Cap on Business Privilege Tax Credits for the Rehabilitation, Improvement, and

Participation of the Guam Basketball Confederation in the FIBA Asia Cup.

(a)The total amount of credits against unpledged business privilege taxes for the GBC’s preparation of facilities and participation in the FIBA Asia Cup competitions authorized herein shall not exceed Four Hundred Thousand Dollars ($400,000) over a two

(2)year period. CH. 77 SPECIAL PROJECTS AND ACTIVITIES OF THE GUAM ECONOMIC DEVELOPMENT AUTHORITY

(b)If, at the expiration of the two

(2)year period authorized pursuant to this Article, there are still unclaimed authorized tax credits, I Liheslaturan Guåhan may, in its discretion, extend the eligible period for one

(1)additional year.

(c)I Liheslaturan Guåhan may, in its discretion, extend the term and modify any part of the program based on future opportunities to host and participate in international competitions and promote teams from Guam.

(d)The Guam Basketball Confederation shall create a memorandum of understanding with the University of Guam in order to detail the enhancement and use of the University of Guam Calvo Field House (UOG Field House) for sports competitions organized by GBC, to include operational plans for equipment being acquired by GBC for use at the UOG Field House.

(e)Equipment, labor, materials, construction, transportation, accommodations and professional services shall be competitively procured.