Regulations, Criteria and Measurable Goals. No later than sixty (60) days from the date of enactment of this Act, the Guam Economic Development Authority shall submit to I Liheslaturan Guåhan proposed industry specific policy, criteria and measurable goals; and which shall not include industry specific development projects already satisfactorily established on Guam, so as to ensure that the government not unnecessarily waive needed revenue for an industry specific project category that already exists or is satisfactorily established. In the event the mandated industry specific policy, criteria and measurable goals are not submitted timely, pursuant to this Subsection (a), then the following shall become effective ninety (90) days from the date of enactment of this Act: (a) Hotel Qualifying Certificate; Provisional Abeyance thereof. Except as provided pursuant to Article 2 of Chapter 58, Title 12, GCA, no renewal of Qualifying Certificates for hotels shall be approved and issued until such time as the Guam Economic Development Authority has developed industry specific policy, criteria and measurable goals ensuring appropriate stimulation of legitimate investment of new economic development; and (b) General Industry Specific; Provisional Abeyance thereof. No new Qualifying Certificates, or the renewal of Qualifying Certificates, shall be approved and issued until such time as the Guam Economic Development Authority has developed industry specific policy, criteria and measurable
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goals ensuring the appropriate stimulation of legitimate investment of new economic development; and which shall not include industry specific development projects already satisfactorily established on Guam, so as to ensure that the government not unnecessarily waive needed revenue for an industry specific project category that already exists or is satisfactorily established. SOURCE: Added by P.L. 32-233:3 (Dec. 31, 2014), amended by P.L. 33-004:2 (Feb. 25, 2015). 2015 NOTE: Subsection designations altered pursuant to 1 GCA § 1606.