Mines View building recovery study, presented

12 August 2021 – City budget officer Atty. Leticia Clemente bared a financial recovery study conducted by her office of the Mines View Building-Leasing Project in Tuesday’s regular management committee meeting led by Mayor Benjamin Magalong.

The study shows that as of August 9, 2021, the facility’s ground floor is currently occupied by 41 tenants out of the 86 slots available for lease; second floor houses the health center, daycare center and Mines View barangay hall extension.

The health center also has extensions at the building’s third and fourth floors with the rest of the floor spaces unoccupied.

The proposed rehabilitation/ improvement plan of the facility shows its ground floor having 88 stalls; the second floor will house the health center and 12 parking slots; third and fourth floors will have 700 square meters of open space for lease each.

The estimated rehabilitation cost of the project is pegged by the City Buildings and Architecture Office at P9,790,000.

According to the study, prospective establishments for the building’s first, third and fourth floors are government offices, banks, groceries, restaurants/ fast food, and other commercial establishments.

The facility’s ground floor will continue to be leased to existing tenants to strengthen local livelihood after the rehabilitation and the remaining area will be open for lease.

The study showed a projected annual net income from the project at P6,788,422.73.

Also included in the study are rental rates survey data; total construction costs to be recovered; payback period or length of time needed to recover investment; return on investment; and proposed terms of reference.

Issues and concerns include design and program of work including relocation sites; timeline of rehabilitation; lease area—whether entire area or portions thereof; whether subleasing will be permitted; rent fees for beneficial users of the adjacent “A”-type structures; and multi-purpose cooperative building.- Gaby B. Keith

PIO_Baguio