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WEDNESDAY, AUGUST 13, 1986
+ TO THIS END A SYSTEM HAS BEEN DEVISED WHICH WOULD ALLOW THIS TO TAKE PLACE, WHILE AT THE SAME TIME PROTECTING SMALL OWNERS FROM THE VAGARIES OF THE PROPERTY MARKET.
+UNDER THIS SCHEME OWNERS MAY ELECT TO PARTICIPATE IN A DISTRIBUTION OF A PROPORTION OF ANY PROFIT WHICH RESULTS FROM
THE DEVELOPMENT.
+SHOULD ANY DEVELOPMENT MAKE A LOSS THIS WOULD BE ABSORBED BY THE LDC AND PROPERTY OWNERS WOULD NOT LOSE ANYTHING, + HE SAID.
MR CHAU SAID THE LDC WOULD FORM INDIVIDUAL SUBSIDIARY COMPANIES TO UNDERTAKE DEVELOPMENT PROJECTS.
THESE COMPANIES WOULD BE RESPONSIBLE FOR RAISING FINANCE FROM THE PRIVATE SECTOR AND NEGOTIATING WITH PROPERTY OWNERS FOR THE ACQUISITION OF THEIR PROPERTY.
SUBSIDIARY COMPANIES WOULD ALSO BE RESPONSIBLE FOR PLANNING AND IMPLEMENTATION OF DEVELOPMENTS, INCLUDING NEGOTIATION WITH PRIVATE SECTOR DEVELOPERS TO SET UP JOINT VENTURE PROJECTS.
HE SAID THE PROJECT MANAGEMENT SECTION OF THE LDC WOULD BE RESPONSIBLE FOR OVERSEEING THE DEVELOPMENT PROCESS.
DEVELOPMENT MAY BE DONE EITHER BY THE LDC ITSELF THROUGH THE EMPLOYMENT OF CONSULTANTS OR IN JOINT VENTURE SITUATIONS THROUGH THE JOINT VENTURE PARTNER.
IN EITHER CASE, THE LDC'S MAIN RESPONSIBILITY WOULD BE TO OVERSEE THE DEVELOPMENT PROCESS. DEVELOPMENT PLANS WOULD HAVE TO BE SUBMITTED FOR APPROVAL BY THE TOWN PLANNING BOARD AND THE DESIGNATION OF AN AREA TO BE DEVELOPED BY THE LDC (SPECIAL DEVELOPMENT AREA) WOULD BE PUBLISHED UNDER THE TOWN PLANNING ORDINANCE.
+MEMBERS OF THE PUBLIC WILL HAVE A RIGHT TO OBJECT TO SUCH DESIGNATION IF THEY FEEL THAT THEIR INTERESTS ARE BEING ADVERSELY AFFECTED OR NEGLECTED,+ MR CHAU ASSURED.
HE SAID THE LDC WOULD BE RESPONSIBLE FOR ARRANGING THE MANAGEMENT OF PROPERTY ACQUIRED BY IT PRIOR TO DEMOLITION, AND FOR RETAINED PARTS OF COMPLETED DEVELOPMENTS.
ACTUAL RESPONSIBILITY FOR PROVIDING BUILDING MANAGERS AND SO ON WOULD BE CONTRACTED OUT TO PRIVATE MANAGEMENT COMPANIES.
ON FINANCE, HE SAID THE LDC WOULD REQUIRE AN INITIAL INJECTION OF FUNDS TO ENABLE IT TO BE SET UP AND BEGIN OPERATIONS.
HOWEVER, THIS INITIAL LOAN WOULD BE PRIMARILY TO COVER OPERATING COSTS.
/THE LDC