Insider Business Old GSP stadium area’s revamp to start in three years 

Old GSP stadium area’s revamp to start in three years 

Cabinet has recently reconfirmed a 2017 decision that a radical revamp of the area of the old GSP which is a project  to be undertaken by Nicosia Municipality should start in three years.

That’s why the state’s contribution to the ambitious plan is to be allocated in the annual budgets of 2022, 2023 and 2024.

Specifically, the state’s contribution of €11 million will be allocated in the Interior Ministry’s budgets depending on progress in the project which should be determined through a Project Concept Note (PCN).

In addition, funds will only be granted to the capital’s Municipality after appropriations corresponding to its own contribution are exhausted.

The total cost of the project is estimated at €22.6 million with the state contributing €17 million, of which €6 million will be co-financed by European Structural and Investment Funds.

The set prerequisites are the following:

a) Nicosia Municipality should submit a Project Concept Note (PCN) to relevant state departments in accordance with the Financial Liability and Financial Framework Law related to Public Investment Management procedures, which also provides that a specific redevelopment constitutes a financially significant project with an estimated capital cost of €5 million or more.

b) Nicosia Municipality has to immediately hand over to the state the piece of land it now owns with reference number 135, file/rel. 25.54.E2 and Registered as 13/128. This is currently used as a parking lot by the Ministry of Education.

c) Nicosia Municipality should send to the Ministries of Interior and of Finance a written confirmation that it has the required appropriations corresponding to its contribution to the project’s total cost.

d) The amount to be co-financed by the European Structural and Investment Funds, amounting to €6 million, should be allocated in time according to the re-programming of the co-financed projects of the Nicosia Municipality. These must be submitted and approved by the Administrative Authority (Directorate-General for Coordination and Development of European Programmes).

 

Read more:

 

https://in-cyprus.com/step-forward-for-planned-revamp-of-old-gsp-area/

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