Although Valencia has not hosted any Formula 1 event for a decade, the cost of the works on the urban circuit that was raised more than 15 years ago is still pending. Specifically, the 42 million that at the time it was established would be assumed by the developers of the residential area of the so-called PAI del Grao, in which the Generalitat built the circuit as part of future urbanization works.
The Valencia City Council has reached an agreement with the landowners of the PAI del Grao that allows unblocking the development of a new strategic neighborhood for the city on which the debt of 42 million for the construction of the Formula 1 circuit weighed. The agreement consists of the consistory assuming a part of what was initially expected to be assumed by the real estate developers of the future neighborhood: 10 million euros.
With the real estate crisis, the company that had taken over most of the land, which it came to buy as the most expensive in Valencia, went bankrupt. Subsequently, most of them were acquired by funds, which did not recognize this debt to face the development of the neighborhood. With the agreement, finally the private owners will assume the majority of the payment, with 32 million of the invoice of the urban circuit.
In this way, they also try to start the development of a neighborhood that is currently occupied by abandoned lots and in a sorry state, with part of the fences and concrete elements that had been used in the Valencia Grand Prix whose last edition was held in 2012.
According to the deputy mayor and councilor for Development and Urban Renewal of Valencia, Sandra Gómez, the pact “puts an end after more than a decade, an area that we want to develop and project and that the mismanagement of the PP has been blocked for more than a decade,” he said.
“Finally we can say that from the Urban Planning area we have reached an agreement with the land owners who, finally, are going to assume most of the cost of the urbanization works. Specifically, 32 of the 42 million advanced by the public administration”, underlined Gómez.
PP legacy
“We do not want to stop drawing attention to the 10 million euros that the administration will finally have to assume because the PP has been lying to us for more than a decade. They said that Formula 1 was not going to cost anything and only the cost of the The work on the circuit in the PAI del Grao will cost the Generalitat Valenciana 10 million, which will have to assume this expense due to the development of a failed project, an ephemeral project that has not had any positive impact on Valencia”, Gómez stressed .
Moreover, the deputy mayor has indicated that Formula 1 has negatively affected the development of this strategic area “The circuit has conditioned and will condition the entire development of the Grao sector. But finally, after years of work and negotiations with the owners, we can finally conclude that the Grao sector has been unblocked and the problem and the pufo that the PP left us as an inheritance,” he said.
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