16-million-euro Paramount subsidy cannot be received until the park is built

Alhama de Murcia council hopes to have planning documentation prepared by November

The announcement on Wednesday that a 16.2-million-euro subsidy for the Paramount theme park in Alhama de Murcia has been authorized by the European Commission has been greeted with enthusiasm by Premursa, the company in charge of construction and financing the project, but with a couple of caveats.

The most important of these is that the amount concerned will not actually be received until work on building the park is completed and signed off. According to the latest statements from Premursa this is now forecast to be in 2017, assuming that construction runs as planned.

The European Commission has given the go-ahead for the subsidy to be granted by the national government on the basis that the project will favour the development of the Region of Murcia, taking into account the 1,500 jobs which will be created during construction and the estimated 1,200 people who will be employed on site once it is open.
The total budgeted investment in the Paramount theme park is 206.6 million euros, but for the moment initiation of construction is still pending a few knots being tied in a bundle of loose ends. The Town Hall of Alhama is waiting for Premursa to answer a series of technical questions before giving its final seal of approval for the project, and it is hoped that all of the necessary documentation will be ready to hand in by mid-November.

If this is the case then the initial urbanization and infrastructures work could begin early in 2015, assuming that Premursa presents a deposit of 3.85 million euros. After this the licences for general building work and activity on the site can be issued.

Another hurdle yet to be cleared is the need for the regional government to issue a report on the environmental impact of external reserve electricity generators: until this has been received the licence for construction to start cannot be obtained according to the regional Spanish press today.

Meanwhile, the search for financing continues, and local real estate professionals are hoping that the news from Brussels gives the park the boost it needs to finally tie down interested parties and achieve the desired financing, as well as the much desired shot in the arm for the Murcia property sales sector.
 

Image: Copyright Murcia Today