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Ocean Vista QC approved; another’s QC is suspended
Gov. Eloy Inos has signed off on the suspension of Laolao Bay Golf Resort’s qualifying certificate, while also approving this certificate, which provides tax relief for investors, for Ocean Vista Resort.
According to the Commonwealth Development Authority QC analyst Carline Sablan, Laolao Resort’s QC was suspended by the governor on April 24. The Attorney General’s Office also signed off on this later that month.
For the Ocean Vista Resort, Inos and the AG approved the qualifying certificate on May 4 and May 11, respectively.
In her report to the CDA board, Sablan disclosed that from recent communication with Ocean Vista Resort, they “may be requesting modification” on their approved QC.
The resort has 60 days to accept this tax relief as approved by Inos.
CDA chair Diego Songao also said he recently received a letter from the resort recommending for the modification of two items on their qualifying certificate.
Sablan said the resort could accept their certificate with request for modifications but at this point CDA would have to wait until this juncture.
If they did request for modifications, CDA would have 45 days to act on this request, she said.
Ocean Vista Resort aims to build a $46-million, 144-room hotel on Capital Hill.
Last month, the board voted unanimously to approve of the resort’s qualifying certificate with a stipulation that they annually provide $150,000 in public contributions.
Per the qualifying certificate, CDA also requires that the resort include a “cultural historical preservation aspect” in their project. Other stipulations are a 50-percent abatement of the business gross revenue tax and bar tax, and a benefit cap not to exceed $3.4 million or 10 years regardless of the year of bid.
