OULU CITY CENTER UNDERGROUND PARKING

The project concerns the financing of an underground parking facility to promote the urban development of the city center in Oulu, Northern Finland. The project will be financed under the Oulu Urban Infrastructure framework loan.

The City's long-term investment strategy for 2013-2016 aims at modernising the city's basic infrastructure and improving the quality of public service. The underground car park is in line with the city's transport policy objectives and aims to improve accessibility of the Oulu commercial centre. By re-developing the inner city area and developing municipal facilities and infrastructure, taking into account an energy efficient design, the operation is in line with the Bank's criteria on urban renewal and regeneration in the pursuit of more sustainable and competitive cities.

Finland, as an EU Member State, has harmonised its environmental legislation in line with the relevant EU Directives (2011/92/EU Directive and 2001/42/EC). The project falls under Annex II of the EU EIA Directive, the project defined as Urban Development. The competent authority, the Centre for Economic Development, Transport and the Environment of Northern Ostrobothnia, screens projects concerning the need for EIA. The Underground Parking has been screened out and an EIA is therefore not required.

The Bank will require the Promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Dir 2004/18/EEC or 2004/17/EEC and Dir. 2007/66/EC), with publication of tender notices in the EU Official Journal, as and where appropriate.