SHILLONG: The state government will have to float a Special Purpose Vehicle (SPV) company as part of the smart city project.
An official dealing with the matter said on Sunday that as per the requirement of the smart city project, formation of SPV is a must.
The SPV will chalk out the action plan under the project.
Though the Centre is insisting on 50-50 fund sharing pattern for the project, the state government may impress upon the Centre to re-consider the pattern as Meghalaya, like other northeastern states, have financial constraints.
The previous Congress-led government was critical of the smart city project and did not agree to the 50-50 funding pattern.
The former urban affairs minister Ronnie Lyngdoh had said “a livable city” is more important than a smart city.
It was in June that the Centre announced the selection of Shillong as 100th Smart City after evaluating the proposal in this regard. With the selection of Shillong, the total proposed investment in the finally selected 100 cities under the Smart Cities Mission would be Rs.2,05,018 crore.
