Today, the government adopted information regarding the construction of the Magnum Hotel in Kolašin, where an urgent reaction from the executive authorities was requested, because the investor, despite the urgency, did not submit new business and dynamic plans.
"Taking into account that the investor, the company Magnum Development from Podgorica, despite the urgency of September 16, did not submit a new business and dynamic plan for approval to the competent Ministry, an urgent reaction of the Government is required, given that the deadline for activating the bank guarantee December 1", it was stated in the press release after the telephone session of the Government.
The planned completion date of the facility, according to the previously submitted business plan, was October 31.
"The investor submitted an irrevocable bank guarantee issued by the financial institution Credit Agricola from Italy, payable on first call, in the amount of 2,5 million euros in favor of the Government with a validity period of December 1," the announcement states.
On September 16, the Ministry of Economic Development sent a letter to the investor demanding that a new business and dynamic plan be submitted for approval, as well as a new bank guarantee for the same amount as the current valid bank guarantee, bearing in mind that the construction project of the Magnum Hotel will not be completed in accordance with the business plan according to which it was included in the List of Development Projects.
"On November 7, the Magnum company sent a letter to the Ministry of Regional Investment Development and Cooperation with Non-Governmental Organizations, in which, among other things, it states that the investor has invested over six million euros from its own funds and sales, as well as that it has provided financial resources for eventual needs further financing of the project from the Investment and Development Fund (IRF) in the amount of five million euros. It is also stated that 90 percent of the rough construction work has been completed and the roof structure is expected to be installed by December 20, and that the deadline for the completion of the work is the end of next year", the information states.
Also, the investor states that negotiations have begun with commercial banks in Montenegro in order to issue a new bank guarantee that would cover the period of extension of the project completion deadline to the amount of one million euros.
In June 2022, at the proposal of the Ministry of Economic Development and Tourism, the government included the project of building the Magnum Hotel in Kolašin based on the condo business model on the list of development projects in the field of tourism.
The business plan of the mentioned project envisages an investment in the construction of a four-star hotel complex in Kolašin, with 105 accommodation units, i.e. 201 beds, of different types and sizes. The estimated value of the investment is 13,3 million euros, and the intention of the investor is to enable the employment of 64 people through the implementation of the project.
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