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Central City rebate scheme extended
Central City rebate scheme extended
The Central City development contributions residential rebate scheme has been extended for one year to 30 June 2016 or when the $10 million fund has been used up, whichever comes first.
The Council approved the extension when it became clear that the fund was unlikely to be fully allocated before the initial expiry date of 30 June 2015.
The rebate was first introduced in 2013 to encourage developers to build more homes inside the Four Avenues as part of a long-term plan to revitalise the Central City.
The Council approved a fund of $10 million for the rebate, which would be offered to developers who built more residences on any site than were there before the 4 September 2010 earthquake. The dwellings also have to meet certain good design standards.
To date, $5.3 million has been confirmed or tentatively allocated, with another $2.27 million in potential retrospective rebates. In all, $7.57 has been set aside, leaving $2.43 million for new applications.
Rebates are not confirmed unless building has started on or before 30 June 2016.
ends
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