15 Oct '08
Krasnodar Region will hold a fifth auction for lease of land lots in the Azov-City gambling zone, local authorities announced today. This time officials plan to auction 16 land lots with 1.8 to 3 hectare acreage.
The minimal annual rent for most land lots hovers between $4,520 and $4,760.
Under auction terms, the minimal investment in each land lot is $4.8m.
Requirements for project completion deadlines are fairly reasonable compared to previous auctions.
While in the past investors were compelled to commission their construction projects by July 2009, which most considered impossible to meet, now the terms stipulate that by July 2011 investors are obliged to just receive authorization for commissioning.