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THURSDAY, OCTOBER 22, 1987
It
FIRSTLY, BEFORE A REDEVELOPMENT SCHEME WAS APPROVED, THE CORPORATION WOULD HAVE TO SUBMIT NOT ONLY ITS DEVELOPMENT PLAN WHICH WOULD BE PUBLISHED FOR POSSIBLE PUBLIC OBJECTION; IT MUST ALSO SUBMIT ITS PROPOSALS FOR IMPLEMENTING THE SCHEME, INCLUDING ITS PLANS FOR ACQUIRING ON THE OPEN MARKET THE PRIVATE PROPERTY INVOLVED, AND FOR COMPENSATING AND REHOUSING THE TENANTS AND RESIDENTS WHOM REDEVELOPMENT MAY DISPLACE. ONLY IF SATISFIED ON ALL THESE MATTERS WOULD THE EXECUTIVE COUNCIL APPROVE A SCHEME.
"SECONDLY, FOLLOWING APPROVAL OF A REDEVELOPMENT SCHEME, THE CORPORATION MUST WITHIN 12 MONTHS MAKE OFFERS то ACQUIRE ALL THE PRIVATE PROPERTY AFFECTED. ONLY IF SATISFIED THAT IT HAS DONE 80, AND THAT IT HAS OFFERED A FAIR AND REASONABLE PRICE FOR THE PROPERTY WOULD THE GOVERNMENT BR PREPARED ΤΟ RECOMMEND THAT PROPERTY BE RESUMED. THE GOVERNMENT MAY FOR THIS PURPOSE APPOINT AN INDEPENDENT ASSESSOR TO ADVISE WHETHER THE OFFERS MADR BY THE CORPORATION WERE FAIR AND REASONABLE.
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'THIRDLY, WHEN PROPERTY IS RESUMED, OWNERS WILL ULTIMATELY HAVE RESOURCE TO THE LAND TRIBUNAL ΤΟ DETERMINE THE OPEN MARKET VALUE OF THEIR PROPERTY IF THEY ARE NOT SATISFIED WITH THE OFFER MADE, HE ADDED.
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MR LEWIS ALSO SAID THAT JOINT VENTURES WITH THE PRIVATE SECTOR WOULD BE THE RULE RATHER THAN THE EXCEPTION IN THE IMPLEMENTATION OF REDEVELOPMENT SCHEMES.
FOR
"CO-OPERATION, RATHER THAN COMPETITION, IS ENVISAGED. SPECIFIED REDEVELOPMENT SCHEMES, THERE IS CONSIDERABLE SCOPE FOR CO-OPERATION BETWEEN THE CORPORATION AND THE PRIVATE SECTOR AND BACH HAS MUCH TO OFFER THE OTHER IN A JOINT VENTURE DEVELOPMENT.
"MANY PRIVATE DEVELOPERS HAVE BUILT UP SUBSTANTIAL PROPERTY OWNINGS WITHIN THE AREAS WHICH THE LDC WILL WISH TO REDEVELOP; JOINT VENTURES IN SUCH CASES WILL MAKE THE CORPORATIONS'S JOB OF SITE ASSEMBLY MUCH EASIER AND QUICKER.
"THE LDC WILL NEED TO OBTAIN FINANCE FOR ITS REDEVELOPMENT SCHEMES IT ONLY HAS A $100 MILLION LOAN AT PRESENT, THOUGH IT HAS POWER TO BORROW, AND HERE AGAIN PRIVATE DEVELOPERS WILL BE ABLE TO ASSIST," MR LEWIS SAJD.
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