AN OVERSIGHT hearing for the Port Authority of Guam is scheduled for this evening at 5:30 p.m. at the public hearing room of the Legislature building in Hagåtña.
The Port will be called upon to report on its lease of Parcel 3-1 with Cementon Micronesia LLC and Parcel 3, or “Hotel Wharf.”
Parcel 3 has not generated revenue for more than a decade. A cemented facility was constructed on Parcel 3-1 but has not begun any operations.
Sen. Tom Ada, who called for the oversight hearing, states, “These two property parcels have excellent revenue-generating potential; however, it seems the Port has had difficulty in realizing this potential. Why?”
The Port Authority of Guam is slated to undergo significant capital improvements which will cost $60 million, including the repairs of its wharfs, implementation of the Port Master Plan and replacement of critical cargo-handling equipment.
These investments will require the Port to increase its revenues to service the associated debt that will have to be taken out.
