Nelson Mandela Metropolitan/Port Elizabeth
The National government declared the PE Central and North End business district as a UDZ (see map below). The Mandela Bay Development Agency applied for the UDZ status and the Treasury granted that 250 ha of land that covers the area from Mount Road to the harbour, and includes a great deal of existing residential and commercial property.
The UDZ means large tax incentives, such as a 20% deduction off the cost of business's that invest in the area taxable income. The incentive, however is only available for the next four years. The time limit on the incentives is to try and ensure that there is quicker uptake of the benefit as soon as possible to drive urban regeneration and fast track change and development within the inner city.
References and Resources
- Eastern Cape Development Corporation, 2004: Provincial Growth and Development Plan (PGDP), Reference Link
- Government Gazette, 2005: Government Gazette, Vol. 480, No. 27656, 6th June 2005, Reference Link
- Nelson Mandela Metropolitan, 2005: 2005/6 IDP, Reference Link
- van Zyl, R., 2005, PE's urban development zone sees first major investment, Inet Bridge, Reference Link