Cebu Gov. Hilario Davide III confirmed that the province will sell the Cebu International Convention Center (CICC) to Mandaue City for P350 million.
Davide said the price was already agreed on even during the time of former Mandaue City mayor and now Rep. Jonas Cortes of Cebu’s sixth district.
The governor said he was happy that Mayor Luigi Quisumbing will buy the CICC building, which is built on a lot owned by Mandaue City.
Quisumbing has previoulsy announced the city’s desire to buy the building, a move supported by Mandaue City Chamber of Commerce, especially that City Hall intends to convert the CICC into a product showroom.
The governor said the payment will be made by installment.
“I understand in our initial talks with Provincial Administrator Mark Tolentino that it will be P75 million this year, upon the signing and it will be P150 million next year. There will be two payment next year and it will be fully paid in other terms,” Davide said.
Davide said he also based the selling price of the building on the current state of the CICC, which was damaged by Supertyphoon Yolanda in 2013.
“It is just right that Mandaue will buy the CICC since it is the local government that owned the lot where CICC is built,” Davide said.
Davide said that they plan to use the P350 million to develop district hospitals and build more water systems and classrooms in the province.