I. Introduction
With its rapidly expanding economy, the municipality of Kidapawan, North Cotabato, needs to drastically improve its entire market complex which is located along the national highway traversing the town’s commercial center. As reflected in the accompanying statistical figures, the estimated total cost to replace all existing, dilapidated, and fire hazards, would be Php20.2 million. The town’s legal borrowing capacity is only 2.26 million as of June 30, 1978 as certified by the Commission on Audit.
II. Immediate Project
Phase I of the project is the Kidapawan Bagong Lipunan Center which involves the construction of a new, modern, two storey Agora-type building with a Muslim-motiffed façade in accordance with guidelines, rules and regulations of the Ministry of Human Settlements. The term Agora is a Greek term for a place where community residents converge for their civic, cultural, social, and political activities, usually in marketplaces. Such edifices as that being designed for Kidapawan will house not only market stalls but also offices and spaces for community gatherings.
Phase 1 will bring about the establishment of the first main building which will have a total of 216 stalls, each averaging 24 square meters plus 100 meters for restaurant purposes. It will be provided with all the necessary facilities for a modern public building such as adequate light, water, drainage, toilet, garbage disposal, ventilation and parking system.
The specifications of the floor areas are as follows;
FLOOR AREAS
1. Main Building
Ground floor – 4,692 sq. m.
Second floor – 4,580 sq. m
Total – 9,272 sq. m
2. Driveway and Parking Space – 1,350 sq. m.
Total Area – 10,622 sq.m.
III. Outline of Financial Funding Aspects
3.1 Estimated Cost – Phase 1
3.1.1 Building Construction
Ground floor, 4,692 sq.m. at Php800.00
Second floor, 4,580 sq. m. at 825.00
Total Building Cost
3.1.2 Driveway and Parking areas 1,350 sq.m. at Php 35.00 –
3.1.3 Plans and supervision, 7.75% of Construction cost of Php 7,579,350.00
Total Cost
3.2 Projected Funding Sources
3.2.1 Loan, DBP, per legal borrowing capacity
3.2.2 Loan, Central Bank, PD 752, Sec.3
3.2.3 Two-year advance rentals from stall-holders
3.2.4 BIR allotments and specific Tax shares
3.2.5 5% Presidential Discretionary Funds
Total Fund Sources
3.3 Estimated Revenues from Stall Rentals
3.3.1 Ground floor
102 stalls at Php40 per day for 365 days
8 stalls at Php50 per day for 365 days
3.3.2 Second floor
98 stalls at Php35 per day for 365 days
8 stalls at Php45 per day for 365 days
Total revenues from stall rentals
3.4 Estimated Operating Expenses
3.4.1 Personal services
3.4.2 Other operating expenses
3.4.3 Depreciation expenses
3.4.4 Interest expense
Total operating expenses
3.5 Estimated Net Revenues
Estimated revenue from tall rentals
Less: Estimated operating expenses
Estimated Net Revenue
IV. Other Facilities and Cost
After Phase 1 is completed, 13 more building with a total of 13,297 square meters, and 8,223.5 square meters, of driveways and parking spaces will have to be constructed to complete the entire development project. At existing prices of construction materials, estimated additional project costs will amount to Php12,256,350.00 to include building and driveway construction and plans and supervision costs. This is assuming that prices will remain constant in the years to come, or during the ten-year development project which is impossible when one considers the trend in the rise of prices nowadays. Further details of this project feasibility study will be taken up under preparation for submittal to the agencies concerned.