The Commonwealth Development Authority board has denied Ocean Vista Resort\u2019s request for excise tax relief but approved other modifications to the resort\u2019s qualifying certificate.<\/p>\n
In their original qualifying certificate application, the resort proposed a tax relief on excise tax during the resort\u2019s construction and operation period, said CDA executive director Manuel Sablan.<\/p>\n
This time around they asked for excise tax relief during the construction period.<\/p>\n
The board again rejected this.<\/p>\n
\u201cOne of the reasons for that is to encourage them basically to the maximum extent possible [to] procure goods from local vendors,\u201d Sablan explained.<\/p>\n
The amendments to the QC are as follows:<\/p>\n
n The board voted to amend the QC to include a 100 percent abatement of the Developer Infrastructure Tax.<\/p>\n
n CDA voted to cap this tax benefit at $771,000. This tax benefit is in addition to or on top of the existing $3.4 million benefit cap on the business gross revenue and bar taxes. Ocean Vista would be responsibly for any tax liability above the cap.<\/p>\n
n CDA said the resort must meet all requirements of the Building Safety Office, including submission of plans, cost estimates, report on final project costs, payment of applicable fees, among others.<\/p>\n
n CDA said the resort must submit to CDA the final amount of the developer infrastructure tax to be certified by the Building Safety Office.<\/p>\n
All other QC requirements remain.<\/p>\n
The CDA voted to memorialize their vote in a resolution for Gov. Eloy S. Inos\u2019 approval.<\/p>\n
In April, the CDA board approved Ocean Vista Resort\u2019s qualifying certificate with a requirement that it doles out $150,000 in public contributions every year.<\/p>\n
One requirement is a \u201ccultural historical preservation aspect\u201d to be included in their project. A second stipulation would be an annual $150,00 public contribution to be directed to CDA for the agency\u2019s sole intent to provide more services to the Commonwealth. A third stipulation would be 50 percent abatement of the business gross revenue tax and bar tax, with a benefit cap not to exceed $3.4 million or 10 years regardless of the year of bid,<\/p>\n
Ocean Vista Resort proposes to build a reported $46-million, 144-room hotel on Capital Hill.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Commonwealth Development Authority board has denied Ocean Vista Resort\u2019s request for excise tax relief…<\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[6286,366,3244,507],"class_list":["post-206825","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-building-safety-office","tag-cda","tag-ocean-vista-resort","tag-qc"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/206825","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\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=206825"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/206825\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=206825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=206825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=206825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}