Supplemental MOA to Carbon JVA signed

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CEBU City Mayor Michael Rama and executives of the Megawide Construction Corp. signed on Sunday, July 31, 2022 the supplemental memorandum of agreement (MOA) to the joint-venture agreement (JVA) of the Carbon Public Market modernization project that will further enhance the development of the market.

After the signing, the Cebu City Government received the first annual guaranteed payment worth P50 million from the developers.

The check was received by the City Treasurer’s Office and will be deposited in the city’s general funds.

City Treasurer Ivy Fernandez said the amount is a big help to the city’s financing considering that it is guaranteed to be received annually.

Before the actual program, Rama had given the executives of MCC a tour around the Carbon Public Market and City Hall.

The mayor mentioned to the executives about the city’s direction towards the development of the public market and other structures surrounding it.

Rama said the accomplishment of the project is a product of not just words but also the action of the government officials, developers, and market vendors.

The mayor is happy knowing that all vendors from the old public market can be accommodated in the interim market.

Rama added that the project is not about the money that the city will gain but the comfort that can be given to vendors and market-goers once the modern public market will be finished.

Major provisions

Cebu2World Development Inc. (C2W) deputy general manager Lydwena Eco said the supplemental MOA is intended to enhance the existing provisions of the JVA.

These include the increase of the total capital expenditure or the investment that will be infused by C2W to the project from P5.5 billion to P8 billion considering the additional locations and works asked by the city.

The moving of the Freedom Park back to its original location as part of historic preservation is now included in the provisions of the supplemental JVA.

The new 2,000-square meter Freedom Park is scheduled to be completed by the fourth quarter of 2022. It will feature a landscaped open-air park.

The supplemental JVA also ensured that the residents of Sitio Bato in Barangay Ermita will not be touched until a final and proper relocation site is ready.

Eco said Rama was clear with his instruction that the residents will stay in their current location until their relocation site is finalized.

The developers also said that relocated vendors have begun selling in the Interim Market, which offers a cleaner and more organized shopping experience to the public.

The building is also equipped with complete connections to water and electricity, clean bathrooms for all genders and persons with disabilities, and closed-circuit television cameras.

Ramps and service elevators are also placed in the market to easily transfer heavy goods to the vendors.

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