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CETA urges Senate to let agency use dividend funds for economic development, cites potential for hundreds of jobs
Summary
Derek Sasamoto, executive director of the Commonwealth Economic Development Authority, told the Senate the proposed bill would authorize CETA to use dividend funds for economic development and cited potential to create more than 600 direct jobs and about 1,800 indirect jobs; his remarks were offered during public comment on SB 24-52.
Derek Sasamoto, executive director of the Commonwealth Economic Development Authority (CETA), told the Senate during public comment that Senate Bill 24-52 would allow CETA to use its dividend funds to carry out economic development activities that the agency is mandated to perform.
"This bill will allow CETA to carry out its economic development activities utilizing CETA's dividend funds," Sasamoto said, arguing that without explicit authorization the agency could not fulfill its mandate. He said public law 22-1 created CETA but did not formally identify a funding source, producing an "unfunded liability" that the bill seeks to address.
Sasamoto told senators CETA's regional promotion and U.S. Department of Commerce engagement have generated investor interest that could lead to "the establishment of two new high-tech manufacturing industries" and, he said, "the potential to create over 600 direct jobs and potentially over 1,800 indirect jobs," not counting construction employment.
He described the measure as completing the intent of the original law by identifying dividend funds as a source and urged support, saying the law could change the Marianas' economic landscape and spur job creation and business revitalization.
His testimony was part of the public comment period preceding a slate of Senate votes on appointments, resolutions and appropriations.
