IN THE next two months, the Mandaue City Government will finally take over the administration of the Cebu International Convention Center (CICC).
In a news conference yesterday afternoon, Mayor Gabriel Luis Quisumbing said they already got the go-signal to purchase the CICC, which is in the Mandaue side of the north reclamation area.
During his State of the City Address in the morning, Quisumbing said the City and the Cebu Provincial Government, which owns the building, have agreed on the terms of purchase.
Within the remaining months of 2016, Quisumbing said they are set to sign a memorandum of agreement with the Province on the sale of the CICC.
According to the assessment of the Commission on Audit, CICC has an estimated selling value of P350 million.
As agreed, Quisumbing said they will make four payments to the Province.
Mandaue City will turn over P75 million, which will serve as their first payment within the year.
Another P75 million will be paid next year, P150 million in 2018 and the remaining amount will be paid in full in 2019.
The mayor said the City will immediately take over the facility upon making the first payment. That way, the City can open it to any development by next year, he said.
This will be under a public-private partnership, so the City won’t be spending much, he said.
“The lot where the CICC is is the most desirable piece of real estate in (the) entire Metro Cebu, so for sure many developers will be interested,” he said.
Quisumbing said they’ve already received proposals, which will be evaluated by their planning office to make sure these are in line with their comprehensive land use plan.
He said many of the prospective investors intend to establish a convention space inside the CICC along with other commercial developments.
Asked if there will be any legal implications on the move considering that there is a pending case involving CICC, Quisumbing said the Office of the Ombudsman has given the Province clearance to dispose of the facility since it already documented all the information it needed.
The mayor said they would have wanted to buy the CICC earlier but it’s being used as a temporary shelter for survivors of the fire that struck Barangays Guizo and Mantuyong.
Quisumbing said the City has already formulated a plan for fire survivors that will allow them to return home.