As a condition of this Special Hotel QC, the QC beneficiary shall make a community contribution to the Authority in an amount equal to 0.5% of the total hotel construction cost. The terms of the community contributions shall be subject to negotiations between the Authority and the developer. Distribution of funds to be approved by the GEDA Board, based on the recommendation of the Administrator, will be to the following areas:

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COL 6/21/2023

12 Guam Code Ann. AUTONOMOUS AGENCIES
CH. 58 QUALIFYING CERTIFICATES

(a) funding for the maintenance and upkeep of certain tourist attractions or to support other tourism projects;

(b) economic development with a priority on the promotion of industry and small business; and

(c) higher education and cultural preservation.

§ 58206. “”Sunset”” Provision.

This Article shall take effect on its approval by I Maga’hågan
Guåhan and shall remain in effect until the earlier of: (a) December 31, 2031; or
(b) 1,600 hotel rooms have been committed to be built;
upon which period this Article shall automatically be deemed repealed; provided, however, that the GEDA Board, at its discretion, with input from I Liheslatura (the Legislature), the visitor industry, the Administration, and the community as a whole, will re-examine the effectiveness and need of the program to determine if it should be extended, and may extend the effectiveness of this Article an additional two (2) years by adopting a resolution to such effect prior to the expiration date. Any QC issued under the conditions of this Article shall remain in full force and effect until its particular term expires or it is canceled on other grounds. QC beneficiaries shall report annually their QC benefits in a form as prescribed by the Department of Revenue and Taxation.

SOURCE: Added by P.L. 32-233:2 (Dec. 31, 2014). Amended by P.L. 36-
072:2 (Dec. 27, 2021).