ANOTHER real property has been added to the Provincial Government’s growing source of revenues.
Gov. Gwendolyn Garcia and officials of Filinvest Land Inc. (FLI) signed a deed of conveyance on Tuesday, Oct. 8, 2019, in relation to Tower Two of the FLI-managed Cyberzone Cebu (FCC) in the Cebu IT Park.
The FCC is a joint development project of the Province and FLI through a Build, Transfer and Operate scheme. The agreement was signed by Garcia during her earlier term in 2012.
It aimed to develop, construct and operate a Business Process Outsourcing complex on the Province’s two adjacent parcels of land with a total area of 12,290 square meters along Salinas Drive in Barangay Lahug, Cebu City.
In April 2016, FLI turned over to the Provincial Government the first of four buildings of the FCC.
By signing a deed of conveyance, FLI has officially transferred the ownership, rights, title, interest in and to the premises, facilities, amenities, accessories and all improvements comprising Tower Two to the Province.
The Province, for its part, granted FLI the right to operate, manage and administer the premises, facilities, amenities and improvements of the building.
More assets
Garcia said although construction of the last two buildings is still ongoing, the first two towers already contribute additional revenues and assets to the Province.
The development and construction cost of the first two towers alone is around P4 billion.
“We will subject all our real properties, including FCC Towers One and Two, to a reappraisal. ... We will have it reappraised to conform with the present fair market value,” Garcia said.
Aside from the reappraisal, the governor also expressed interest in renegotiating the terms of agreement with FLI.
FLI is paying Capitol rent for the use of the land. The Province also gets a share of FLI’s income from operating the buildings.
FLI will pay Capitol P600,000 a month for the 1.2-hectare lot where the towers stand, plus two percent of the gross revenue or P500,000 a month, whichever is higher.
For clear ownership of the first two buildings, Garcia said the official seal of the Provincial Government will be placed beside FLI’s logo. (RTF)