The municipality of the capital will adjust the project of the National Stadium: it will present the changes to the council in mid-May

“After negotiations with all the 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 be slightly reduced,” capital city mayor Valdas Benkunskas is quoted as saying in the message.

It is indicated that the value of the 157,256,473 euro project approved by the municipality in February will decrease to 157,231,115 euro – the estimated need for budget funds will be 25 thousand. euros lower than before corrections.

During the negotiations on the indexation of investments of the multifunctional complex and the price of additional works, the costs of construction financing were also decided.

“During the negotiations, the concessionaire agreed to give a discount to the construction financing costs during construction and reduced them from 6.37 percent. up to 5.25 percent per year”, the municipality reported.

As stated in the published report, due to the expected reduction in the intensity of investment indexation, the concessionaire will refuse construction financing discounts granted to the Vilnius municipality and the Ministry of Education, Science and Sports (ŠMSM), as a result of which the total need for public funds will change minimally – to the lesser half in favor of the municipality and the Ministry of Education, Science and Sports (ŠMSM).

“Once again, we will submit the project for the approval of the municipal council. 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 we manage to do it, the faster we will get a conclusion and the contractors will be able to resume work,” emphasized V. Benkunskas.

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