The Cebu City Government will have P50 million more in its coffers once Mayor Mike Rama signs the supplement agreement to the joint venture agreement (JVA) on the Carbon redevelopment project with Megawide Construction Corp.
The P50-million annual share of the city from the project is part of the additional provisions included in the supplement.
Atty. Collin Rosell, secretary to the mayor, said they have scheduled the signing this Saturday, July 30, although it is still subject to the final availability of Mayor Rama, who will sign the document on behalf of the city.
As stipulated in the supplemental agreement Megawide is expected to turnover to the city P50 million as its first annual receivable share after the agreement signing.
“This signing will mean that everything should go as planned – the whole development in accordance to the agreement. This is for everyone to be aware and join the government in transforming the whole Carbon Market area to be at par with other countries,” Atty. Rosell said.
Top officials of Megawide will be present to do the turnover, which will be done in the presence of barangay captains, vendors, and other stakeholders who have a direct relation to the Carbon Market operations.
With the P50-million share and other aspects of the project that Mayor Rama pushed for under the supplemental agreement, Megawide’s total project investment grew to P8 billion from the original P5.5 billion.
The additional agreement also included Freedom Park as a vital component of the whole redevelopment project; as such, it would be developed and preserved at its original site, being a vital part of Cebuano culture and heritage.
In fact, the City Government has already started works on the return of the park by clearing the area of the temporary stalls and moving the vendors to the Carbon Market Interim Building Megawide built.
The supplement also reiterated the City’s stand that there should be no displacement of duly registered vendors in the market, and that affected Sitio Bato, Ermita residents should be displaced and relocated only at the last phase of the project.
Megawide shall also build one police station and five police outposts within the project site.
The city council has already approved a resolution by then Councilor Raymond Alvin Garcia authorizing Mayor Rama to sign the supplemental JVA on behalf of the city. (Cebu City News & Information)