The Court of Auditors of the Municipality of São Paulo (TCM) decided, in a session held yesterday, to release the auction of the Additional Construction Potential Certificates (Cepacs) of the Água Espraiada Urban Operation, scheduled for December 2020 and, since then, has become a reason for a battle between the court and the City Hall.
Despite the green light, TCM ordered the total number of titles that could be offered at the event to be cut in half. Instead of the 320 thousand proposed by the City Hall, there will be only 160 thousand at the minimum price of R$ 2,175 (the value remained the same). Therefore, with the potential to move at least R$ 348 million if the entire lot is sold.
Funds will be allocated to infrastructure and mobility works
For the process to get back on track, it is now necessary for the Municipal Department of Urban Planning, the Urban Management Group, and the Technical Chamber of Urban Legislation to accept the court's conditions.
Cepacs are titles that allow developers to build buildings above the limits established by law in each neighbourhood. The resources collected by the public coffers go to infrastructure and mobility works in the region.