use.
Last month, MPLA and the Kaipat heirs entered into a $4.41-million settlement agreement. This is about 43 times greater than the authority’s original offer and a drop of about $350,000 than the amount the MPLA and the estate had agreed to earlier this year.
