Big companies granted rates relief as eThekwini seeks to attract investment - EWN

In a move aimed at improving investor confidence in the city, the eThekwini Municipal Council has approved multi-million rand rates rebates for several big companies.

Council documents show the rebates range from 50 to 100 percent post-construction and are fixed for three years.

In a rare moment of partisanship, the motion was supported unanimously by council.

Some beneficiaries include automotive company Ogihara South Africa, which will receive an eighty percent rates rebate for the next three years.

Property giant Growthpoint will be required to pay only 50 percent of its rates once it completes its 2000-bed building near the University of KwaZulu-Natal.

Developments being done by Alpine Group, Newlistar and Sibaya Node 5 were also approved for rebates.

ANC councillor Petrus Nxumalo said this is a good move for the city.

“There are a lot of benefits for the municipality, especially because these projects will create much-needed employment, and as the ANC, we always support any interventions that bring employment to the city," said Nxumalo.

With the motion passed, the municipality will be entering into a memorandum of understanding with the affected companies to formalise the rebates.

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