City buys property of Ker and Co.-A A +A
Friday, June 13, 2014
THE Iloilo City Council has authorized Mayor Jed Patrick Mabilog to sign a purchase contract with officials of Ker and Co. of the 3,066-square-meter property amounting to some P33 million.
Ker and Co. initially offered P35 million for the property consisting of a heritage building and the land. However, upon inspection of the old building, it was found out that old wooden floorings were already taken out which cost some P2 million.
Mabilog said the purchase amount will be taken from the 2013 surplus of the City Government and the term of payment will include 50 percent down payment upon signing of contract and the balance of 50 percent will be paid after the title of the property is transferred in the name of the city.
He said he is planning to build a City Government complex with the new City Hall building as an anchor. Aside from the Ker property, the other property the city hopes to acquire is the 2,383-square-meter property of the Panay Railway Inc. (PRI).
The PRI property was offered to the city for a lease to own scheme at P10,00 rental a year in 10 years and renewable for another 10 years. The city will have to buy the property after five years.
Mabilog said the city mulls to have additional buildings in the more than half a hectare combined properties. He also reiterated his plan for a new covered gymnasium in the area fronting the Iloilo River and a uniform row of eateries in the area.
The City Planning and Development Office was tasked to draft a masterplan for the new City Government complex.