24 Aug 2006

CNMI hears plans to change land lease terms

4:22 pm on 24 August 2006

There are plans in the Commonwealth of the Northern Marianas to change land lease provisions.

A representative, Absalon Waki, has put forward a legislative bid to lengthen the term to lease private land from 55 to 75 years.

Another proposal would allow holders of leasehold interests in public lands to negotiate for the termination of existing leases and enter into new leases for a new term not to exceed 55 years.

The measures are aimed at providing new incentives for investors and help create economic opportunities.

To pass, the initiatives require affirmation by 75 percent of the members of the House of Representatives and Senate before being placed on the ballot for ratification at the next general election.