NAABI DEBATING $220 MILLION BOND/LOAN
DELEGATE RUSSELL BEGAYE
This proposed Bond/Loan is historic and I recall there was a recommendation to separate two bonds such as Convience stories and any other businesses. One wud be under fix fund and variable fund, which meant having two legislation for each of the bonds.
And also the waiving of sovereign immunity is once again here in this legislation.
Third question is legislation refers to Economic Development Enterprise and we have enterprises like Navajo Agricultural Products Industry. We have multiple enterprises.
Also what is the role of the Division of Economic Development?
Other concern I have is revenues. Example, we put millions into a business and the first two years okay but told at economic summit that 80 percent of these new businesses don’t make it, they fail. I’m sure we’ll do much better job than that. But what if one of these businesses or multiple businesses fail, how will we pay Bond/Loan? Take from Permanent Trust Fund or where?
Also ask for council to waive tax first year, then reduce tax so at least help businesses get off ground and be successful.
Our commercial zones at chapter level need to be established by chapter and if develop in that zone then that business or businesses get tax breaks, additional financing, etc.
Also appreciate that Sponsor Benally said that there is still opportunity for Delegates to submit projects thru this Bond/Loan.