{"id":120998,"date":"2008-03-20T20:10:00","date_gmt":"2008-03-20T20:10:00","guid":{"rendered":"http:\/\/af66502d-1dfb-11e4-aedf-250bc8c9958e"},"modified":"2008-03-20T20:10:00","modified_gmt":"2008-03-20T20:10:00","slug":"af66503e-1dfb-11e4-aedf-250bc8c9958e","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/af66503e-1dfb-11e4-aedf-250bc8c9958e\/","title":{"rendered":"\u2018Extend land leases to 80 years\u2019"},"content":{"rendered":"<p>A Saipan lawmaker wants the CNMI Constitution amended to allow land leases to be extended from the current 55-year period to 80 years.<\/p>\n<p>Sen. Luis P. Crisostomo (Democrat-Saipan) introduced Senate Legislative Initiative 16-09 last Wednesday, which proposes \u201c\u2026a constitutional amendment to Article XII Section 3 of the CNMI Constitution to change the term permanent and long-term interests in real property.\u201d<\/p>\n<p>According to the Legislative Initiative, the Legislature finds that extending the term permanent and long-term from 55 to 80 years will revitalize major investment projects in the Commonwealth.<\/p>\n<p>The change is also expected to revive the real estate market that would eventually benefit landowners, real estate brokers, and investors, the Legislative Initiative read.<\/p>\n<p>\u201cThe longer lease period will facilitate banking and other lending institutions in funding major development loans, mortgages, etc., and enhance business opportunities in the secondary market,\u201d the measure said.<\/p>\n<p>Senate Legislative Initiative 16-09 requires an affirmative vote of three-fourths of the members of each chamber present and voting before being placed for the people for ratification. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>A Saipan lawmaker wants the CNMI Constitution amended to allow land leases to be extended from the current 55-year period to 80 years.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-120998","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/120998","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=120998"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/120998\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=120998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=120998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=120998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}