FLASHBACK – September 26, 2011

CDA urges feds to boost CNMI housing program[/B]

The Commonwealth Development Authority has initiated negotiations with two federal agencies to provide the necessary push in trying to encourage private banks into earmarking additional capital for long-term housing loans. Board Chair John S. Tenorio said there is a slow but consistent growth in the agency’s housing loan program primarily because banking institutions have taken a backseat approach in the approval of credit packages for home acquisition. He explained that terms for housing loans are normally stretched up to between 20 and 25 years, which private banks and other financing institutions find restrictive due to the absence of ample market in the Northern Marianas in case the property will have to be foreclosed.

Tinian lawmakers have expressed a sigh of relief with the groundbreaking of the much-anticipated new airport runway project, describing it a key to economic growth in the island municipality. They also underscored its significance in enticing more tourists and investors into Tinian, while ensuring success of their fledgling casino industry. The four members of the local legislative delegation attended the groundbreaking ceremony held last Friday at the Tinian airport, which also drew other CNMI officials and business leaders.

Govt offices undergoing energy audit[/B]

An audit on the energy consumption of the different government agencies and offices is now ongoing as part of efforts to tame the runaway utility bill of the entire CNMI government. It is expected to be finished by December. During Tuesday’s proclamation signing for the Energy Awareness Month, acting Gov. Diego T. Benavente disclosed that the Energy Office of the Department of Public Works is now conducting an energy audit to find better and more efficient ways for the government to save on energy costs. Although there are no dollar figures yet on the amount of energy that the entire CNMI government is wasting, DPW Secretary John Reyes projected that the Commonwealth government can actually save 30 percent on its utility payments if it implements conservation costs.

The Tinian Dynasty Hotel & Casino once again hosts its most prestigious event-the $100,000 Baccarat Challenge. The highly lucrative and exciting tournament will be held on Saturday and Sunday, October 5 and 6. About 100 players from Asia and the Pacific will compete for the top prize of $60,000. The winner of this event will also be awarded a stay in the Dynasty’s Presidential Suite, which boasts a daily rate of $2,500. The entry fee is only $1,000 but the Dynasty Hotel & Casino will guarantee the prize pool of $100,000 so no matter the number of buy-ins the prize money will be paid out as advertised.

TF to pursue submerged lands issues[/B]

Lt. Gov. Diego T. Benavente this week presided over the first meeting of the newly formed Submerged Lands Task Force to map out the next course of action in the CNMI’s efforts to pursue the submerged lands case. Benavente explained yesterday that the court decision denying the CNMI ownership of its submerged lands prompted the administration to establish the special group. “We called all the agencies that has jurisdiction over submerged lands issues and has programs with the federal government on those jurisdictions so that we make sure that those programs and enforcement efforts are protected,” said the administration official.

The non-selection of businessman Ray Yumul for the Marianas Visitors Authority’s top post has nothing to do with his ethnic origin, according to MVA legal counsel Eric Smith. Instead, the MVA board turned him down because MVA managing director Jonas Ogren is more qualified than him, Smith said, citing that Ogren-who holds a degree from Cornell University, an Ivy League university-has a vast experience in tourism having worked in an international hotel in China as well as on Rota. “It has nothing to do with race. It has nothing to with him being a local or Chamorro-Filipino, which, he says, is the reason for the alleged discrimination against him. Being a local and having a BA won’t necessarily make you an MVA managing director,” said Smith.