Adriatic Marinas - Porto Montenegro paid 2,387,714 euros into the account of the Municipality of Tivat as payment for utility fees for the land on which theBoka Placecomplex is being built in Porto Montenegro at the moment.
On this occasion, as reported byInvestor, municipal officials held a press conference at which they presented details of a new way of cooperation between the city and a major foreign investor, which last paid utility fees to Tivat back in 2012.
Mayor Željko Komnenović, who in recent days had been intensively negotiating the payment of utility fees for Boca Place with Sheikh Mohamed Al Shaibani, president of Dubai-based ICD, the owner of Porto Montenegro, expressed satisfaction with the reached agreement and the payment of funds for the construction of the new luxury complex worth more than 100 million euros.
Porto Montenegro payment changed Tivat’s budget
Tivat leaders stated that with this payment, the municipality’s total expected revenue from utility fees for 2021 increased by more than 100 percent compared to the plan. Total budget revenues are currently at 87.33% of the annual plan, and, according to Finance Minister Jovan Brinić, amounted to 14,798,226 euros at the end of September.
“This is significantly better than in previous years, when budget execution at the end of the third quarter was usually at the level of 65-67%. For example, last year total revenues from utility fees and property taxes at the end of the third quarter amounted to 4.63 million, while this year on the same basis for the same period we have revenue of more than 8 million euros. Therefore, a decision will be made to rebalance the budget, which will be increased to just over 20 million euros — about three million more than the current budget,” Brinić said.