THE Leyte Provincial Board has approved the request of Baybay City to seek P250-million loan to finance the construction of new city hall.
Leyte Vice Governor Carlo Loreto said Friday, October 6, that the Provincial Board members unanimously approved during its October 3 session the ordinance granting authority to Baybay Mayor Carmen Cari to enter into a term loan with the Development Bank of the Philippines.
The terms and conditions of the ordinance were further ratified to include that the P250-million loan and the accrued interests will be paid within 15 years or in 144 months in equal monthly installment.
The construction of Baybay city hall is certified to be a local infrastructure and socio-economic development in accordance with the approved local development plan and public investment program for the year 2017 of the City of Baybay.
The proposed loan will partially fund the four-storey new city hall building project of Baybay that is estimated to cost P400 million.
In an earlier interview, Cari said the new building is set to accommodate the city’s growing offices and departments in dispensing the needed services for the people.
The new city hall building will rise along the new diversion road where some new government facilities are now located. It will have a floor area of 42,000 square meters, with elevator and wider parking space. It will also house the local legislative building.
The existing city hall building has been the seat of the local government prior to its cityhood. It saw some renovations and upgrading in 2013, but no expansion was made.
The old city hall located along Ramon Magsaysay Avenue will not be demolished as it will be leased by the City Trial Court, reports said. (PNA)