Karlovy Vary abandoned the intention to sell the historic Spa I

KARLOVY VARY - One of the most valuable historical buildings in Karlovy Vary, the Imperial Baths or Baths I, will remain in the city's ownership and will not be sold. The city is now looking for ways to secure hundreds of millions of crowns to save this building in the classical romantic style with Renaissance and Baroque elements from complete ruin.
The most likely funding for the renovation will come from the European Union, and the rest will be borrowed by the city hall. All other initiatives to find a private investor for the renovation of the baths have failed, writes today's Mladá fronta Dnes (MfD) in the regional supplement.
In the case of Baths I, Karlovy Vary will not even attempt a long-term lease. They will establish a non-profit organization, the Imperial Baths, which will take care of the building. "Soon, the final version of the feasibility study for the baths will be created. We need to precisely define our intention with this building in Brussels. A condition for obtaining a grant from the union is that the facility can only be commercially utilized by twenty percent," said MfD Deputy Mayor Monika Makkiehová.
The Imperial Baths are expected to serve as a multifunctional center for festivals or congresses. The city is also considering a Balneological Institute and a library. "The city has been lacking research and development in balneology for 15 years. Such an institute should be located here in Vary," said Alexandr Rebjonok from the largest Karlovy Vary spa company Imperial.
The anticipated costs for the reconstruction of the building are currently estimated at 450 to 600 million crowns. Three quarters would be financed by the union, and the rest would be obtained by the city through a long-term loan.