The Negros Occidental Sangguniang Panlalawigan yesterday morning unanimously approved the deed of sale and contract of lease for the 7.7-hectare prime property of the provincial government signed by Gov. Alfredo Marañon Jr. and officials of Ayala Land Inc. last week.
The SP yesterday also again ratified the ALI development plan for the property, said Board Member Mae Javellana, who presided over the special session in the absence of Vice Governor Genaro Alvarez Jr. who had gone to Manila for a medical check- up.
Absent at the special session were board members Emilio Yulo III and Patrick Lacson, and Thea Mae Dino, Sangguniang Kabataan representative on the SP.
Javellana said the SP has reiterated its approval of the deed of sale and lease contract, as well as the development plan that it had also done 10 months ago.
Marañon said he and ALI president Antonino Aquino and senior vice president Jose Emmanuel Jalandoni signed on Thursday the deed of sale and contract of lease for the property that is part of the Commission on Audit requirements for approval of the deal.
The signed deed of sale and contract of lease were submitted to the COA yesterday morning.
The SP ratification yesterday was done in the spirit of transparency, he said.
The governor is hoping that the COA will approve the submitted documents after Labor Day. Sold by the Capitol are 36,587 square meters of land worth P750,033,500 subject to an initial payment of 50 percent, with the balance to be paid on a quarterly basis over a one-year period, the deed of sale states.
To be leased are 40,481 square meters at P2,955,133 a month, with rent escalating at 10 percent every five years, the lease contract states.
Ayala has committed to investing more than P6 billion in the development of the property, and, it will have a tremendous effect on Bacolod City and Negros Occidental, the governor said.*CPG