Another lifeline for Durban's Point development

2015-10-29 12:28
Durban. (Duncan Alfreds, Fin24)

Durban. (Duncan Alfreds, Fin24)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Durban - The eThekwini Municipality has taken a decision to defer rates repayments for the Point Development Company for five years.

EThekwini municipality spokesperson, Tozi Mthethwa, said in a statement the full rates were payable, but were being deferred to allow the company "to focus on developing the area while also addressing its cash flow problem".

The decision was taken during a full council meeting on Wednesday.

She said the decision was due to the strategic importance of the Point Waterfront Development to the city.

"A condition of the deferment was that when transfer of any land parcel takes place to any other party, rates will become payable," said Mthethwa.

"Any rates accrued up to the point of sale on the remaining properties will remain deferred until the expiration of the deferment period.

The entire accumulated amount will become due and payable thereafter.

Mthethwa said the city had a 50% stake in the development.

“The intention of the development, which includes the expansion of the beachfront promenade, is to transform the rundown precinct into a world-class environment," she said.

Deputy Mayor Nomvuzo Shabalala said the agreement was not that rates would not be paid at all, but that instead they would be paid in full at a later stage. The company had a previous rates deferment for 10 years, which expired in June.

She said the outstanding rates have been paid in full.

Read more on:    durban  |  local government

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

Inside News24

 
PARTNER CONTENT
INFOGRAPHIC: New thinking required for retirement

Everything we believe about retirement is fast becoming outdated.

PARTNER CONTENT
WATCH: How education can change a life

A university education gives students the chance to create a better future for themselves, their families and to opportunity achieve their dreams.

/News

Book flights

Compare, Book, Fly

Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.