CEBU - Now it can be told.
The Cebu Provincial Government would not have wanted to invest in the South Reclamation Properties had the City government granted them permits to utilize and develop the existing properties of Capitol in the North District.
This was bared by Capitol consultant, lawyer Rory John Sepulveda, basing on his personal view as a consultant on revenue generation of the province.
Sepulveda said that if the city government would permit them to develop their properties like the one of Fifth Avenue in Banilad and the former Bagong Buhay Rehabilitation Center in Lahug, he will suggest to Governor Gwendolyn Garcia not to invest anymore at the SRP so they could focus the capital of the province in developing its own properties.
Sepulveda said there are more than a hundred hectares of Capitol properties in the city ready for commercial development, but because the city has not given them permits to utilize such properties yet, some remain idle and generate no income at all.
He admitted that the funds of Capitol comes primarily from its properties and with the excess fund, it will be more practical to invest to generate more income.
“Whatever existing property, ang gusto sa Governor i-utilize. If we can continue to get the cooperation of the local government unit (Cebu City), we would develop the prime properties of the province located in the North District,” Sepulveda said.
Acting Cebu City Mayor Michael Rama did not comment on Sepulveda’s statement, but said that the city has its priorities.
Rama said the interest of the city will be the good of its constituents and he prays that in the future, their (City and Capitol) principles will meet to achieve accession for the good of their own people.
Sepulveda also reiterated the intent of Capitol to invest at the SRP.
After the governor visited the area, he said, she was impressed because the venue is perfect for business.
In the initial ocular inspection, they have seen that it has good existing facilities like the sewage, drainage, and the availability of water resource among others.
He said that there are two alleged offers for the capitol right now for acquiring the land. One is for outright purchase and the other for a joint venture.
The outright purchase provides that a 10-hectare land at the SRP will be sold at P2 billion. This will be opened for bidding once acquired.
Sepulveda said the capitol intends to participate in the bidding of the ten hectares for P2 billion.
The capitol has created an appraisal committee that will analyze and evaluate, which between outright purchase and joint venture shall be chosen.
Sepulveda said they have no position yet as to whether they will join as competitive bidder in the Filinvest Land Inc. offer. — Jessica Ann R. Pareja/NLQ (THE FREEMAN)