The proposed commercial fishing project in the CNMI is not yet dead, said Commonwealth Development Authority board chair Glenn Quitugua.<\/p>\n
\u201cIt\u2019s still on. We\u2019re still waiting for some documents,\u201d he said.<\/p>\n
Earlier, a Department of Commerce officer noted that there has been no progress on the project, months after its proponents made its proposal.<\/p>\n
\u201cThere\u2019s no development,\u201d Commerce economic development officer Glen Manglona had said.<\/p>\n
The project is being proposed by Seattle-based Lady Kimberly, which has a pending bank guarantee request at CDA.<\/p>\n
The CDA has not acted on the request pending the company\u2019s submission of documents.<\/p>\n
The business group had requested CDA to provide a guaranty for $600,000 or 25 percent of the total capitalization. <\/p>\n
The company, which recently formed its local group called the Northern Mariana Fisheries Inc., projects to spend over $3 million a year in the CNMI for fleet support expenses.<\/p>\n
Company president Courtney L. Zietzke said earlier that the corporation has \u201cunconditionally pledged vessel assets to the lending bank and the CDA for the project to commence.\u201d<\/p>\n
The two vessels have reportedly been certified at a value of $1.8 million. The total assets being pledged for the project will exceed $2.5 million, Zietzke had said.<\/p>\n
The CDA on Dec. 1 wrote Zietzke asking the latter to submit a letter of commitment from a lending bank, insurance requirements to satisfy all CNMI regulations, and proof of local incorporation.<\/p>\n","protected":false},"excerpt":{"rendered":"
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