Funding was provided by the investor as part of an agreement concerning the construction of a new microdistrict on the site of the old "Ak-Kula" racetrack.
“Not a single som was spent from the state budget. Payment for the general plan is made from extrabudgetary funds according to the agreement. Last year, we started an investment project on the site of the old racetrack, and this agreement stipulates that the investor also finances the development of the general plan. Thus, ROX Group takes on all expenses for its creation,” Kadyrov clarified.
The vice mayor did not disclose details about the cost of developing the general plan.
Information about the Investor
The investment project on the site of the old racetrack is being implemented jointly by two companies - ROX Group and TNG Global Foundation.According to open sources, TNG Global is an international organization engaged in construction and real estate management, with its headquarters in Gibraltar. It actively participates in the residential, commercial, retail, and hospitality sectors.
ROX Real Estate is a leading real estate company in the Golden Corridor of Arizona, offering services in the purchase, sale, leasing, and investment in commercial and industrial real estate.
As previously reported by the city hall, a microdistrict "Ak-Kula" will be built on the site of the old racetrack, which will include five buildings taller than 200 meters. The total project implementation period will be ten years; however, the companies promise to complete it in five years.
In addition, the investors have committed to make a one-time payment of $67 million to the local budget. They also plan to build three schools, three kindergartens, a clinic, a park, a square, as well as main roads and engineering communications, which will then be transferred to municipal ownership.
