Private investment in cultural property restoration

Private investment in cultural property restoration

 

Project Summary: the project consists in leasing out cultural properties to private investors for an annual reduced lease rate of 1 rouble per square metre in return for restoring the property. The term of restoration of the facilities is determined in accordance with the security obligations of the Department of Cultural Heritage of Moscow and may not exceed 5 years. The term of the preferential lease is 49 years. The project is aimed at efficient use of the property of the City of Moscow and preservation of the cultural foundation of the city.

Financing volume (m RUB):

Deadline: Not limited.

Source of Financing: Non-budgetary.

Results (2013–2018): During the project, 26 facilities have been handed over to investors.

Current status: Currently, 11 cultural heritage sites have been restored and are subject to the reduced lease rate of 1 rouble per square metre.

 

Link to the bidding process