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MPLT: No funding request yet on Micro Games
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Posted on Oct 26 2005
While talks about the Micronesian Games funding requirement is ripe in the community, an actual funding request has yet to reach the Marianas Public Lands Trust, a potential fund grantor.
Members of the MPLT board of trustees said during a meeting yesterday that they were surprised to read in the news that MPLT is expected to be providing funding for the regional sports event.
“We didn’t get any request from anybody,” said MPLT board chair Juan Torres via phone patch during the board’s meeting yesterday.
“We’re surprised. We didn’t know about it until now,” said trustee Herman R. Guerrero.
“I think it’s very, very premature to say that we’re providing funds. It’s not that we’re unwilling, but MPLT does not just give out grants. We do invest and by that, we mean that we make sure that we’ll get a return on our investments,” said trustee Edith Deleon Guerrero.
The board members said they take seriously their fiduciary duty to invest public funds only in the most prudent and careful manner.
MPLT is the trustee of public land fees or revenues remitted by the Marianas Public Lands Authority.
Earlier, Commonwealth Development Authority board chair Tom Glen Quitugua opined that the Micro Games’ funding requirement can be solved if MPLT agrees to finance at least 50 percent of the cost.
This even as Quitugua disclosed that CDA would be willing to loan out some $2.9 million or 50 percent of the total funding requirement for the hosting of 2006 Micronesian Games in the CNMI.
“The other 50 percent, MPLT may be able to provide it,” Quitugua had said.
The Department of Community and Cultural Affairs said that it would need $5.8 million to renovate existing sports facilities and to construct additional facilities for the Micro Games. DCCA has requested the CDA to help in getting the needed funds.
The regional sports event, which will be held on June 23 to July 7, is expected to attract about 1,500 to 1,700 athletes, coaches and officials.
