Signed the Contract on Long Term Lease of the Land on Lustica Peninsula

The Contact is signed on 90 years, and the consortium is assuming the obligation to manage this area in the next 20 years and to invest the minimum of 210 million Euros. The fee for the lease is 0,88 Euro cents per square meter, while it is planned to make the payment in advance for the first ten years. Following the signing of the Contract, the rent for the first 18 moths will be paid, and the remaining amount is due following the entry into force of the Contract. Today is scheduled the ratification of the Contact by the Parliament. After being ratified, the Contact becomes valid. The conditions are created to commence the integral development concept of Lustica peninsula. This is the first Contact on lease which is in accordance with recently adopted Law on State Ownership.