ditional hotel accommodations and tourist facilities and services are essential to the further development of Guam’s tourist industry, now the island’s principal industry, in view of the downsizing of the territory’s military facilities. Additional hotel accommodations and tourist facilities will create jobs to take the place of those lost in such military base closures. The provision of such additional accommodations and facilities is declared to be a public purpose. In addition, substantial funds are needed to “jump start” the provision of affordable housing for the people of Guam, and the Legislature finds that such funds might be obtainable from hotel and tourist facility developers in exchange for enlarged tax benefits. Accordingly, the enlargement of tax benefits to those developers which make funds available for affordable housing is declared to be a public purpose.
SOURCE: GC §53609, as added by P.L. 16-87. Amended by P.L. 23-135:1.