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CDA leasing out property to raise funds
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Posted on Jun 17 2005
The Commonwealth Development Authority is asking at least $600,000 for the sale or lease of a CDA-owned real property on Saipan.
CDA has started reorganizing its assets to raise money for its operations, in view of a projection that the authority might not have enough funds to operate by fiscal year 2007.
In a public notice, CDA requested proposals from companies or individuals interested in buying or leasing a Gualo Rai property owned by the agency.
The building, according to CDA, has four two-storey residential apartments, each of which has two bedrooms, two baths, a storage room, and a laundry area.
The 6,645 square meter-property also has a community recreation center.
CDA said interested entities have until June 30 to submit proposals.
In an earlier interview, former CDA chair Sixto Igisomar—whose term expired on Wednesday—said the authority is faced with a financial problem due to low collections.
Aside from selling assets, CDA is also evaluating its approximately $32-million accounts receivable.
“We’re afraid that CDA may not have any money to operate by FY 06-07 if we don’t act on time,” he said.
Being an autonomous agency, CDA’s only sources of income are interests, penalty fees and late charges collected from borrowers. (Agnes E. Donato)
