KORONADAL CITY (MindaNews/10 Jan.) — The city government is targeting the start within the first half of the year of the construction and development of the city’s P150-million modern integrated transport terminal complex.
City Mayor Peter Miguel said the local government is currently waiting for the approval of its loan application with the Land Bank of the Philippines (LBP), which it earlier picked to bankroll the terminal project.
He said the proposed loan is being evaluated by the LBP central office based on the requirements that they had submitted.
“We’re hoping to get the bank’s final approval within the first or second quarter of the year,” the mayor said.
Miguel earlier obtained authority from the city council to negotiate a loan with the LBP for the construction of the terminal complex in Purok Yellow Bell, Barangay Sta. Cruz.
The city government acquired last year a 5.9-hectare lot worth P40 million for the proposed transport terminal project’s site.
Miguel said the loan will specifically be utilized to fund the construction of the main terminal building and related structures as well as the installation of the necessary amenities within the complex.
“Once the funds are in place, the project’s construction will immediately begin,” he said.
The mayor expressed confidence of getting the LBP’s approval for the project’s financing as it will be operated by the local government as an economic enterprise.
“The income that will be generated from its operations will be used for the repayment of the loan. So this project is self-liquidating,” he said.
Based on the feasibility study prepared by the local government, the proposed facility is projected to generate an annual income of around P13.2 million from the terminal fees alone.
It foresees additional revenues of around P1.7 million a year from the rentals or leases of its commercial stalls.
He said the proposed loan will mainly be utilized for the construction of the main terminal building and related structures as well as the installation of the necessary amenities within the complex.
Based on the local government’s initial plan, the proposed integrated terminal’s main building will cover two hectares and the rest of the site will serve as buffer area or spot for future developments.
It will adopt the “green” concept in terms of architecture and facilities, specifically the use of natural ventilation, natural lighting (skylight) and energy-efficient light-emitting diode or LED lights.
The facility will also provide adequate green open spaces and the design would ensure the preservation and integration of the land’s existing natural water bodies and features. (MindaNews)