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‘Extend land leases to 80 years’
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Posted on Mar 20 2008
A Saipan lawmaker wants the CNMI Constitution amended to allow land leases to be extended from the current 55-year period to 80 years.
Sen. Luis P. Crisostomo (Democrat-Saipan) introduced Senate Legislative Initiative 16-09 last Wednesday, which proposes “…a constitutional amendment to Article XII Section 3 of the CNMI Constitution to change the term permanent and long-term interests in real property.”
According to the Legislative Initiative, the Legislature finds that extending the term permanent and long-term from 55 to 80 years will revitalize major investment projects in the Commonwealth.
The change is also expected to revive the real estate market that would eventually benefit landowners, real estate brokers, and investors, the Legislative Initiative read.
“The longer lease period will facilitate banking and other lending institutions in funding major development loans, mortgages, etc., and enhance business opportunities in the secondary market,” the measure said.
Senate Legislative Initiative 16-09 requires an affirmative vote of three-fourths of the members of each chamber present and voting before being placed for the people for ratification.
