XN000022-1986-03-26 — Page 44

WEDNESDAY, MARCH 26, 1986

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EVEN WHERE THE MAJORITY OF OWNERS ARE WILLING TO SELL THEIR PROPERTY, ONE OR TWO REFUSING TO SELL CAN CAUSE SUCH DELAYS IN ACQUIRING A SITE THAT PROSPECTIVE DEVELOPERS LOOK ELSEWHERE TO INVEST THEIR MONEY.

THE RESULT HAS BEEN THAT SITES THAT HAVE BEEN REDEVELOPED IN INNER URBAN AREAS HAVE BEEN SMALL, RESULTING IN PIECEMEAL PENCIL DEVELOPMENT.

AT THE SAME TIME DEVELOPERS HAVE SHOWN NO INTEREST IN PROVIDING COMMUNITY FACILITIES IN THE NEW BUILDINGS OR IMPROVING ROAD ACCESS IN THE AREAS AS THESE ARE NOT PROFITABLE.

THE CONCEPT OF THE LDC IS TO HELP OVERCOME THE DEVELOPER'S .PROBLEMS WHILE MAKING SURE RESIDENTS OF THE AREAS GET A FAIR

DEAL AND ARE NOT FORCED TO MOVE.

DETAILS OF AREAS TO BE REDEVELOPED WILL BE PUBLISHED AND THE PUBLIC WILL HAVE THE RIGHT TO OBJECT TO THE PROPOSED SCHEMES.

ONCE APPROVAL IS GIVEN FOR A PROJECT THE LDC WILL BE ASSISTED IN RESUMPTION BY THE GOVERNMENT - THAT IS, IF THE MAJORITY OF OWNERS AGREE TO SELL THEIR PROPERTY THAT OF THE MINORITY CAN BE ACQUIRED UNDER COMPULSORY PURCHASE ORDERS.

TO ENSURE FAIRNESS, OWNERS RELUCTANT TO SELL WILL HAVE A RIGHT OF APPEAL IF THEY ARE NOT SATISFIED WITH THE PRICE OFFERED. ARMED WITH THESE POWERS THE LDC CAN ASSEMBLE MUCH LARGER SITES, MAKING REDEVELOPMENT A MUCH MORE WORTHWHILE PROPOSITION.

BUT PROPERTY OWNERS WILL NOT JUST BE BOUGHT OUT, THEY WILL BE OFFERED A SHARE OF PROFITS OF THE SUBSIDIARY COMPANY SET UP TO REDEVELOP THEIR AREA AND OWNER OCCUPIERS WILL HAVE PREFERENTIAL RIGHTS TO BUY APARTMENTS IN THE NEW DEVELOPMENTS,

+THESE PROVISIONS WILL, I BELIEVE, MEET THE NEED TO PROTECT THE INTERESTS OF OWNERS AND TENANTS AND TO ALLOW FOR PUBLIC PARTICIPATION IN THE PLANNING PROCESS TO ENSURE THAT COMMUNITY NEEDS ARE NOT OVERLOOKED, MR TODD SAID.

+AT THE SAME TIME THE RETENTION OF COMPULSORY POWERS OF ACQUISITION SHOULD HELP TO SPEED UP DEVELOPMENT IN THE SELECTED AREAS, WHILE THE OFFER OF PARTICIPATION SHOULD REDUCE THE NEED TO USE THESE POWERS EXTENSIVELY.+

BUT THE WHOLE THINKING BEHIND THE LDC IS TO ENCOURAGE PRIVATE SECTOR PARTICIPATION IN REDEVELOPMENT AND TO ENSURE A COMMERCIAL APPROACH TO THE PROCESS.

INITIAL FUNDING TO MEET SALARIES FOR THE LDC'S SMALL STAFF AND FOR RECURRENT EXPENSES WILL COME FROM A GOVERNMENT LOAN. AFTER THAT THE LDC WILL BE EXPECTED TO RAISE FUNDS IN THE MARKET FROM PRIVATE SOURCES TO FINANCE PARTICULAR PROJECTS.

/THE GOVERNMENT'S