BULAWAYO City Council (BCC) is on the verge of reengaging FBC Building Society so that they can jointly develop a high-density housing project in Luveve, latest council minutes have revealed.
BY MTHANDAZO NYONI
Early this year, council turned down FBC’s partnership proposal for the development of 513 residential stands in the high-density suburb.
According to council minutes, engineering services director Simela Dube reported on November 13, 2017 that after the council’s decision to turn down FBC’s proposal, the bank arranged to meet with management seeking to be allocated stands, indicating that they had funds ready for development.
“They then followed up the meeting with a letter requesting for the allocation of stands. In view of the demand for housing and the need to explore various housing delivery strategies, there were no objections to council entering into a partnership with FBC Bank in the development of 513 high-density stands in Luveve North,” the report read.
Dube said the partnership deal would help reduce the city’s housing backlog currently pegged at 100 000 people.
He said under the deal, council would only provide land and expertise in the form of personnel to monitor project implementation, while the bank provides funding for title survey, provision of sewer and water pipes, roads and construction of the housing units.
After completion of the project, the two parties would share ownership of the properties on a pro rata basis — that is on the basis of each party’s percentage contribution to the total project costs.
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The resolution now awaits adoption by the local authority at the next council meeting in January, according to town, lands and planning committee chairperson Collet Ndlovu.
