THE Provincial Council of Negros Occidental is expected to tackle this week the Memorandum of Agreement (MOA) to be entered by the Provincial Government and proponent Dynamic Builders and Construction Company Inc. relative to the P1.7 billion worth of P4 (public-private partnership in the province) project, an official said.
Second District Board Member Salvador Escalante Jr., chairman of the council’s committee on appropriations, budget and finance, said they are still waiting for the final copy of the agreement.
Escalante said there were already several drafts of the MOA as of Monday, August 20, but some revisions have yet to be made to protect the interests of both parties.
"Once submitted by the P4 Selection Committee, hopefully, the Council will take up the agreement during its regular session on Wednesday," he said, adding that "we will then call for a meeting with the proponent to authenticate the content of the MOA."
With no challenger, the Bacolod-based construction firm proposed for the development of Capitol Commercial Center.
It is a mixed-use nine-storey building on the 6,480-square meter portion of the province’s property on Gatuslao Street in Bacolod City where the Provincial Administration (PAC) is located.
The structure will mainly host hotel, mall, and business process outsourcing (BPO) spaces.
Under the P4 project, Dynamic Builders will have a 50-year rental at P85 per square or P550, 000 a month totaling to P6 million per year. The rental will escalate at five percent every five years.
Escalante earlier said that the company will offer advance down payment for two years and another two-year deposit.
The proceeds of the agreement will go to the General Fund and will be part of the 2019 Appropriations Act of 2019, he said.
"Once the SP has given authority to the governor, the signing of the MOA will then follow most probably during the first week of September," Escalante added.