Work on National Carnival and Entertainment Centre in Progress

Value Engineering Completion & Further Cabinet Approval Needed Before Commencement of Physical Construction

Contact:UDeCOTT Corporate Communications – 627-0083

July 7, 2006:Contrary to reports in the media on July 7, 2006, works are in progress for the National Carnival and Entertainment Centre planned for the Queen’s Park Savannah. The Urban Development Corporation of Trinidad and Tobago Limited (UDeCOTT) is currently engaged in reviewing detailed engineering drawings and value engineering the project. Given the scope of this project, it is particularly prudent that these detailed processes be completed prior to engaging in construction to avoid any foreseeable cost excess in the project. Once these steps are complete, further Cabinet approval for the project will be sought for the commencement of physical construction. A Definition of Value Engineering: Value Engineering is a systematic method to improve the “Value” of goods and services by using an examination of FUNCTION. Value, as defined, is the ratio of Function to Cost. Value can therefore be increased by either improving the Function or reducing the cost. It is a primary tenet of Value Engineering that quality not be reduced as a consequence of pursuing Value

UDeCOTT is developing the structures that form part of the innovation for lasting prosperity; the development plan of the Government of Trinidad and Tobago.