Federal Facility in Expanded Moscow to Cost Less
- Mar. 04 2013 00:00
- Last edited 16:05
The construction of a new government complex on land annexed into Moscow last year is expected to cost 110 billion rubles ($3.6 billion), much less than the previous estimate of 420 billion rubles, Vedomosti reported, citing proposals put forward by the Cabinet.
The plan calls for the relocation of 54,000 employees and the construction of new government facilities on 1.1 million square meters. Buildings left vacant after the move would be sold.
Under the new plan, federal legislative and judicial authorities and law enforcement agencies will not have to move.
According to the plan, the land allocated for the government complex will be transferred to a special-purpose company, which will use the property as collateral for loans to fund construction.