After 30 months of planning and getting the necessary approval, a large portion of the Tyger Valley commercial district will get its own City Improvement District (CID).
This special rated area or CID started out as the brain child of Quintin Rossi, one of the owners of Spear Properties and was recently approved by council. It will be known as the Tyger Valley Improvement District, or TVID, and will cover the entire area from Edward Street down past the Bellville Velodrome and up to the Tyger Waterfront, but excluding the two major shopping centres in the area, Willowbridge and Tyger Valley Shopping Centre.
Rossi says the idea of the TVID was not only to add value to properties owned by Spear, but to get rid of criminal elements that had pervaded this location and was giving it a less than savoury reputation as a problem area.
“From an investment perspective and tenant retention perspective this had to get dealt with quickly and efficiently and the only manner to deal with this in a legal manner, was to approach the City of Cape Town and start the establishment process,” Rossi says.
With the establishment of an improvement district a dedicated TVID manager will be appointed to oversee public safety officers and urban management teams, he says, in an effort to “push back against a growing problem of vagrants, crime and poor urban environment management”.
In the intervening months, Quintin and the TVID committee, set out doing their homework.
This included drawing up a detailed demarcation and business plan for their CID.
“The establishment of the TVID was in no way a one-man effort and a special mention must be made to my fellow committee members of the TVID, being Cliff Toerien from Baker Street Properties, Joan Solms from Ingenuity Property Fund, John Bielich from Ingenuity Property Fund, Louis Andrag from Leggato Investments and our CID management team, Geocentrics, led by Gene Lohrentz,” Rossi says.
He adds the implementation year budget has been set around the R2.9 million mark, which will become an additional charge levied onto the non-residential property owners’ rates and tax accounts.
http://www.netwerk24.com/ZA/Tygerburger/Nuus/tyger-valley-gets-cid-20160412-2?mobile=false
