Cebu City, through the Joint Venture Selection Committee (JVSC), is now ready to accept challengers of the proposal of Filinvest Land Incorporated (FLI) covering 50.6 hectares of the South Road Properties (SRP).
In yesterday’s presentation of the status of the negotiation between FLI and the Cebu City government by JVSC head and Cebu City Administrator Francisco Fernandez, he told the city council, they are now ready to accept competitive challenges from interested private sector entities the moment they publish the invitation in major dailies.
Fernandez briefed the council that JVSC negotiators finalized last week the terms and conditions of the draft agreement.
The agreement only needs the signature of FLI’s leading representative, who is currently out of town.
After JVSC gets authority from the city council, it will publish the advertisement of the invitation to pre qualify and submission of a comparative proposal. The scheduled first date of publication will be on Thursday.
Starting December 4, Fernandez said, the interested parties and developers may now get forms and eligibility requirements from the secretariat of the JVSC.
Deadline for submission is on December 18 and releasing of tender documents will be on December 22.
The deadline for submission and opening of Comparative Proposals will be on January 15.
Fernandez said, if there will be no challenger, JVSC will still wait for 30 days from the first publication date prior to awarding the deal to FLI.
Councilor Nestor Archival asked Fernandez during the discussion on whether local government units are allowed to submit a competitive challenge.
Fernandez told the group that JVSC will only make a stand the moment a proposal is already submitted by a local government unit.
The Cebu Provincial Capitol recently showed interest in submitting a competitive challenge to FLI’s proposal.
In the 50.6-hectare area subject of the joint venture, there will be construction of a minimum of 875,000 square meters of building spaces in the Central Business District.
FLI committed to compensate the city in a period over 20 years a minimum of P1.5 billion payable in cash for the next three years and 10 percent of the gross revenues of built up units or a pre determined minimum guaranteed return.
The over all investment of FLI over the project is P24 billion. – Ferliza C. Contratista/NLQ (THE FREEMAN)