The project has been in the works since 2004 but today Croft noted that the current project should be completed in time for the 2011 Venice Film Festival.
The original plans for the Palazzo will be reviewed and changed over the next three months. Venice Mayor Massimo Cacciari has emphasized that all of the Lido must see benefits from the new construction - not just the film festival.
Venice's current Palazzo del Cinema, which sits to the left of the Lido's Casino, will remain intact and be used primarily for administrative offices. The new structure will be built on the right of the Casino.
'This will give a completely new life to the festival,' Rutelli promised, speaking of the projected 2,400-seat 120,000 cubic meter palazzo that said promised would be combined with a film market and convention center. 'We can't go on with the current structures,' he added.
Croff also underlined that the major agreements on the Palazzo have already been signed earlier this year. Most significantly, the State put its stamp on the co-financing deal this August, officially pledging $30m (Euros 20m) to the now re-estimated $105m or Euros 77m project.
Italy is well known for its choppy political waters, and in a moment of self-awareness Rutelli referred to the 'delicate nature' of the process, which Galan said, 'someone could unconsciously interrupt.'
All however reinforced the promise to work together, knowing that political determination would help attract outside funding. Galan added that the region of Veneto would be the project's second biggest financial contributor after the State government without specifying figures.