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City's development incentive encourages investment

EThekwini’s Development Incentive Policy (EDIP) is aimed at attracting and incentivise foreign and local investment into the City.

The Policy, which is reviewed annually, is structured to catalyse growth in targeted localities, grow investment and support in specific sectors of the economy while promoting highly industrialised technology, stimulate urban regeneration, create jobs and ultimately enhance the City’s revenue base.

It provides a guideline for economic incentives for vacant land development, expansion of industrial and commercial brownfield sites and urban regeneration. This will apply for a maximum of three years from commencement of construction or three years post construction in the case of vacant land. Applications that fall beyond the scope of this Policy will be dealt with on a case-by-case basis by the Municipality.

The following financial or tax rebates as well as non-financial support for investors are provided for in the 2020/2021 Policy to ensure mutual benefit for both investors and the City. Eligibility for financial incentives is details in the EDIP

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 namely, Investment Value, Jobs Created, Targeted Sector, Spatial Location Quantum Value of Financial Incentives - The quantum value of the financial incentive in relation to a new investment is informed by the set of qualifying criteria contained in the EDIP. In the case of a multiple or mixed-use development on a brownfield site or greenfield site, incentive values will be determined by the rate randages applicable to the various uses and the qualifying percentages will then be aggregated to determine the final total rates rebate value.

Catalytic Investments Incentives - Any application that is deemed ‘Catalytic’ ie. where the total investment exceeds R500 million and the nature of the development falls outside the criteria of the EDIP, will be dealt with on a case-by-case basis. Any consideration thereof will only be given once the City’s affordability has been assessed and such is approved by Council.

No Retrospectivity - In the interests of effective and efficient budgeting and compliance with the Municipal Finance Management Act, no financial incentives shall be granted retrospectively. Financial incentives shall only be effective from the effective date.

Bespoke Financial Incentive - Inner City & 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.

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 qualifying for a three-year rebate 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), shall be eligible to apply.
  • Incentives may not be applied for retrospectively.

The City’s Economic Recovery Plan further offers developers and investors a development application fee relief applicable until 30 June 2021.

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