Two investors eyeing TIM project
Two investors eyeing TIM project
JAKARTA (JP): Two private investors have expressed interest in
helping finance the Taman Ismail Marzuki (TIM) art center
renovation project in Central Jakarta, an official said
yesterday.
Wiyogo Atmodarminto, chairman of Kesenian Jakarta Foundation,
which is in charge of raising funds for the project, said the two
investors had proposed to develop the Grand Theater, one of the
main buildings of the renovation project.
"We don't know which investors we want to select, whether it
is only one, or both of them," Wiyogo told reporters after
meeting Governor Surjadi Soedirdja to report the latest
development of the project at City Hall.
He declined however to identify the private investors. He said
that the municipality would study their proposals before
selections.
"The investors' help will be focused on the development of the
Grand Theater. If we depend on municipality funds without the
help of private investors, it will take a long time to finish the
project," Wiyogo, who is a former Jakarta governor, said.
The new Rp 91 billion (US$37.2 million) theater, with a seat
capacity of 1,200, is expected to be completed in 1998, he said.
The municipality had earlier promised to allocate only Rp 40
billion for the project over three fiscal years. Private
investors are expected to help provide remaining funds.
The Grand Theater will also be equipped with two small
theaters with a 300-seat capacity each. The small theaters will
be used for small-scale performances, exhibitions and other art
activities.
The renovation of the entire 5.5-hectare complex will cost Rp
230 billion and is scheduled to be completed in 15 years.
According to the plan, the complex, containing a movie
theater, an art academy and an exhibition hall, will be divided
into four zones, with a 12-story office building, a three-star,
eight-story hotel with 1,000 rooms, a new modern theater, an
exhibition hall and a new Jakarta art institute campus.
Head of the city cultural agency, Azhari Baedlawi, said late
last year two other private investors, Lippo Group and Bank
Niaga, had also expressed interest in providing the remaining
funds.
In return, they wanted to manage the center's parking
facilities, office buildings and hotels, he said.
Azhari said yesterday that the cooperation with Lippo Group
and Bank Niaga would be based on a 'build, operate and transfer'
system.
However, it was not known how far their cooperation had
developed.
Workers
After the meeting, Azhari said that the city had not made any
decision whether to dismiss or keep the center's 60 employees.
"A team has been assigned to evaluate whether the city will
continue employing the workers or not. Currently they are still
working," Azhari said.
The renovation of the art center began in June 1996 with
state-owned building firm PT Pembangunan Perumahan as its main
contractor. The old, open-air theater was pulled down in June
1996 and the construction of the new basement of the modern
theater is now under way.
The designs of the buildings as well as the electrical network
are being done by the Atelier 6 Group, chaired by architect Adhi
Moersid. (ste)