Previous Story
CDA willing to loan $2.9M for Micro Games
|
Posted on Oct 18 2005
The Commonwealth Development Authority is 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.
“We presented a scenario to them [Department of Community and Cultural Affairs]. There’s a possible scenario that we may be able to provide a portion. CDA could probably do 50 percent if all legal ramifications are cleared,” said CDA board chair Tom Glen Quitugua yesterday.
He said the CDA could tap its loan funds for the project.
“We have funding available for loans. We’ll be looking at the repayment factors. They [administration] need to identify the source. We’re meeting again tomorrow to finalize our discussion,” he said.
He said he met with DCCA Secretary Juan L. Babauta and Bob Schwalbach from the Governor’s Office on the Micro Games funding yesterday.
Quitugua said he also suggested that the administration get the participation of the Marianas Public Lands Trust “because they’re liquid.”
DCAA earlier asked the CDA for a $5.8 million funding for the regional sports event, which will be held on Saipan in July next year.
The department said the funding would be needed to renovate existing sports facilities and to construct additional facilities.
Babauta said there is a need to construct a new Olympics-size swimming pool and tennis courts at Oleai Sports Complex. He said there is also a need to renovate the Gilbert C. Ada Gymnasium and Kan Pacific swimming pool. Others funds would be spent for the installation of additional lighting at the Olympic-standard Oleai track and field, construction of grandstands at the three Oleai Sports Complex fields, and construction of toilet and shower facilities.
Next year’s Micronesian Games is expected to attract about 1,500 to 1,700 athletes, coaches and officials.
