are part of the project.
In addition to the special regulations
for urban planning and environmental
law, Lagos de Torca is a pioneer in
introducing a contractual scheme as a
mechanism to ensure compliance with
the objectives mentioned above. Some of
the most important elements of the trust
agreement mentioned in Decree 088 are:
agreement must be signed by the
owners of the land located within
the scope of application of Lagos
de Torca, representing percent of
the total area thereof, meaning 450
hectares;
the agreement is to create roads, main
utility networks and environmental
elements, the funds managed by the
trust are 100 percent private;
agreement which will bring together
more than 100 owners it includes
trust board; (ii) participation in the
owners assembly; and (iii) rules
to avoid modification of the rights
provided in favor of each;
the funds that make part of the trust,
the District will comprise part of the
trust board to monitor compliance
with work schedules, ensuring
compliance with the purposes of the
scheme; and
provisions related to the assignment
of rights of those bound by it, in any
case producing mechanisms that
allow keeping transparency and
traceability of the goods contributed
to the same.
made by the private sector, which will
allow the construction of more than 42
kilometers of main roads, a 72-hectare
metropolitan park and a hospital, the
District will offer building rights that may
be applied within the 1,800 hectares
Consequently, it will be possible to
develop a project of more than 132,000
housing units, representing sales for over
10 trillion pesos.
Considering the characteristics of the
project, the private sector worked hand-
in-hand with the district entities in the
construction of the trust agreement that
governs it. This agreement was signed
on January 25, 2018, by land owners of
approximately 530 hectares and with
initial contributions amounting to 10
billion pesos. According to the timetable
of the project, the District expects the
trust to consolidate the resources required
for the first operation no later than the
second semester of 2018. Design will start
in the first quarter of 2019.