The Vanadzor Municipality will be allocating 100 million AMD to a private concern to construct a luxury residential building. According to Vanadzor Deputy Mayor Norik Sardaryan the funding is above board. He says that before the Municipal Council passed the 2011 budget, the town’s mayor had signed a funding agreement with the company. "Due to the economic crisis, the builder couldn’t meet the deadlines and has just received a loan. Perhaps we might not even allocate the funds. It depends on whether the developer has any future credit issues, said Sardaryan. He went on to say that the funding would be in the form of a loan, fully payable two years after the completion of the building. "The building will be sold. There’ll be stores and apartments. The developer will make money and pay back the 100 million," Sardaryan asserted. Surprisingly, Artur Vardanyan, Director of Vimperg Construction, the builder stated that this is the first he had heard of the contract and that he was informed of the 100 million just a week ago, and not from the Vanadzor Municipality.