Council set to ok lease of Block 27

CEBU, Philippines – The Cebu City Council is set to approve in this week’s session the leasing of Block 27, an idle prime property adjacent to SM City Cebu at the North Reclamation Area.

The ordinance, after being approved by Committee on Laws and the Committee on Budget and Finance was, calendared for final approval and deliberation last week but was however deferred due to the absence of its author councilor Jose Daluz III.

After thorough evaluation the Bids and Awards Committee approved the lease rate at P25 for every square meter monthly.

The rate, according to Cebu City administrator Francisco Fernandez was approved by the City’s Appraisal Committee based on the lease rate of the South Road Properties.

The leasing party will still be SM.

This could earn the city an income of almost P1 million a month considering that the whole area is 33,737 square-meters. Currently the lot is the home of the City Agriculture Office and the impounding area of the General Services Office and the City Traffic Operations Management.

Other than the income from the lease, the city will also gain from the business taxes of establishments that will operate in the area. — Ferliza C. Contratista/BRP (THE FREEMAN)