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BCDA, John Hay developer open to new lease deal.
(From Philippine Daily Inquirer)
BAGUIO CITY-The developer of Camp John Hay has offered to return a portion of its leased property in the former American base to the government to address a debt problem that has been plaguing its operations for three years now.
Robert John Sobrepe[currency]a, president of Fil Estate and the Camp John Hay Development Corp. (CJHDevco), and Bases Conversion Development Authority Chair Filadelfo Rojas Jr. had agreed here on Tuesday to negotiate a new lease contract next week, according to lawyer Gina Alvarez, CJHDevco senior vice president for legal affairs.
The new lease contract should resolve CJHDevco's back rentals worth P1 billion, company officials said.
The current contract covers 246 hectares of Camp John Hay's built-up portion, but the developer has so far used only 18 hectares since 1996, a top CJHDevco official said.
A source from the John Hay Management Corp., the estate manager, said the reduced lease coverage could cut down the firm's rent by almost 60 percent.
Mayor Braulio Yaranon had frozen all of the developer's permits until he could get commitments from BCDA that the city's 25-percent share in the rent would be released soon.
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