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City bolsters development incentives

The 5th reviewed Economic Development Incentive Policy (EDIP) 2020/21 bolsters the City’s commitment to incentivise foreign and local investment, sustain enterprises and proactively cultivate a competitive investor–friendly environment.

The policy offers financial or property rebates as well as non-financial support for investors that align to the City’s inclusive growth objectives.
The EDIP incentives aim to promote the development of vacant land and expansion or redevelopment of existing industrial, commercial or mixed-use developments. This will apply for a maximum of three years from commencement of construction or three years post construction. Applications that fall beyond the scope of this policy will be dealt with on a case-by-case basis by the Municipality.

The policy also makes provision to encourage urban regeneration, target investment into the inner city and high priority integration zone, provide inclusive investment and stimulate employment and local procurement.

To reinforce the City’s interventions, the Economic Recovery Plan, developed as a result of the national lockdown, further offers developers and investors a development application fee relief over the next 12 to 18 months.

Deputy Head of the City’s Economic Development Unit, under Policy, Strategy, Information and Research, Dr Ajiv Maharaj explained that the policy is a win-win situation especially during the current financial crisis.
Since inception of the policy in 2016 there has been more than 13 successful applications received / approved attracting more than R10bn in investment and more than R30m in rebate/discount per annum received by beneficiaries.  Also, exclusive to eThekwini is that the EDIP allows for an applicant to still apply even if in receipt of any incentive from other spheres of government.

In addition to the general criteria required for the approval of an application for financial incentives as contained in the EDIP, a new investment must satisfy at least one or more of the special qualifying criteria below:

  • Investment Value
  • Jobs Created
  • Targeted Sector
  • Spatial Location

Bespoke Financial Incentive

Inner City and Densification Zone
To fundamentally improve the Inner City, the Municipality has crafted bespoke financial incentives to attract investment and regenerate this space thereby creating commercial activity and multiple use developments to enhance densification.

InnerCity.jpg

Bespoke Financial Incentives include:

  • Investment value excludes the purchase price of land and buildings
  • Value of investment by a single investor
  • Aggregate all the new investment single or multiple properties
  • Investments over R300 million qualify for a three-year rebate and may apply for a further two-year extension
  • All jobs created by a single investor may aggregate the jobs for maximum rebate
  • Targeted sectors within the Inclusive Growth Strategy (2020-2025) are eligible to apply.
  • Incentives may not be applied for retrospectively.

Interested investors can email nuthan.maharaj@durban.gov.za for more information

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