PBA, QC government start talks on coliseum
November 4, 2006 | 12:00am
The Philippine Basketball Association and the Quezon City government under Mayor Sonny Belmonte may soon enter into a partnership for a mega project, the proposed PBA coliseum at the heart of a civic center envisioned to become Quezon City’s new landmark.
The two parties discussed the idea in an initial meeting at the Quezon City Hall yesterday.
"The mayor was enthusiastic in welcoming the PBA project in the city. We discussed the possibility of a joint venture or straight-out lease of a property," said Eala on their meeting with Belmonte.
"The mayor showed us their plan for the development of the Quezon City triangle. They look open to the idea of developing a civic center going with our coliseum," Eala added.
In the meeting also attended by PBA board chairman Ricky Vargas and legal counsel Melvin Mendoza, the city officials specified three possible sites for the project. One is the present location of the Manila Seedling Bank, second the North Triangle area already being developed by the Ayalas and third the area bound by Quezon ave., EDSA and Agham Road.
"The next step is to get in touch with the property owners or the property rights holders. We’re told two properties are owned by the National Housing Authority," said Eala.
Eala said the Quezon City government appeared keen on a joint venture with the PBA having a budget surplus of P4 billion, gained under the stewardship of Belmonte.
As far as the PBA is concerned, Eala said the league executive board has been given the go-signal to pursue the project in line with several programs the league is planning to undertake soon.
"I was tasked to present the whole plan for this project in December. The report would include the site selection, financial proposal and business mode," said Eala.
Eala thought they could finish site selection by January, present the study on how to fund the project by March and do the ground-breaking in July.
"Finally realizing our long dream of having our own coliseum is now more realistic than ever. We’re excited since several companies have pledged all-out support in this endeavor," said Eala.
"I don’t see hitches because we can put equity then the rest can be funded by loans. The PBA is debt-free and any bank would be happy to loan us funds," Eala added. — Nelson Beltran
The two parties discussed the idea in an initial meeting at the Quezon City Hall yesterday.
"The mayor was enthusiastic in welcoming the PBA project in the city. We discussed the possibility of a joint venture or straight-out lease of a property," said Eala on their meeting with Belmonte.
"The mayor showed us their plan for the development of the Quezon City triangle. They look open to the idea of developing a civic center going with our coliseum," Eala added.
In the meeting also attended by PBA board chairman Ricky Vargas and legal counsel Melvin Mendoza, the city officials specified three possible sites for the project. One is the present location of the Manila Seedling Bank, second the North Triangle area already being developed by the Ayalas and third the area bound by Quezon ave., EDSA and Agham Road.
"The next step is to get in touch with the property owners or the property rights holders. We’re told two properties are owned by the National Housing Authority," said Eala.
Eala said the Quezon City government appeared keen on a joint venture with the PBA having a budget surplus of P4 billion, gained under the stewardship of Belmonte.
As far as the PBA is concerned, Eala said the league executive board has been given the go-signal to pursue the project in line with several programs the league is planning to undertake soon.
"I was tasked to present the whole plan for this project in December. The report would include the site selection, financial proposal and business mode," said Eala.
Eala thought they could finish site selection by January, present the study on how to fund the project by March and do the ground-breaking in July.
"Finally realizing our long dream of having our own coliseum is now more realistic than ever. We’re excited since several companies have pledged all-out support in this endeavor," said Eala.
"I don’t see hitches because we can put equity then the rest can be funded by loans. The PBA is debt-free and any bank would be happy to loan us funds," Eala added. — Nelson Beltran
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