EXPENDITURE FOR security amounting to millions since 2005 on the Jamintel building downtown is expected to cease shortly with the proposed acquisition of the property by the Transport Authority.
The unoccupied building, which has been a strain on the budget of the Urban Development Corporation (UDC), is being sold to the authority to house its staff.
Deputy general manager of the UDC, Donald Hamilton, said the Transport Authority would also rent offices at the facility located at the intersection of North and Duke streets.
The UDC has also accepted an offer for the Machado complex it acquired in 2010 for $80 million.
However, despite queries by committee member Marisa Dalrymple Philibert about the sum being offered for the complex, executives of the UDC were tight-lipped.
At the same time, an offer has been made for the Forum hotel. The UDC said the property will be acquired in June this year.