UDC announces renewal of Tax Incentive Programme
The Urban Development Corporation (UDC) has announced a renewal of the Tax Incentive Programme for Urban Renewal (TIP) as well as an expansion of the Special Development Areas (SDAs) that are to benefit from incentives under the programme.
In a release yesterday, the UDC said the TIP has been renewed for another 10 years as it seeks to spur the redevelopment of downtown Kingston.
The UDC, which manages the programme on behalf of the Ministry of Finance, provides tax relief to companies or individuals undertaking improvement works on either land or buildings in the designated area.
Incentives are offered to both owners and lessees of property.
The areas included have been identified as suffering blight or decay.
The boundary of the SDA starts at the Kingston Waterfront from Pechon Street, westerly along the coastline then up Greenwich Street off Spanish Town Road, northerly through several roads until it connects with Marescaux Road and up to Arnold Road.
The boundary continues down Camp Road unto Deanery Road continuing through East Kingston along Warieka Road and Harbour Road to the Shell Refinery in Rockfort and back along the coastline to Pechon Street.