City eyeing land deal with Robinson's Corp.

The Cebu City Council has authorized Mayor Tomas Osmeña to enter into a contract to sell a 46,345-square meter area along Gen. Maxilom Avenue, North Reclamation Area to the Robinson's Land Corporation.

The resolution authorizing the deal was authored by council committee chairman on real property Joey Daluz III after Osmeña requested the council for authority to dispose of the property, which the city council approved by resolution last April 5.

The parcel of land owned by the city, is known as City Hall Block 10 as evidenced by TCT No. 13737, issued by the Register of Deeds of Cebu City.

Under the contract to sell, the purchase price for the property will be P12,500 per square meter or a total of P579,312,500.

Through the committee on awards, the city invited individual corporations to make bids to purchase the property. However, after two failed biddings last April 11 and April 18, Osmeña, pursuant to the prior resolution, with the concurrence of the Committee on Awards, entered into a negotiated sale with the only bidder, the Robinson's Land Corporation.

Under the contract, the city agrees that the 20-percent bid bond in the amount of P115,862,500 it received last April 18 as part of the total down payment. Simultaneous with the execution of the contract to sell, the buyer will deliver to the city a manager's check in the amount of P173,793,750, bringing the total amount given to P289,656,250.

The payment of the remaining balance of P289,656,250 will be made by the buyer to the city in the form of manager's check payable to the city on the date when the Deed of Absolute Deed of Sale of the property is entered into between the two parties. -Garry B. Lao