'Smart City' MoU - salient features

• The Agreement is signed between the Kerala Government and Smart City (Kochi) Infrastructure Pvt. Ltd.
  

• The Chief Minister of Kerala will be the Chief Patron
  

• The Kerala Government will hand over 246 acres of land to Smart City (Kochi) Infrastructure Pvt. Ltd within 60 days, on lease for 99 years (extendable on expiry), for an amount of Rupees 104 crores.
  

• Total capital will be Rupees 680 crores; paid capital Rupees 120 crores. Initial share of the Kerala Govt 16%, to be increased to 26% over five years.
  

• Ten members on the Director Board; Two nominees from the Kerala Government (of rank not below Special Secretary) initially, one more additionally when the Govt. share reaches 26%.
  

• The Director Board Chairman will be as recommended by the Kerala Government, with no casting vote. The Director board to be convened once in three months.
  

• Kerala Government to declare the proposed project land as Special Economic Zone at the earliest.
  

• Kerala Government to provide basic infrastructural facilities within fifteen days. Four-lane road connecting the Airport and Harbour to be completed within two years, by the Government. Government to assist the company in prptecting the project site with compound walls and make available potable water and electricity. Single Window clearances to be provided for granting development and building permits.
  

• Kerala Government to have power to serve notice on the Company if construction is not completed within the prescribed time frame, and take over if not completed in another six months.
  

• Kerala Government to take initiative to establish an International Business school and Airport check-in counter inside Smart City

Tale of the Smart City

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