The German Federal Court of Auditors has warned of substantial financial risks concerning the planned construction of Berlin’s new Museum of Modern Art, Monopol reports. The museum will primarily show 20th century art, and has secured a budget of €200 million of federal funds (see €200 Million Appropriation Clears Way for Berlin MoMA).

According to a statement by the court, which was presented to the Bundestag’s Budget Committee on Monday, if the Prussian Cultural Heritage Foundation, which is managing the project, were to launch an award procedure for the architectural contract before obtaining an approved development plan it would be “taking an incalculable risk.”

In response, Culture Minister Monika Grütters told DPA that the architectural selection competition and planning permission procedures could be held concurrently. “I am sure that we will know by the end of 2015 who will build this museum,” she said.

According to the Berlin Senate’s Building Director Regula Lüscher, it is possible to complete this process within one-and-a-half to two years. A rapid realization of the project is very much in the interest of the state of Berlin (see Berlin Museum of Modern Art to Open in 2021). “It provides a historic opportunity to complete construction of Berlin’s Kulturforum,” she explained to the committee.

Although the majority of parliamentarians advocated the earmarked location on Potsdamer Straße, they warned against additional costs resulting from hasty decisions. The President of the Prussian Cultural Heritage Foundation Hermann Parzinger called the Bundestag’s support of the project a “fantastic sign.”