Wed | Sep 20, 2017

UDC: Government Circle development to be funded with unconventional sources of financing

Published:Wednesday | April 26, 2017 | 4:12 PM
In this file photo builders work on a perimeter wall at National Heroes Park.

The Urban Development Corporation (UDC) says it will be using a mix of unconventional sources of financing for the proposed development of 'Government Circle' at National Heroes Park in central Kingston.

UDC General Manager Dr Damian Graham says the funding for phases 2 and 3 are currently being developed and will include, but not limited to, generating funds from government building rentals, contributions from the Jamaican Diaspora, and local crowd funding.

Dr Graham says the agency intends to maintain full transparency in executing the development and will invite participation from competent local and international experts to develop the detailed designs.

The UDC general manager says after that the agency will procure the services of qualified contractors under a public-private partnership to carry out the building and financing of the different phases of the development.

He says the details of the development will be revealed to the public when the consultation phase is complete.