Guam Economic Development Authority staff reported that as the economy continues to recover, more investments are coming into Guam.
Matt Baza, GEDA's assistant manager for business and economic development, told the agency's board of directors Thursday that there has been growing interest in the agency’s Qualifying Certificate program.
The program gives tax breaks to businesses in exchange for community contributions.
“I think that's just part of the overall confidence that parts of the economy are starting to rebound, particularly tourism,” he said.
Baza said one of the applications under review is from the former Pacific Star Hotel. The hotel’s new owners have an aggressive timeline for renovations, he said, and they are bringing utilities back online and completing a structural analysis.
Director David John asked Baza to relay a message to the hotel's new owners.
"Can you ask them to put some sort of a wall up at the front of their property saying something like, 'Pardon our progress,' or 'Something's on the way,' or something so it doesn't look like a derelict hotel?"
Baza said he'll speak to them, and he noted the owners will have to cordon off the property once work starts.
Baza said GEDA is receiving more inquiries and applications from hotels and businesses involved in power generation, renewable energy and tourism-related services.
"There's new investments coming in other industries and other things that are helping to strengthen our infrastructure and our capacity," Baza said.
