Mayor Jaraula, Project Proponent Ink MOA On P250M “New Agora Complex” Redevelopment Project

The long-overdue facelift of the dilapidated 2.5-hectare Agora Public Market and Bus Terminal in barangay Lapasan this city is expected to start soon.

This, after City Mayor Constantino G. Jaraula and project proponent Erwin See of Megafarm Corporation formally signed this morning at the City Mayor’s Office Reception Hall a Memorandum of Agreement (MOA), signaling the start of the construction for the P250-million Agora redevelopment project under a Build-Operate-Transfer (BOT) scheme.

“The scheme is very simple. It (market) will be redeveloped by the Megafarm Corp. all at its own expense according to the plans and specifications drawn up by the city with the conformity by the project proponent,” Mayor Jaraula said before the signing ceremony graced by Vice Mayor Vicente Y. Emano as the primary witness, members of the City Council, department heads and local media.

According to Mayor Jaraula, the construction period for the Agora Public Market and Terminal, which will be renamed into “New Agora Complex”, will span from a period within 18 to 24 months or 1 ½ to 2 years.

“Day 1 starts from the Notice to Commence and turnover of the entire premises. From then on, construction period begins and the 25-year concession period likewise begins,” the Mayor stressed.

Under the 25-year concession period, the City Government of Cagayan de Oro will get a monthly revenue share of P100,000 during the first 12 months and progressively raise to P150,000 (13-18 months); P200,000 (19-24 months); P300,000 (3 to 5 years); P350,000 (6 to 8 years); P400,000 (9 to 11 years); P450,000 (12 to 14 years); P500,000 (15 to 17 years); P550,000 (18 to 19 years); P600,000 (20 to 21 years); P650,000 (21 to 23 years); P750,000 (24th year) and P850,000 (25th year).

“The entire management will be theirs (Megafarm Corp.). The city will be freed from operational cost. We (city government) will be receiving net (income) from rentals every month,” Mayor Jaraula further explained on the revenue-sharing mechanics under the project’s BOT scheme.

The redevelopment of the sprawling 2.5-hectare New Agora Complex is envisioned to become a multi-use complex consisting of an Eastbound bus, van and public utility terminal; public wet market and vegetable landing area or locally known as ‘bagsakan”.

The City Government strongly pushed for the implementation of the Agora redevelopment project in an effort to reconstruct and modernize the ageing public market and terminal.

The project is also aimed at providing the buying public with a clean and sanitary public market, thus increasing commercial activities and vegetable trading in Agora, Lapasan. Groundbreaking of the project is set tomorrow, January 28, at about 10:00 a.m. at the Agora Public Market and Terminal.
by Ian A. Fuentes / City Information Office