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CDA looks to sell foreclosed properties on Rota
In order to look into the sale of property on Rota, the Commonwealth Development Authority will amend a policy on the required six-month appraisal evaluation on foreclosed properties.
The board agreed that should there, “be any unique circumstance or offer that is on the table” this would be addressed by the board on a case-by-case basis.
Before they approved to amend the policy, board member Tom Glenn Quitugua, from Rota, asked what the accepted appraisal length would be.
It was clarified that the six-month period still stands but this would allow the board “to deal with any offer” on a case-by-case basis.
CDA executive director Manual Sablan noted, though, that the appraisal for those Rota properties was done six months ago. He indicated these appraisals should be updated, and the properties “undergo benchmark evaluation.”
Notwithstanding the six-month requirement for the appraisal of properties they are going to sell or lease, board chair Diego Songao from Rota said, the motion is amending policy so it would give the board and administration the leeway to re-advertise this property without an appraisal, “to re-advertise it once or twice,” he said.
Right after this, board director Quiugua motioned to change CDA policy “surrounding disposal or acceptance of offers on any and all real estate or holdings of properties” so that this first “shall be approved by the board.”
“Any properties that need to be disposed, the administration shall refer these matters to the board for approval,” reiterated Songao.
The board voted unanimously on both motions.
