The Commonwealth Development Authority said last week their recommendations to a recently passed Senate bill allowing qualifying certificates for hotel-casinos on Tinian and Rota were met.<\/p>\n
CDA oversees the qualifying certificate program in the CNMI.<\/p>\n
CDA executive director Manuel Sablan said they were asked to provide comment on the bill in draft form. He said these were included in the bill that was passed two weeks ago.<\/p>\n
One comment that made it to the bill, which amends the Investment Incentive Act of 2000, is that it \u201conly applies to a hotel-casino complex,\u201d Sablan said.<\/p>\n
Sablan clarified the bill would not apply to any casino activity outside that complex.<\/p>\n
\u201cThat\u2019s basically the thrust behind this. It\u2019s to promote hotel-casino development,\u201d he said.<\/p>\n
Sablan said another comment was there to be \u201cno retroactivity.\u201d<\/p>\n
\u201cNo one would be grandfathered on this arrangement going forward,\u201d he said.<\/p>\n
If not, he explained, the statute would apply to an investment that has already been made.<\/p>\n
\u201cThe purpose of the QC [program] is to attract new investments,\u201d he said, adding that their aim was to not provide a QC to an \u201cinvestment that has already been deployed.\u201d<\/p>\n
\u201cIf this thing would help to further develop Rota and Tinian, then let\u2019s get going. It\u2019s basically a vehicle for them to induce investments in those areas,\u201d he said.<\/p>\n
Senate Bill 19-36, authored by Sen. Francisco Borja (Ind-Tinian), \u201cremoves obstacles to continued and future investment\u201d on Rota and Tinian and amends the eligibility for qualifying certificates for casinos on the islands of Tinian and Rota to promote tourism and ongoing economic development on those islands.<\/p>\n","protected":false},"excerpt":{"rendered":"
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