- NEWSDAY.CO.TT - A la Une - 11/Sep 07:00

Curb renting, create assets

THE EDITOR: The country needs to curb spending, eliminate waste and cut costs. The public service needs office space for its staff but what's the best way to achieve this, do we rent or build? There are advantages and disadvantages to each approach. In the end, a prudent mix is the most balanced and cost effective way to achieve a win/win scenario. When the state relies too heavily on renting, the long term costs are enormous coupled with the fact that control is lost and market fluctuations can present uncertainty and risk. After all is said and done, the state has nothing to show for all that expense. Renting has its positives as there's less lead time to occupy, in the short term you can find office stock to acquire and the up front costs are less. Also, with the right contract, the landlord assumes all maintenance costs etc. Building your own facilities presents the most beneficial arrangements in that long term costs are less, you have more control over the facilities, expose staff to more responsibilities by controlling maintenance and are protected from the vagaries of the real estate market. But the greatest benefit to the state and people is the creation of real assets that a government can use to access loans from the financial bodies to finance other projects. One cannot overlook the fact that creating assets allows the state to actually shape the city into a desirable one. We have a fragmented capital, some areas deserted, others congested – both equally a mess – but where the authorities of state lands and valuations work in concert with Town and Country, Udecott, East Port of Spain Development, Port Authority, etc, available lands can be identified, acquired and join the modern built environment. Responsible parties must form a development committee that works quickly, communicates regularly and is accountable for their responsibilities, something that has not really happened before. The committee must move at the speed of business and the rapidly changing needs of the people through the city. We have an opportunity to reshape a city so as to discourage commercial and retail development on the outskirts and draw them back in. This requires constructing multi-use facilities with generous parking, retail/commercial on the lower floors (museums, art galleries, educational facilities), office and residential on the upper floors. The PoS waterfront was a good start that stalled, but it can continue apace and create a modern city with tram transport and walkability at its core. In the end, though, the people will have assets to show for it, the knowledge base of workers is broadened and urban sprawl is contained and possibly even reversed. So, let's stop crying about Singapore and Hong Kong and just start working towards our very own showpiece capital city that's properly planned and executed in an accelerated manner with jobs to be generated with its kickoff. DUANE RAYMOND Diego Martin The post Curb renting, create assets appeared first on Trinidad and Tobago Newsday.