LA TRINIDAD, Benguet – The upcoming put up of a 3-storey market building worth P300 million by a private developer through the Build-Operate-Lease-Transfer (BOLT) scheme will be beneficial to the municipal government and the people of this capital town, Mayor Edna C. Tabanda said here.
The local chief executive the new market building that will be built in a 4,000-square meter area along Km. 5 will be the town’s pioneer ‘green building’ that will showcase the latest ‘green architecture’ in compliance to the mandate of the government for the construction of environmentally-friendly structures.
“The public-private partnership will definitely help spur the continuous economic growth of La Trinidad and attract the influx of more investors to help generate added jobs for local residents,” Tabanda stressed.
Aside from employing qualified local residents and tenants, Mayor Tabanda cited among the benefits of the construction and operation of the new market building include the payment of the developer of lot rentals, real property taxes, business taxes among other revenues that will accrue to the municipal government.
Furthermore, she said the sewerage system within the vicinity of the new market building will significantly improved because the company will be tasked to develop its state-of-the-art sewerage system that will cater to other commercial establishments within the area plus the fact that it will also take care of its solid waste disposal.
More importantly, Tabanda claimed local residents will be the primordial beneficiaries of the numerous corporate social responsibility (CSR) projects of JARCO Realty and Development Corporation that will complement the basic services being currently provided by the local government to the people.
According to her, the goods to be sold in the new market building will complement the ones being currently sold in the existing public market building considering that among the establishments to be located in the new structure would be bookstores, shoe stores among others that are not available in the locality.
Tabanda cited the third floor of the structure will be used as function halls or multipurpose activity centers not only for concerned government agencies and the local government but also for interested private groups to help contribute in increasing the availability of alternative multipurpose facilities in the municipality.
She added the operation of the new market building’s parking facility will also contribute in providing parking spaces to be used by the people of the locality and ease the worsening traffic congestions created by the wayward parking of vehicles along the major roads.
JARCO Realty and Development Corporation, the builder of the town’s new market building, was also the builder and operator of the Baguio Center Mall and that its contract with the city government of Baguio is about to expire.
The lease agreement between the municipal government and the private developer is expected to last for a 30-year period with the prescribed rentals to be paid over the property increasing over the different stages of the contract period.
By Dexter A. See