The generated few weeks ago about the controversial Rehabilitate-Operate-Transfer (ROT) contract to finish the Agora market building had died down but the mystery remains as the city council appears not touching the issue with a 10-foot pole.
Is it grossly disadvantageous to the city government, the multi-million question remained.
City Councilor Edgar Kapirig, who had carved a personality as another city hall critic said he is not interested on the issue and considers the contract above board and regular since he was among those city council members of the 9th Sangguniang Panlungsod who approved the contract in 2007.
"I was silent on the Agora ROT contract but I will not also oppose a plan to review the said contract if the city council decides to do so," Kapirig said.
Earlier, fellow councilor Zenaido "Jingo" Rama asked his colleagues in the council to "revisit" the contract entered into by the city government with private contractor JL Apostol Enterprises.
According to him, being a neophyte member of the city council, he cannot answer
questions regarding the contract raised by many constituents.
On March 7, 2007 the 9th SP adopted Resolution No. 07-39, S. 07 –Granting Authority to City Mayor Dan Lim to enter into a contract with JL Apostol Enterprises, Inc. winning bidder of the ROT Scheme.
The same city council reviewed the Summary of the Comments on the Proposed Contract on March 19, 2007. The ROT Contract was officially confirmed by the City Council through Resolution No. 07-44, Series of 2007 on March 21, 2007.
The contract was signed on the same day by the City Mayor and contractor JL Apostol, curiously 52 days before the May 14, 2007 synchronized national and local elections.
The agreed rental in the ROT contract of P5 million per year that will translate to only about P41 per square meter per month is considered too low noting that there are even vacant lots far from CPG Avenue (the main city commercial hub) which are currently renting P100 per square meter per month.
Such observations were joined by former governor Atty. Victor dela Serna who noted that the Agora lot is probably the most expensive piece of real estate in Bohol.
"At current valuation, it could be easily be worth P50,000 per square meter or P500 million because the lot is almost one hectare (8,000+ sq.m.). A rent of P41/month is too low in relation to the value of the property," he said.
Also pointed out is that there was already an existing structure (unfinished work funded by city and national sources) on the site which itself is worth P24 million. The present rehabilitation utilizes the existing edifice making the investment of the developer minimal compared to the huge expected earnings from renters.
Some estimates say the ROT investment of only P80-million to complete the building will be recovered in just 3 years and all throughout the next 22 years will become whooping profit to the investors.
Another alleged flaw is that there is no escalation clause in the supposed share of P5-million to the city government which has a lifetime of 25 years.
City mayor Dan Lim said he is willing to answer issues in any forum, including in radio programs hosted by his staunch critics.
Is it grossly disadvantageous to the city government, the multi-million question remained.
City Councilor Edgar Kapirig, who had carved a personality as another city hall critic said he is not interested on the issue and considers the contract above board and regular since he was among those city council members of the 9th Sangguniang Panlungsod who approved the contract in 2007.
"I was silent on the Agora ROT contract but I will not also oppose a plan to review the said contract if the city council decides to do so," Kapirig said.
Earlier, fellow councilor Zenaido "Jingo" Rama asked his colleagues in the council to "revisit" the contract entered into by the city government with private contractor JL Apostol Enterprises.
According to him, being a neophyte member of the city council, he cannot answer
questions regarding the contract raised by many constituents.
On March 7, 2007 the 9th SP adopted Resolution No. 07-39, S. 07 –Granting Authority to City Mayor Dan Lim to enter into a contract with JL Apostol Enterprises, Inc. winning bidder of the ROT Scheme.
The same city council reviewed the Summary of the Comments on the Proposed Contract on March 19, 2007. The ROT Contract was officially confirmed by the City Council through Resolution No. 07-44, Series of 2007 on March 21, 2007.
The contract was signed on the same day by the City Mayor and contractor JL Apostol, curiously 52 days before the May 14, 2007 synchronized national and local elections.
The agreed rental in the ROT contract of P5 million per year that will translate to only about P41 per square meter per month is considered too low noting that there are even vacant lots far from CPG Avenue (the main city commercial hub) which are currently renting P100 per square meter per month.
Such observations were joined by former governor Atty. Victor dela Serna who noted that the Agora lot is probably the most expensive piece of real estate in Bohol.
"At current valuation, it could be easily be worth P50,000 per square meter or P500 million because the lot is almost one hectare (8,000+ sq.m.). A rent of P41/month is too low in relation to the value of the property," he said.
Also pointed out is that there was already an existing structure (unfinished work funded by city and national sources) on the site which itself is worth P24 million. The present rehabilitation utilizes the existing edifice making the investment of the developer minimal compared to the huge expected earnings from renters.
Some estimates say the ROT investment of only P80-million to complete the building will be recovered in just 3 years and all throughout the next 22 years will become whooping profit to the investors.
Another alleged flaw is that there is no escalation clause in the supposed share of P5-million to the city government which has a lifetime of 25 years.
City mayor Dan Lim said he is willing to answer issues in any forum, including in radio programs hosted by his staunch critics.
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