The protocol regarding the "Arrangement of the Body Walls and Streets of the Grand Bazaar" was signed between Istanbul Governor's Office, Fatih Municipality and the Grand Bazaar Management with the ceremony attended by the Istanbul Governor Ali Yerlikaya. With the protocol, restoration works will be carried out on an area of 65 thousand square-meters, and the streets and body walls of the bazaar will be renovated.
Istanbul Governor Ali Yerlikaya, Fatih Municipality Mayor M. Ergün Turan and Fatih Kurtulmuş the Board of Directors of Grand Bazaar attended the Signing Ceremony of Protocol "Regarding the Arrangement of Body Walls and Streets in the Section Remaining at the Borders of the Grand Bazaar Condominium Owners board of Grand Bazaar Renovation Area".
Governor Yerlikaya wished that restoration works would be beneficial at the protocol signing ceremony.
The ceremony was completed with the gift presentation from Kurtulmuş to Governor Yerlikaya and Mayor Turan.
Grand Bazaar will be Renewed with the Works to be Done
In the Grand Bazaar, load-bearing feet, damaged walls, street covering, hand-drawn designs, electric wiring and lighting installation of the bazaar will be retrofitted with the restoration works and street coatings will be repainted in an area of 65 thousand m².
The protocol was prepared based on the Law dated 16/06/2005 and numbered 5366 on Renovating, Conserving and Actively Using Dilapidated Historical and Cultural Immovable Assets, Law dated 21/07/1983 and numbered 2863 on Conservation of Cultural and Natural Property, Municipality Law dated 03/07/2005 and numbered 5393, Implementation Regulations of the Law on Renovating, Conserving and Actively Using Dilapidated Historical and Cultural Immovable Assets enacted with the Council of Ministers' Decision dated 17/11/2005 and numbered 2005/9668 and Renovation Decree announced for the Grand Bazaar and its Surroundings with the Council of Ministers' Decision dated 26/11/2007 and numbered 12893 enacted after having published on the Official Gazette dated 25/12/2007 and numbered 26737.
According to the signed protocol;
Obligations of the Governor's Office
The Governor's Office shall cover the total portion of TRY 22,500,000 (Twenty Two Million and Five Hundred Thousand Turkish Liras) as being TRY 10,000,000 (10 Million Turkish Liras) for the first year and TRY 12,500,000 (Twelve Million and Five Hundred Thousand Turkish Lira) for the 2nd year, out of the Tender Price, and in case of prince increase extending to years, so as not to exceed TRY 5,000,000 (Five Million Turkish Liras). Payments shall be made on the basis of progress payments, and the financial audits shall be made in cooperation with the Municipality.
Obligations of the Municipality:
(1) The Municipality shall cover the portion of TRY 2,500,000 TL (Two Million Five Hundred Thousand Turkish Liras) of the tender price.
(2) Within the scope of the Law no. 5366 and the tender legislation, it shall carry out the tender work, monitoring of the work to eliminate problems encountered in the scope of implementation, checking of the work and issuing of progress payments in compliance with the bill of quantities at every stage of the work.
Obligations of the Management:
The Management is obliged to provide appropriation of the portion of TRY 40,000,000 (Four Million Turkish Liras) of the Tender Price, provided that it is to be at least TRY 20,000,000 (Twenty Million Turkish Liras) yearly, and to follow-up the payments in this regard.