On May 25,Chandigarh had made it to the list of smart cities along with 12 others in the second phase of fast-track competition. The Chandigarh Administration has approved the formation of a Special Purpose Vehicle (SPV) on Monday to implement the Smart City project in the city. The approval was given by the steering committee, headed by UT Adviser Parimal Rai, today and it was attended by several senior officers, including Mayor Arun Sood. City MP Kirron Kher also attended the meeting as a special invitee. The company will plan, appraise, approve and release funds, implement, manage, operate, monitor and evaluate development projects. Sources said an interim board had been formed, of which the Municipal Commissioner will be the CEO. The primary role of the SPV will be to plan, appraise, approve, finance, implement, manage, operate, monitor and evaluate smart city solutions across the city. SPV, a public company, will be a joint venture between Chandigarh administration and the municipal corporation sharing an equal equity of 50 per cent each. The primary role of the SPV will be to plan, appraise, approve, finance, implement, manage, operate, monitor and evaluate smart city solutions, both pan city and area wide. The total cost of the project is estimated to be around Rs 6200 crore with Rs 250 crore for the pan city proposal and Rs 5950 crores for the area based development. Total equity of Rs 1,000 crore will be invested by municipal corporation and administration. MC’s equity will be generated from the grant fund which will be created to receive funds made available by government of India under the Smart City project. Funds for the Smart City project will also be made available from the convergence from other schemes of government of India as well as Chandigarh administration, like Solar City Mission, Integrated Power Development Scheme (IPDS), Digital India. Some of the projects will be funded through private sector. Pan-city proposal aims at improving public life and safety, livability, smart and integrated e-governance and intelligent multi- command control centre.