The City Hall will pay compensation to Iconia Capital along with the land change, Irakli Khmaladze, the Vice Mayor of Tbilisi declares.
According to Khmaladze, Tbilisi City Hall has already offered it to US-based company Iconia Capital, but the American investor refused this offer. Iconia Capital wants to build a 25-story building near the hippodrome.
“The company’s final position is that they are planning this investment for years and they do not consider land change for construction of the building,” said Irakli Khmaladze, Tbilisi Vice Mayor.
Seth Edward Char, CEO of Iconia Capital claims, that he as an investor has seen quite a lot of financial loss in seven years.
The foreign investor says that he bought this land legally. According to him, as of the court’s decision, he has the right to start construction at the site even today, but he is still waiting for the next meeting scheduled at the Tbilisi City Hall.
It seems that the investor is not fascinated by the issue of land change, but if Tbilisi City Hall offers a compensation package along with the relocation, he will think about it.
"Tbilisi City Hall has repeatedly offered us relocation due to the interests of the residents in the surrounding area, but for five years our company has incurred a number of expenses. It will never happen just make the decision and change the land easily. However, if Tbilisi City Hall offers a compensation package along with the relocation, which will fully cover the expenditures we have made during this time, I promise we will consider this proposal, "said Seth Edward Char, founder of Iconia Capital.
How much compensation Tbilisi City Hall will offer to the investor is the subject of negotiations, which are scheduled for Thursday between the parties.
