Methods of realization of the Project
The idea of the realisation of the Pašman Resort project is to develop attractive high-end tourism potentials.
The implementation of the Project will be performed in two phases. In the first phase (Preparation), the International Tender will be executed and the Investor will be chosen, whereas the second phase (Realization) will include the construction of the planned facilities stipulated by the Project’s scope. In the first phase, the Project is developed by the Municipality of Pašman (the land owner) in cooperation with the Consultant Company (as Developer) which prepares the bidding documentation for the selection of the Investor and deals with all the activities until the selection of the Investor is completed.
After the International Tender and the selection of the Investor have been carried out, the Project is to be realized through the “construction right model“ / DBFMO (Design, Build, Finance, Operate, Maintain) model. The Consultant Company (as Developer) provides all necessary financing of the services and activities in the preparation of the Project until the Investor has been selected. After the selection, the Project will be funded by the Investor’s equity or credit means.
An additional goal of the Pašman Resort project is the construction of a bridge which would connect the northeastern part of Pašman island with the mainland (in the area of Biograd on Sea), with a length of 2,2 km. The bridge, already designated in the spatial plans of the Republic of Croatia, should ensure further positive effects for tourist resort operations, as well as for overall development of economic and social categories on the islands of Pašman and Ugljan.
Following documentation and activities have been performed:
- A detailed Master plan of the Pašman Resort Project (including a Resort Strategy, an Illustrative Master Plan and Conceptual Development of Architectural and Landscaping Concepts) made by T.H.R. Asesores en Turismo, Hoteleria y Recreacion, S.A., Barcelona, Spain in cooperation with Hosting International Ltd., Zadar, Croatia;
- Pre-feasibility study of the Pašman Resort Project (including the Tourist attraction base of the Project and its environment, Marketing Pre-study, Construction and Design Conditions, Ecological Concept, Amount of the Investment, Timetable of the Investment Project, Dynamic of the Investment Project, Organizational Structure and Staffing, Financial Pre-study) made by Hosting International Ltd, Zadar, Croatia;
- Topographic surveying and geodetic maps required for the Urban development plan;
- Resolving land ownership;
- Preparation for the implementation of design, construction and financing of basic municipal infrastructure required for the Project;
- NOTE: All interested Investors may already express their interest in the Project.
The Municipality of Pašman as project owner has established a special vehicle company (SPV) called Pašman Riviera Ltd. which will be offered for sale (for price of the subscribed capital) to the best bidder selected in an international tender. In this stage the potential investors are expected to propose the price for construction right and lease for the project land. Pašman Riviera Ltd. will be granted the construction right on 100 hectares for a period of 99 years (tourist zone T2), while the rest of the land in the project scope planned for recreation and horticulture will be offered for lease for the same period of time. Pašman Riviera Ltd. is obligated to pay the Municipality of Pašman (the land owner) an annual fee for the construction right and lease which will be defined in an international tender when an investor is selected. (initial minimum fee is 0.40 EUR per m2 for construction right and 0,01 EUR per m2 for lease; with 2% annual adjustment).
Pašman Riviera Ltd., will after construction be the owner of all objects (hotels, villas, apartments, restaurants, recreational facilities…) while the owner of the land will remain the Municipality in accordance with the Law on Ownership (Property Act). After expiry of the construction right (99 years), the Municipality is required to reimburse the company Pašman Riviera Ltd., owned by investors, for the market value of the assets of its facilities, or extend the construction right for a sufficient number of years, but this time without paying a fee. Upon final expiry of the period for the use of the construction right, Pašman Riviera Ltd. will return the land into the Municipality’s possession and deliver the buildings to the Municipality’s possession and ownership.