Rebate scheme to close at end of year

Christchurch City Council is going to end its Central City Residential Development Contributions Rebate Scheme because it has done its job.

“We established the scheme at a time when there was low confidence in the Central City as a place to live to help incentivise residential building activity after the earthquakes,’’ says Council Finance and Performance Committee Chair and Deputy Mayor Andrew Turner.

“Since then 122 developments delivering more than 1300 homes have benefited from the scheme and the property market in the Central City has taken off.

“We now have demand outstripping supply and property prices in the Central City are high enough that the Development Contributions that the Council charges are having little influence on developers’ decision-making,’’ Cr Turner says.

“Given this situation and the momentum in the Central City property market we have agreed to close the rebate scheme on 24 December at 5pm. This allows time for staff to advise developers and for developers to get developments in progress to the required point before the closure of the scheme.’’