Auction to sell tenant right in Azov City Project to be held in Kuban

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On June 10, an auction to sell tenant rights within the Azov City Project will be held in Krasnodar Territory, the first time in Russia. Azov City Project is the most southern gambling area in Russia from the four zones specially established for gambling. By August 2008, construction equipment will move out to the priority development area of the gambling zone in Scherbinovsky District, YUGA.ru is informed at the regional department of investments and design endorsement.

Parcels with the area from 2 to 20 ha are offered to business on competitive basis. The main condition for the competition participants is to start the construction on November 1, 2008 and complete it by June 1, 2009.

“Winners of the competition will be companies that offer the maximum amount of money they intend to invest in the project implementation and that will offer the highest price for the tenant right,” a spokesperson for the department stressed. “Certainly, a maximal income will be achieved by those businessmen, who will come first in the Azov City Project. The presentation of the Azov City gathered more than 200 representatives from Russian and foreign companies in Krasnodar, including those from England, Austria, Germany, Slovenia, Moscow and Saint Petersburg. Krasnodar Territory was the first one in Russia to present a ready-made investment project of Azov City. The administration of Krasnodar Territory, just after the presentation, signed a strategic partnership agreement on ‘Azov-City’ development with the largest operator of gambling business in Europe, Casino-Austria.”

It is worth mentioning, the first stake on Azov City was done by an Austrian company, ASATI, planning to construct 100,000 sq. m. of accommodations for casino and other gambling establishments. An agreement with the company was signed during a presentation of Krasnodar Territory in Vienna in April 2008.

As REGNUM reported earlier, an instruction to create the Azov City gambling area in Scherbinovsky District of Krasnodar Territory and Azov District of Rostov Region was signed in 2007 by then prime minister of Russia Viktor Zubkov. The instruction of December 29, 2007 runs that the area of Azov City will be 20,021 million sq. m.  The income of Krasnodar Territory is expected to reach 10 billion rubles annually due to establishment of the gambling area. Besides, the Azov City construction will establish more than 25,000 high-paid workplaces. The authorities of Krasnodar Territory calculated that about 500 million rubles are needed to construct the first turn of the Azov City infrastructure.

By July 1, 2009, all gambling institutions in Russia must be moved to four special gambling areas. They will be located in Primorye, Altai Territory, Kaliningrad Region, and also on the border of Rostov Region and Krasnodar Territory.