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Legislature advances bill allowing some long‑term government tenants to renew at appraised fair market value despite procurement objections
Summary
Bill 176-38 COR, which would let tenants in good standing extend commercial leases up to 15 years at appraised fair market rents (appraiser paid by tenant, five‑year reappraisals), was moved to third reading after heated debate over procurement law and examples raised in committee testimony.
The vice speaker introduced Bill 176-38 COR and explained it would allow a commercial tenant who has occupied government property continuously for at least five years and complied with lease terms to extend the lease at fair market value for additional terms not to exceed a total of 15 years, with reappraisals at least every five years. The bill ties fair market value to an appraiser licensed to do business on Guam and requires the tenant to pay the…
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