08/10/2023 – 18:55
Att. Messrs. Subscribers:
The previously published article contained an inaccuracy in the third paragraph. The Certificates of Additional Construction Potential (CEPAC) to which the matter refers are those held since 2011 and not as stated. Here is the corrected text:
Caixa signed an agreement with the Rio de Janeiro City Hall to restructure Porto Maravilha, an area in the city’s port region, which, in recent years, has been revitalized with art, leisure and real estate projects. The agreement is the renewal of a partnership of more than a decade in the Porto Maravilha project, established through a Public-Private Partnership in 2010.
Now, the objective is to continue the transformation of the area into a cultural, touristic and economic center, being a reference for the city. “The proposal will boost investments, the development of the region and the conclusion of the remaining works”, said the bank, in a note sent exclusively to the BroadcastGrupo Estado’s real-time news system.
According to Caixa, the agreement signed foresees expanding the construction area in Porto Maravilha, also for a longer term. This expansion will be carried out by increasing the space in which the Additional Construction Potential Certificates (CEPAC), held since 2011 in their entirety by the Porto Maravilha Fund, managed by Caixa, with investment from the FGTS, can be used. CEPAC is a title issued by the city of Rio that allows holders to build above the limits established by the master plan in the area of the Consortium Urban Operation.
The idea is to give more liquidity to the FI-FGTS through the sale of CEPACs throughout the term of the operation. With the appreciation of the region, it is expected that the value of the certificates will increase. “The joint operation between Caixa and the City Hall of Rio de Janeiro is one of the largest in the world and has brought permanent improvements to the city, such as the recovery of urban infrastructure, transport, the environment and the historical and cultural heritage of the port region. ”, added Caixa in the note.
According to the bank, the project has already led to growth in the region’s population, from 32,000 to 100,000 inhabitants in 10 years, in addition to a 50% increase in traffic flow capacity in the region and stimulus to the real estate sector.
“With the signing of this agreement, there is the prospect of an increase in the launch of new residential and commercial projects and an even greater advance in the development of that region.”
Historic
The Porto Maravilha Fund acquired land located in the port region of Rio de Janeiro and assumed the obligation to pay for the works and services provided for in the PPP, subject to compliance with the auction notice. In 2015, with the revitalization works in progress and insufficient resources for the continuity of the operation, the FGTS made additional contributions to the Fund, of R$800 million in April 2015 and R$700 million in June 2015. June 2018, almost 90% of the works planned by the consortium were completed, with the disbursement of BRL 6.7 billion.
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