AN ORDINANCE declaring the lots owned by Pacifico Pelaez under Lot No. 755 with an area of 2,866 square meters and by the Liceo de Cagayan University under Lot No. 755-B with an area of 5,733 square meters, both located at Barangay Consolacion, this City, as On- and Off-Site Relocation Area of the city; authorizing the full payment of just compensation including registration expenses thereof in the amount of P1,470,195.50 – Pacifico Pelaez and P3,524,623.50 – Liceo de Cagayan University, or in the sum of P4,994,819.00 chargeable to the 20% Development Fund for Calendar Year 2002; and for this purpose, authorizing the City Mayor to sign the corresponding Deeds of Absolute Sale thereof