FIRST CROATIAN PUBLIC PRIVATE PARTNERSHIP GREENFIELD TOURISM PROJECT
HOTEL MARINA GOLF RESORTS
LUXURY HOTEL RESORT PROJECT - GREENFIELD INVESTMENT PROJECT OF PUBLIC-PRIVATE PARTNERSHIP IN TOURISM
Tourist zone 24 km from the town of Zadar, Croatia, Europe
Tourist zone is located 24 km from the town of Zadar. Its exact location is on the route leading from the Novigrad Sea to the Maslenicko Zdrilo. There are four national parks nearby - Plitvièka jezera, Paklenica, Krka and Kornati.
Tourist zone is owned by the Municipality.
The land plot area covers 454.637 m2, and is 1,6 km long and in average 280 m wide.
The Municipality is looking for a partner (Development Investor) for a public private partnership. The idea is to construct a high category tourist settlement with hotels, luxury villas, a marina and sports, recreational, educational, entertainment and health facilities. This is the first greenfield investment project of a public-private partnership in Croatia, with a predicted investment of approximately EUR 125 million. A joint company, founded by the Development Investor and the Municipality, will be leading the project. The majority shareholder will be the Development Investor with at least 51% and the Municipality as the minority shareholder with 49%. Development Investor is under the obligation to secure the capital for the development of the project until the construction phase, which is estimated to be in the range from EUR 5 million to EUR 15 million. Upon obtaining the building permits, Development Investor may either sell its stake in the joint company and leave the project, or continue with the investing in the further phase of the construction.
Public-private partnership with the owner of the Tourist zone – the Municipality. It is very important to stress that the project Luxury Hotel Resort is the first of its kind greenfield PPP tourist project in Croatia, which should become the showcase example for future investments in Croatia. In that direction, the model of project realization is tailored to be as attractive as possible to the potential Development Investors. Some of the attractive elements are:
Minimal land price of EUR 2,00 per m2. Additionally, the land price makes only 15% of overall evaluation criteria (i.e. the bidder who offers the highest land price will get 15 points, and the others will get proportionally lower number of points). The Development Investor is required to pay only 50% of the total value of land in cash.
Development Investor, for each of its investments, increases its initial majority stake in the joint company, and can do so without any limitations, i.e. up to 100%.
Development Investor is permitted to sell its stake in the joint company, partially or completely, after all building permissions have been acquired.
Development Investor is in charge of designing all of the tourist facilities, and is constrained only by the existing urban plan and Croatian legislation.
Obligation of the Municipality is to help the Development Investor in obtaining all required permissions within its scope of influence, and free the Development Investor of paying the contribution for the municipal infrastructure within the scope of the project.
The Municipality, pursuant to Decision of the Municipal Government dated 5. April 2005., invites the interested companies to submit their offers at the international tender for selection of Development Investor for realization of greenfield investment tourist project Hotel Resort.
The bidder (potential Development Investor), along with its partners, should have appropriate references in the following business areas: development of greenfield tourist projects, financial and investment consulting, project design, legal consulting, environmental consulting, tourist consulting, operating of tourist objects.
Sealed offers marked as "Offer for the project Hotel Resort" shall be received, not later than 20. July 2005. at 14.00 hours, at the address: Croatia. Application at the tender should be prepared in accordance with instructions and requirements provided in the bidding documentation.
For acceptance of the bidding documentation, prior payment of the amount of EUR 2.000,00 (two thousand Euro) is required, in counter value of Croatian Kuna, pursuant to the mean exchange rate of Croatian National Bank on the date of payment, at the account of the Municipality (Reg. No. 00424846) at Nova banka, Zadar, account number: 2407000-1834900004 with reference number: 21 7706-registration number of the bidder.
Announcements inviting interested bidders to participate in the tender were published in the Official Gazette of the Republic of Croatia, the Financial Times (12. April 2005) and Jutarnji list (11. April 2005).
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