MOSCOW, November 9 (RAPSI) – A bill on creation of the first federal territory Sirius in Russia’s Krasnodar Krai has been submitted for discussion to the lower house of the Russian Parliament, the State Duma.

The bill, if approved, is to facilitate creation of conditions and mechanisms aimed at the development of innovative scientific and technological activities in this territory; implementation of ambitious infrastructure projects; improvement of investment attractiveness thereof; better access of citizens and corporations to participation in prospective educational, scientific, and scientific-technical projects, according to an explanatory note attached to the document.

The authors of this initiative are State Duma lawmaker Pavel Krasheninnikov and senator Andrey Klishas.

The planned federal territory is to be run by its own public authorities, which are to be given certain federal and regional powers, as well as those of local governments.

The new entity is to have its own budget, own properties and property rights, among which are to be the rights transferred by the Russian Federation, the Krasnodar Krai, and the municipality of the town of Sochi.

In order to facilitate scientific and technological development of the territory, the bill envisages that special regulations are to be introduced with respect to relations in the sphere of technical sphere, advertising, urban development, public health, education, and other activities carried out in Sirius territory.

A 5-year transition period is to be introduced to settle organizational issues, the document reads.