New investors of Arkhyz ATRC (i.e. Ilya Muromets, Gornaya Reka and Lux-Arkhyz companies) were certified as residents of the special economic zone of tourism and recreation type in the Karachay-Cherkess Republic. The certificates confirm the right of SEZ residents for preferences stipulated by legislation of the Russian Federation: tax benefits, reduced land rent, subsidized utilities connection, and the use of the mechanism for subsidizing part of the interest rates on loans attracted by SEZ residents for their projects.
The certificates were awarded at the regular meeting of the Council of Arkhyz SEZ residents held at the site of the resort. All investors signed tripartite agreements on the implementation of activities with Joint-Stock Company Northern Caucasus Resorts and the Ministry of Economic Development of the Russian Federation.
Applications of new residents were approved by the Expert Council on Special Economic Zones at the Ministry of Economic Development in February 2017. The declared investment by three companies will be more than RUB 2.13 billion without attracting debt financing, while about RUB 1.1 billion are expected to be invested in the design and construction, and equipment purchase already in the first year of the residents at the site. As a cumulative, residents shall create more than 100 new jobs in Arkhyz SEZ.
Gornaya Reka LLC project includes the construction and operation of a cottages resort for 2,168 beds with an administrative complex, restaurants and SPA-Center. Ilya Muromets shall build a cottages resort for 95 beds in the tourist village of Lunnaya Polyana, and Lux-Arkhyz LLC — a 5-star mini hotel for 15 beds in the tourist village of Romantik.
Currently, the total number of residents of Arkhyz SEZ is 27 companies and individual entrepreneurs, their declared investment is more than RUB 8 billion.