The Hindu - Kerala 20.08.2009
Corporation hopes bus terminal will be a joint venture project
Staff Reporter
| Funding from Centre, State Government sought; local body’s share 20 p.c. |
A special purpose vehicle should be formed for the project.
KOCHI: The civic authorities hope to implement the proposed Vyttila bus terminal as a joint venture project involving various government agencies.
According to Kochi Mayor Mercy Williams, the Corporation was willing to include the bus terminal project in the Jawaharlal Nehru National Urban Renewal Mission project if the government wished so.
In that case, the government should come forward for meeting the 20 per cent Urban Local Body (ULB) share of the project, she said.
For every Mission project, 50 per cent of the project cost would be met by the Central government and 30 per cent by the State government. The local body should find 20 per cent of the project cost as its share.
The Corporation is not in a position to raise the ULB share for the bus terminal project on its own as it has other financial commitments. The government should raise funds for meeting the ULB share of the Kochi Corporation, she said.
Ms. Williams said that a special purpose vehicle should be formed for the project with various government agencies as its members. This was required for the smooth implementation, management of the project, she said.
The project would get a momentum once the land is released.
With the government decision to allot land for the project, the major obstacle has been removed, she said.
It would be ideal if the project could be implemented as a joint venture with the participation of agencies like Kochi Corporation and Greater Cochin Development Authority and the District Panchayat, said C.K. Manisankar, Deputy Mayor, Kochi Corporation.
The joint venture company should be headed by the Chief Minister. The details regarding the stake of each agency in the project and the ways in which funds have to be raised for the project need to be discussed.
If the project is implemented in the joint venture mode, the Corporation would be able to channel funds from the Jawaharlal Nehru National Urban Renewal Mission, he said. The civic authorities had earlier adopted the stand that such a project was required for de-congesting the city roads.
The Corporation had included the bus terminal project in the City Development Plan. It has also found mention in the master plan, which is being prepared by the Corporation, he said.
