Under the Smart city plan the Central Govt is to allocate Rs.200 crore for each city and this year being the first year and to give a boost to begin the process the Govt has already allocated Rs.392 crores for Belagavi Smart city Ltd which is allocation of Two years.
The Special Purpose vehicle, Belagavi Smart city Ltd formed for this has seen such a credit to its bank account but the SPV is yet to appoint a project management consultant and no meetings of the SPV has been held not even one. Hence all that money currently will lie in the account unutilised.
SPV will plan, apprise, approve, release funds, implement, operate and evaluate the smart city development projects.
Funds provided by the central government under the Smart Cities Mission to the SPV will be in the form of tied grant and kept in a separate grant fund.
Currently the Corporation Commissioner is the CEO of the SPV who has been transferred.