The municipality of the capital adjusts the project of the National Stadium: it will cost 25 thousand. euros less – MadeinVilnius.lt

The administration of Vilnius city municipality announces that it will adjust the project of the multi-functional complex. Project corrections will be considered again by the Vilnius City Council.

“After negotiations with all project parties, the most important VPT observations will be addressed in the project’s financial model, and the amount of budget funds needed to implement the project will decrease slightly,” says Vilnius City Mayor Valdas Benkunskas.

In February, the value of the project approved by the Vilnius municipality (157,256,473 euros) will decrease to the amount of 157,231,115 euros – the estimated need for budget funds will be 25 thousand. euros lower than before corrections.

When negotiating the indexation of the investments of the multi-functional complex and the price of additional works, it was decided not only about the direct increase in investments, but also about the costs of financing the construction. During the negotiations, the concessionaire agreed to discount the construction financing costs during construction and reduced them from 6.37 percent. up to 5.25 percent per year.

Taking into account the VPT’s comments, the Vilnius City Municipality and the Ministry of Education, Science and Sports (ŠMSM) will reduce the intensity of investment indexing, as recommended by public procurement specialists. However, it is already clear that the concessionaire will refuse the construction financing discounts given to the mentioned institutions. For this reason, the total need for public funds will change minimally – to the lesser half in favor of the Municipality and the ČMSM.

“Once again, we will submit the project for the Council’s approval. We hope that the discussion can be carried out during the next meeting, because we need to update the calculations as soon as possible for the European Commission, which is currently evaluating the amendments to the concession agreement. The sooner it can be done, the faster we will get a conclusion and the contractors will be able to resume work,” emphasized the mayor of Vilnius.

The Vilnius City Council meeting is scheduled for May 15. The conclusion of the European Commission is expected to be received by the summer.