Istanbul Parking Tender Begins: Here’s What You Need to Know

Formula 1 track, which has come to the fore with the developments between Intercity and TOSFED in recent months of Istanbul Park There was an important development today regarding the future. The General Directorate of Foundations announced that the tender process for the track will start at the beginning of next April. Intercity’s agreement for the track expired last year.

VGM announced that the runway in Tuzla will be tendered for “Leasing in Exchange for Construction and Repair” with the tender announcement shared on its website. The announcement, first published by Journalist Emre Özpeynirci, also included details such as the price, duration and conditions of the agreement.

The price of the 30-year agreement is 117 million 806 thousand dollars

While it was stated in the announcement that the agreement would be for 30 years, the estimated price was 117 million 806 thousand 367 dollars It was stated that. tender, On April 2, 2024 will start on . There are some noteworthy parts of the contract terms.

It will be necessary to organize a Formula 1 race

The most important part of the tender specification is Formula 1 races. Accordingly, the parties agree that an F1 race will be held on the track. will need to provide a guarantee. It will also be necessary to commit that the races will start in Istanbul Park as of 2026. Otherwise, for each year in which these races are not held, an annual compensation of 25% of the Formula-1 contract price for that year will be paid to the administration. The full explanations on this subject are as follows:

“The Contractor will guarantee that the Formula 1 races will be held on the real estate, and within 1 (one) month after the contract of work is signed, an agreement will be reached regarding the Formula 1 races to be held on our real estate and the protocol to be signed will be notified to the administration. If this is not done, the contract will be terminated and the deposited guarantees will be recorded as income to the administration,

The Contractor will undertake that Formula 1 races will start on the existing Formula 1 track on the property as of 2026. For each year in which races cannot be held after this year, including 2026, an annual compensation of 25% of the Formula-1 contract price for that year will be paid to the administration.

Shopping center will be built

Another striking point of the specification is that things such as shopping malls and entertainment centers will be built in Istanbul Park. The following expressions are used in this regard:

“In addition to the Formula 1 track already located on the property, within the scope of the relevant legislation, on the condition that the Site Delivery be made after the evacuation process is completed, shopping mall, adventure park (go kart, amusement park, climbing track, excursion train, etc.), automobile museum and entertainment center (aquarium, bird park, zoo, rainforest) “to have spaces/structures built for their functions.”

Finally, in order to enable the training of national athletes, the use of the track free of charge for 30 days was added to the conditions:

“In order to ensure the training of national athletes, the track facility will be made available free of charge for a period of 30 days for the events of a certain number of national and international motor sports federations and various sporting activities (A “Bid Calendar” will be submitted to the administration by the contractor every year regarding the calendar of days envisaged for this work; It will be agreed on the calendar of the 30-day period to be used)

To get all the details link here You can click.