CITY Council wants to discuss SRP deal with Japanese investor

THE Cebu City Council wants to sit down with the Japanese firm that proposed to set up a retirement facility at the South Road Properties (SRP) on Thursday, this week.

Councilor Gerardo Carillo said they want to discuss the amount of lease that the city will have to charge I Land Way Philippines Inc. for use of a 1.2 hectare lot at the SRP.

The council’s adhoc committee headed by Carillo is reviewing the contract and proposed a P100 per square meter lease.

I Land Way president Kazuhito Matsuda is ofering a P32 per square lease with a two percent price escalation every five years of occupancy. The committee also wants to discuss the terms of the lease agreement.

The council’s adhoc committee wanted a 25-year lease contract with a lease free bonus for the first five years.

Matsuda is proposing a 50 year contract renewable by another 25 years with a request that the first three years of their agreement should be lease free.

“I know there are a lot of issues that will have to be looked into but I am confident that everything will be settled soon. The Japanese investor really wanted to have their business here in the city,” SRP manager Roberto Varquez said.

Carillo said it would be best for all concerned to sit down together and discuss the matter so that a final resolution to the issue would be reached.

The council also needed to see the final draft of the lease contract for review. Councilor Eugenio Gabuya Jr. wanted an assurance that Cebuano workers will be prioritized for employment if and when the retirement facility is allowed to operate at the SRP.