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CIBT Provides Update on GEC Flagship Project GEC Education Mega Center
CIBT Provides Update on GEC Flagship Project GEC Education Mega Center Canada News...
About this update from Global Education Communities Corp
[{"type":"text","content":"\n\n\n\nCIBT Provides Update on GEC Flagship Project GEC Education Mega Center\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 21, 2019\n\n\n\nVANCOUVER, May 21, 2019 /CNW/ - CIBT Education Group Inc. (TSX: MBA, OTCQX International: MBAIF) (\"CIBT\" or the \"Company\") is pleased to provide the following updates relating to its Education Mega Center® project in Surrey, B.C.\nBy November 6th, 2017, GEC Education Mega Center® (\"EMC\") had received Advisory Design Panel and first, second and third reading approvals by Surrey City council. The meeting minutes of Surrey City council are available at www.surrey.ca/bylawsandcouncillibrary/MIN_RCPH_2017_11_06.pdf.  Since the granting of these approvals, the Company has been working with the developer to complete the review and negotiation on a series of legal documents, usage agreements, as well as an increasing development cost and construction budget.\nAfter nearly two years of working with project engineers, architects, construction professionals and a series of value-engineering efforts, the Company and the developer have executed a third amendment (the \"Third Amendment\") to the original Purchase and Development Agreement that was signed on May 2nd, 2017. The Third Amendment modified certain business terms and provided for a modified design of EMC. The modified design allowed the height and square footage of the building to be modestly reduced, with the goal of constructing a within-budget and higher efficiency building.  \nEMC was originally designed as a high-rise with 55 floors, 550,000 square foot concrete mixed-use tower with schools, offices, hotels and market rental apartments. The modified design will result in a slightly shorter building and proportionately reduced square footage. By reducing the building height and square footage, complemented by value engineering, it is expected that there will be a reduction in the overall construction cost of the EMC project from that originally forecasted, and the Company anticipates meeting the original budget ...