(a) The Chamorro Land Trust Commission (Commission) is hereby authorized to enter into a lease with the Department of Land Management for Lot 1NEW-R6 within Block No. 24, municipality of Hagåtña, Guam.
(b) Notwithstanding any other provision of law, the Department of Land Management may enter into a ground lease with the Commission for the use of Lot 1NEW-R6 for a term up to fifty-five (55) years at One Dollar ($1.00) a year for the first five (5) years, then the lease shall be renegotiated between the Commission and the Department of Land Management. (1) Rental rate for the ground lease made pursuant to this Section shall be negotiated by the Commission, as determined by an appraisal of the land; however, the Commission may set the ground lease rental at a rate no lower than fifty percent (50%) of fair market value. (2) The appraisal shall be made within one (1) year preceding the commencement of the lease by an appraiser licensed pursuant to Chapter 30, Title 22, Guam Code Annotated. SOURCE: Added by P.L. 31-105:3 (Sept. 30, 2011). 2017 NOTE: Subsection designations added pursuant to the authority of 1 GCA § 1606.