DEVELOPMENT: City Improvement Districts On The Rise
Recent Western Cape Business News
All in all, property owners in Cape Town's Central City Improvement District have contributed over R150 million towards the rejuvenation of Cape Town’s inner city, which in turn, has attracted billions of rands of investment and facilitated hundreds of new jobs.
This phenomenal success has led to the creation of another 15 City Improvement Districts (CIDs) in Cape Town, while applications for four others are being processed, and another 25 communities have expressed interest in establishing CIDs.
To address the growth in CIDs (also known as Special Rating Areas), the City of Cape Town has proposed amendments of its CID by-law to align it with the Municipal Property Rates Act and the Municipal Finance Management Act.
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