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‘Fishing project still on’
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Posted on Feb 15 2006
The proposed commercial fishing project in the CNMI is not yet dead, said Commonwealth Development Authority board chair Glenn Quitugua.
“It’s still on. We’re still waiting for some documents,” he said.
Earlier, a Department of Commerce officer noted that there has been no progress on the project, months after its proponents made its proposal.
“There’s no development,” Commerce economic development officer Glen Manglona had said.
The project is being proposed by Seattle-based Lady Kimberly, which has a pending bank guarantee request at CDA.
The CDA has not acted on the request pending the company’s submission of documents.
The business group had requested CDA to provide a guaranty for $600,000 or 25 percent of the total capitalization.
The company, which recently formed its local group called the Northern Mariana Fisheries Inc., projects to spend over $3 million a year in the CNMI for fleet support expenses.
Company president Courtney L. Zietzke said earlier that the corporation has “unconditionally pledged vessel assets to the lending bank and the CDA for the project to commence.”
The two vessels have reportedly been certified at a value of $1.8 million. The total assets being pledged for the project will exceed $2.5 million, Zietzke had said.
The CDA on Dec. 1 wrote Zietzke asking the latter to submit a letter of commitment from a lending bank, insurance requirements to satisfy all CNMI regulations, and proof of local incorporation.
