Lt. Gov. Jude U. Hofschneider and Tinian Mayor Ramon Dela Cruz separately said yesterday that a proposed public land lease for a $200-million casino resort on Tinian will soon be presented before the House of Representatives and Senate for action following what they described as a successful negotiation between Macau-based Alter City Group and the CNMI Department of Public Lands.<\/p>\n
Any proposed lease of more than 5 hectares of public lands requires the Legislature\u2019s approval.<\/p>\n
\u201cOver a period, the investor will invest at least $200 million in this project. It will help the economy of Tinian and the CNMI. I urge the Legislature to review the proposed lease and consider approving it,\u201d Hofschneider told Saipan Tribune.<\/p>\n
He said Alter City, along with its investment partners, has investments in Hong Kong, Taiwan, and mainland China.<\/p>\n
Dela Cruz, in a separate interview, said he\u2019s also calling for a joint session of the Legislature to \u201cconsider\u201d a proposed lease agreement between DPL and Alter City Group.<\/p>\n
\u201cThe proposed lease agreement has been successfully negotiated by DPL and the investor. It now goes through a publication process then it will be presented to the Legislature,\u201d the Tinian mayor said, adding that the project \u201cwill add a great economic stimulus\u201d to Tinian and the CNMI as a whole.<\/p>\n
The proposed public land lease on Tinian is for 25 years, with an option to extend by 15 years, for a total of 40 years.<\/p>\n
Hofschneider said the proposed project has three phases. The first phase involves the construction of a 362-room hotel, an 18-hole golf course, villas, and a casino. This costs some $80 million, which will be self-financed, Hofschneider said.<\/p>\n
Alter City also still has to apply for a casino license.<\/p>\n
The second phase, funded through venture capital equity, will include a waterpark and villas, along with a Chamorro Museum\u2014all worth about $60 million, the lieutenant governor said.<\/p>\n
The third and last phase also costs about $60 million, through venture capital equity, and includes the construction of a 161-room Blue Plumeria Resort.<\/p>\n
\u201cI believe that the proposed public contribution is helping with the Tinian airport and ferry service,\u201d Hofschneider said.<\/p>\n
A Republican, Hofschneider is seeking a Senate seat representing Tinian, a post he previously held as president before he ascended to become lieutenant governor. Dela Cruz, meanwhile, is seeking re-election as Tinian mayor as an independent bet.<\/p>\n
Alter City plans to build its casino resort at Nasarino Beach\/Puntan Diablo, the same area that was previously leased by Marianas Resort Development Corp. before the latter abandoned the lease. MRDC had planned to build a $300-million Matua Bay Casino Resort on the property, including an 18-hole golf course.<\/p>\n
Tinian, like Saipan and Rota, has received offers from foreign investors for a host of multimillion and multi-billion dollar projects that eventually fizzled. This time around, Tinian officials hope that Alter City Group will be different.<\/p>\n
\u201cI urge the investor to honor the lease agreement once it\u2019s approved,\u201d Hofschneider said.<\/p>\n
Two-thirds of Tinian lands are leased by the U.S. Department of Defense.<\/p>\n","protected":false},"excerpt":{"rendered":"
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