Guam official complains of delay in tax breaks
HAGATNA, Guam (AP) — Guam’s reputation is at stake with the delay of tax breaks for a developer building a $219 million private hospital, a government economic development official said.
Vice Chairman David John of the Guam Economic Development Authority board told Pacific Daily News (http://bit.ly/TeXo27 ) in a Wednesday story that the delay could tarnish Guam in the eyes of potential investors.
Guam Regional Medical City applied for more than $170 million in tax breaks over 20 years. It received approval from the authority in early December and is waiting for a legal review from the attorney general’s office.
Spokeswoman Carlina Charfauros of the attorney general’s office said it has been working diligently since receiving the files in late March.
After the review, Gov. Eddie Calvo would have to approve the tax breaks. He has said he will approve certain breaks.
John said the issue is a big deal because Guam depends on outside capital for jobs.
“If investors look at Guam and see a murky investment landscape, we risk losing out on the investment to communities with a clearer investment climate,” John said.
The hospital is expected to open in October in Dededo. It will be operated by The Medical City, an organization based in the Philippines.
Information from: Pacific Daily News: http://www.guampdn.com