The BCDA had been ready to serve a Notice of Termination of the lease contract over the Camp John Hay property to the CJHDevCo this month but was prevailed upon by CJHDevCo to consider a "substantially improved proposal."
CJHDevCo is trying to restructure some P1 billion in back rentals from 1999 to 2002 for the 247 hectare former US military recreational facility in Baguio City.
CJHDevCo chairman and chief executive officer Robert Sobrepeña had also revealed to the BCDA the possible entry of a new investor who would put up a casino within the Camp John Hay property.
However, the BCDA, in agreeing to grant an extension of the CJHDevCo’s presentation of an improved lease restructuring offer, stressed that the restructuring "should focus on the lease contract and the arrears and performance shortfall."
The BCDA said that the casino offer "is deemed an extraneous consideration, a potential bonus, if you will."
CJHDevCo has won the right to develop Camp John Hay way back in 1996 for a period of 25 years.
But following the 1997 Asian economic crisis, CJHDevCo has been unable to meet its commitment to the BCDA in developing the former US military recreation facility.