City market project attracts big investors

February 17, 2020 Metro BLISTT

BAGUIO CITY – The market development project has attracted large scale investors like Robinsons and SM corporations, Mayor Benjamin Magalong bared in the weekly Management Committee meeting Feb. 11.
The mayor said Robinsons submitted an unsolicited proposal which it will present to city officials on Feb. 14 while SM served notice to tender its own offer next week for presentation on Feb. 17.
The city expects to receive more proposals for the multi-billion venture envisioned to transform the public market into one of the best trading centers in the country.
All of these will be evaluated by the city’s Public- Private Partnership for the People (P4) selection committee headed by City Budget Officer Leticia Clemente and the technical working group (TWG) on market development led by Coun. Mylen Yaranon to determine the viability of the offers vis-a-vis the city’s requirements.
The mayor earlier said the city will go for a deal that would not require cash investment and one that would ensure the welfare of the existing leaseholders numbering around 4,000.The city decided to forgo with the loan scheme to implement the project in favor of the PPP joint venture modality.
The mayor assured that under such development mode, the vendors’ cooperative will still be involved as a partner in the deal that the city will strike up with the winning developer.
Last January, the TWG presented the final market development plan for the three hectare complex which Yaranon said was inclusive of the inputs of the stakeholders from the series of consultations conducted.
The architectural design of the market redevelopment plan which was approved by the city council through Resolution No. 39-2020 provides for a seven-storey structure including two underground floors to house the vendors with provisions for parking, sewage treatment plant, materials recovery facility and open space comprising 30 percent of the area for alleys and parks.
The project estimated to cost at least P2.5 billion is one of the city’s priorities included in the 15- point core collective agenda of the present administration.
 
Aileen P. Refuerzo/ABN