THE Mandaue City government now fully owns the Cebu International Convention Center (CICC) after full payment of the P300 million acquisition cost from the Cebu provincial government.
The provincial treasurer’s office confirmed receiving the remaining P100 million two weeks before.
Provincial treasurer, lawyer Roy Salubre said the payment covers only the structure itself, as the lot is owned by the Mandaue City Government.
Salubre said that the proceeds of the sale will go to the general fund.
Cebu Governor Hilario Davide III initially said that the money will be used to upgrade the provincial hospitals.
Salubre said the formal turnover of the structure will be handled by the Mandaue City legal office.
The CICC building, which sits on a 3.2-hectare property at the North Reclamation Area (NRA) used to host the 2007 ASEAN Summit and second East Asia Summit.
It was abandoned in 2013 after the structure was damaged during Typhoon Yolanda and the 7.3 magnitude earthquake that hit Bohol and Cebu.
Last year, the Mandaue City government offered to buy the building from the provincial government. Mandaue City Mayor Luigi Quisumbing had planned to turn it into a commercial center.
The provincial board approved the resolution last July 16 authorizing Davide to sign the Deed of Sale for the CICC to the Mandaue City government and for the governor to sell the property for P300 million.
The Mandaue City government had initially paid P200 million last January.