According to the proposed project, the parking building and the commercial center will be developed by SM and will be leased to them by the city for 50 years. This means the shopping giant will manage and control a huge piece of critical city infrastructure for half a century.
Let's talk about the commercial center. It's huge because it has 3 levels. What goods and services will be sold in this commercial center? Will these goods and services be the same as the goods and services being sold by vendors at the public market?
It was revealed at the city council deliberation about the project last October that the non-compete clause in the redevelopment plan has been removed. This non-compete clause basically assures vendors that the commercial center won't be selling goods and services similar to those being sold at the market. Why was this non-compete clause removed?
