Third-party appraiser to assess CICC value

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Saturday, July 5, 2014


A THIRD-PARTY appraiser will be tapped to determine how much the Cebu International Convention Center (CICC) would cost if the Mandaue City Government decides to purchase the property.

Atty. Carlo Pontico Fortuna, Mandaue City Government’s consultant for district affairs, said this was the agreement reached when City Hall representatives met with the CICC management board last week to present its appraisal of the property.

Provincial Administrator Mark Tolentino presided that meeting.

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The third-party appraiser will help come up with a formula for the appraisal of the market value of the building.

Fortuna said they are thinking of communicating with the Commission on Audit, Bureau of Local Government and Finance or a government bank.

Fortuna said the City’s appraisal committee reported that the CICC’s current value is around P200 million, or about P400 million lower than the Cebu Provincial Government’s assessment.

“(We have) to find a common match because the proposal that came from the Province was they’re selling it for about P600 million. But, our assessment of the property is P200 million plus only,” Fortuna said.

Fortuna said the City’s appraisal committee appraised the value of the property minus he cost of repair that was submitted by the Provincial Engineering’s Office.

“The actual cost which I think P800 million and then they (Capitol) deducted the cost, the depreciation, and then they deducted the cost of the damage. So with that formula, they were able to arrive at about 600 million pesos,” Fortuna said.

After the property was damaged by the 7.2 magnitude earthquake last Oct. 15, the CICC management board considered three options since the Capitol lacked funds for the P160-million repair and upgrade of the facility.

Published in the Sun.Star Cebu newspaper on July 05, 2014.

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