Although Tallinn's Linnahall concert hall was completed just in 1980, the concrete, Brutalist-style building has already fallen into serious disrepair.
TALLINN — Estonia’s Minister of Finance Jürgen Ligi turned down the Tallinn municipal government’s request to negotiate with the Washington, D.C. law firm Hills, Stern & Morley LLP to secure a €178.9 million loan, guaranteed by the U.S. government, to renovate the Linnahall.
Although the Linnahall concert hall was completed just in 1980, the concrete, Brutalist-style building has already fallen into serious disrepair. The money would pay for the renovation of Tallinn concert hall but for the Estonian government the finance set-up Tallinn offered is not [private_supervisor]sufficient and its feasibility is difficult to assess.
Tallinn city hall announced on January that Tallinn Entertainment LLC, a U.S. investment company registered in Delaware had received a guarantee from the U.S. government to cover its investment to renovate the Linnahall concert hall in Tallinn, if the Estonian government also gave its agreement. However, the American government denied making such deal. Tallinn Deputy mayor Taavi Aas sent a letter to Ligi on Feb. 4, 2010 with a request to start negotiations on the loan.
Ligi sent a response to Aas on March 26, saying that applying the financing method for the project needs to be modified.
“Estonia is a founding member in three development and investment banks established and supported by European countries — The Council of Europe Development Bank, European Investment Bank and Nordic Investment Bank, ensuring their activity in our market and reasonable loan terms which are acceptable to the state,” wrote Ligi. “Therefore, based on the information that finance ministry has, it seems that applying the financial scheme that the Tallinn municipal government offered is irrational.” [/private_supervisor] [private_subscription 1 month]sufficient and its feasibility is difficult to assess.
Tallinn city hall announced on January that Tallinn Entertainment LLC, a U.S. investment company registered in Delaware had received a guarantee from the U.S. government to cover its investment to renovate the Linnahall concert hall in Tallinn, if the Estonian government also gave its agreement. However, the American government denied making such deal. Tallinn Deputy mayor Taavi Aas sent a letter to Ligi on Feb. 4, 2010 with a request to start negotiations on the loan.
Ligi sent a response to Aas on March 26, saying that applying the financing method for the project needs to be modified.
“Estonia is a founding member in three development and investment banks established and supported by European countries — The Council of Europe Development Bank, European Investment Bank and Nordic Investment Bank, ensuring their activity in our market and reasonable loan terms which are acceptable to the state,” wrote Ligi. “Therefore, based on the information that finance ministry has, it seems that applying the financial scheme that the Tallinn municipal government offered is irrational.” [/private_subscription 1 month] [private_subscription 4 months]sufficient and its feasibility is difficult to assess.
Tallinn city hall announced on January that Tallinn Entertainment LLC, a U.S. investment company registered in Delaware had received a guarantee from the U.S. government to cover its investment to renovate the Linnahall concert hall in Tallinn, if the Estonian government also gave its agreement. However, the American government denied making such deal. Tallinn Deputy mayor Taavi Aas sent a letter to Ligi on Feb. 4, 2010 with a request to start negotiations on the loan.
Ligi sent a response to Aas on March 26, saying that applying the financing method for the project needs to be modified.
“Estonia is a founding member in three development and investment banks established and supported by European countries — The Council of Europe Development Bank, European Investment Bank and Nordic Investment Bank, ensuring their activity in our market and reasonable loan terms which are acceptable to the state,” wrote Ligi. “Therefore, based on the information that finance ministry has, it seems that applying the financial scheme that the Tallinn municipal government offered is irrational.” [/private_subscription 4 months] [private_subscription 1 year]sufficient and its feasibility is difficult to assess.
Tallinn city hall announced on January that Tallinn Entertainment LLC, a U.S. investment company registered in Delaware had received a guarantee from the U.S. government to cover its investment to renovate the Linnahall concert hall in Tallinn, if the Estonian government also gave its agreement. However, the American government denied making such deal. Tallinn Deputy mayor Taavi Aas sent a letter to Ligi on Feb. 4, 2010 with a request to start negotiations on the loan.
Ligi sent a response to Aas on March 26, saying that applying the financing method for the project needs to be modified.
“Estonia is a founding member in three development and investment banks established and supported by European countries — The Council of Europe Development Bank, European Investment Bank and Nordic Investment Bank, ensuring their activity in our market and reasonable loan terms which are acceptable to the state,” wrote Ligi. “Therefore, based on the information that finance ministry has, it seems that applying the financial scheme that the Tallinn municipal government offered is irrational.” [/private_subscription 1 year]
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