The Church of the Annunciation on the Myachin is located to the South of the city, half way to the Yuriev monastery. Here in 1170 in the memory of the miraculous salvation of the city an icon of the Theotokos of the Sign" Archbishop John (Elijah) with his brother Gavril (Gregory) founded Arkasi monastery. And in 1179 70 summer days here was built a stone Church, which survived only to half height. The upper part of the walls, the vaults and the dome collapsed in the XIV century and was then rebuilt.

In 1189, the Church was painted. The customer of the paintings was the same Gavril (Gregory), after the death of his brother became Archbishop of Novgorod. Preserved pretty significant pieces have now been cleared and given the opportunity to meet with one of the variants of the Byzantine style in the monumental painting of the XII century. The frescoes executed in a bold and decisive manner. The figures of people sleek, thin, face is very expressive. The frescoes were painted in Golden yellow and purple and green colors.