Notwithstanding any other provision of law, the Farmers’ Cooperative Association of Guam, Inc. (Association) is authorized to execute all legal instruments, documents and contracts necessary for the construction and operations of the Farmers’ Market facility, pursuant to P.L. 30-228, on Lot No. 10155-1 (6.9947± acres), in the municipality of Dededo, and must comply with the following: (a) The association, for the sum of One Dollar ($1.00) per annum for twenty-five (25) years with an option for automatic renewal for another twenty-five (25) years, shall have the beneficial use of the property for its development. The Association may subject the property and its improvements to a leasehold mortgage, subject to approval by I Liheslaturan Guåhan. (b) The use of the property shall be limited to those activities consistent with the mission and purpose of the Association, as detailed in its governing documents, and for the activities authorized herein. (c) The right to develop the property for the construction of the Farmers’ Market by the Association contained in this Act shall not be conveyed by the Association to any other entity, nor may the entire facility project be sublet to a single entity, without I Liheslaturan Guåhan’s approval.
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Portions of the Farmers’ Market facility may be leased out by the Association to individual vendors, businesses, and other entities, consistent with applicable laws, rules and regulations for the commercial lease of government facilities, and pursuant with the goals and activities of the Association. (d) Any change in the tax status of the Association shall require notification to I Liheslaturan Guåhan and an immediate renegotiation of payments required in this Act for the use of the property. If such change shall be to a for-profit status, the rate shall be no less than ten percent (10%) of the actual market value of the property. (e) The Association may grant the Mayor of Dededo, through a memorandum of agreement, access to and use of the premises for the activities authorized in § 68901(b) of Article 9, Chapter 68 of Title 21, Guam Code Annotated, with the exception that the approval by the Department of Land Management shall no longer be required for the issuance of the permits pursuant to § 68901(b). (f) The Association shall be required after the initial seven (7) years of the term, to remit two percent (2%) of the Association’s gross income from the operations of the Farmers’ Market facility for the previous year to the account of the Ancestral Land Bank and increased one percent (1%) every five (5) years thereafter for the remaining term to a maximum of five percent (5%). (g) The Association shall not sell, mortgage, sublease, assign, encumber, hypothecate, or otherwise transfer its interest in the property without the prior consent of I Liheslaturan Guåhan. Should the Farmers’ Market facility fail to begin construction within three (3) years of the enactment of this Act, or the amounts required by Subsections (a) and (f) of this Section fail to be remitted, the assignment of the property to the Association is hereby revoked, and the Department of Land Management shall file the needed documents with the Recorder’s Office noticing the revocation, and shall include provisions needed to ensure the property is free and clear from any encumbrances to the title. (h) The Association and its activities shall be subject to an annual audit by the Office of Public Accountability. SOURCE: Added by P.L. 16-110:1-5 (Sept. 13, 1982), codified pursuant to P.L. 16-110:6. Repealed and reenacted by P.L. 30-092:2 (Feb. 8, 2010). Amended by P.L. 32-023:2 (May 2, 2013) NOTE: Public Law 21-129:8 (July 28, 1992) dealt with part of the above land as follows: Section 8. (a) Legislative intent. The Governor is requesting the authority to convey title to 1,522 square meters of government land in the Anigua area to the Guam Power Authority (GPA) to build a new substation which would provide primary power and redundancy for GPA customers in Agana. The property requested is a portion of that lot previously leased to and used by the Guam Farmers' Co-operative (the Co-op). After the closing of the Co- op, the property has been in limbo pending resolution of the Co-op's bankruptcy proceedings. Recently, GPA has been advised that such property can be conveyed to GPA notwithstanding the bankruptcy proceedings since all leased government of Guam land reverts to the government upon termination of the lease for any reason. The legislation authorizing this sale, Bill No. 509, introduced by the Committee on Rules at the request of the Governor, was given a public hearing on April 29, 1992. The Department of Land Management, testifying on behalf of the Administration, supported the bill without any condition. (b) Authorization. The Governor of Guam is authorized to convey to GPA, for One Dollar ($1), all the right, title and interest of the government of Guam in and to that certain parcel of land described as a portion of basic Lot No. 1361-1-C-NEW, containing an area of 1,522 square meters, situated in the city of Agana, as shown on Land Management Drawing No. I4-81T134, recorded under Document No. 319946 (the Property). (c) Survey, mapping and registration. The survey, mapping and registration of the Property herein shall be performed at the direction of the Director of Land Management with the cost for such to be borne by GPA.
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(e) Reversionary clause. Title and ownership of the Property must remain with GPA for a period of at least ten (10) years. In the event that title and ownership for the Property be conveyed or otherwise transferred to another, such title and ownership of the Property shall revert to the government of Guam.