The directors went on executive session — a closed-door meeting — on Friday to discuss the proposal submitted by Ginen Saipan.
Ginen Saipan, which is owned by Gabriel F. Boyer, purchased the former lease hold of Westpac Freight in the amount of $125,000.
Ginen Saipan also incurred additional $100,000 expenses as it started developing the site.
Its lease will expire on Nov. 2011.
Ginen Saipan is requesting the CPA board to approve a 25-year lease, with an option of an additional 15 years.
Variety was told that CPA will recommend a lease of every five years, or until 15 years.
