Tomorrow is another red-letter day in Motovun’s history. A commission set up by a couple of ministries will vet the environmental impact assessment of yet another golf development project. In November 2005, the same commission shot down the environmental impact assessment of the previous project by a different investor. The main reason for this decision was that the investor wanted too many apartments, houses, and villas in view of the hilltown. And so the investor sold its properties and some property rights to a new one. To the best of my understanding, history may repeat itself tomorrow. Although the new investor has reduced the number of apartments, houses, and villas by about a quarter, they still loom too large in the context of golf development as such. If this comes to pass, it is not very likely that the investor will comply with the commission’s demand to slash the number of buildings. In the event, the properties and property rights would most likely be sold anew. And this will go on until either an investor on a white horse is found, or the ministries involved in Motovun’s future form a more malleable commission. If you believe in investors on white horses, take your pick.

Addendum I (March 20, 2008)

As I expected, the commission has slashed the number of proposed apartments, houses, and villas. In particular, the number of beds has been cut in half. If the investor does not accept this condition within fifteen days, the project will be scrapped outright. This is today’s verdict. Although the investor may comply with the commission’s decision, this is not very likely. It is hard to imagine that the economic viability of the venture will survive such a drastic cut. Anyway, where is that investor on a white horse? Motovun is waiting!

Addendum II (June 20, 2008)

As I write, another red-letter day in Motovun’s history is unfolding. The commission is meeting again, this time in Zagreb, which is why I am not attending it. After many new deadlines agreed with the obliging commission, the investor has returned with a new proposal. The number of beds is still the same, though. If the commission sticks to its decision of March 20, the proposal should be rejected outright. Period. But this is not likely to happen, for the investor is now in cahoots with the ministers that set up the commission in the first place. Much of the intervening period was used to negotiate the new proposal behind closed doors. This is Croatia, after all. A kleptocracy from head to toe. The investor has had much experience with such shady deals around the world, and this one is thus likely to go smoothly, as well. For those who are still unsure about such things, investors on white horses do not exist. And they never will.