The Urban Development Corporation (UDC) is reporting an increase in the value of investments in the Tax Incentive Programme since its expansion earlier this year.
The boundary of the programme for Urban Renewal in the Corporate Area was expanded and renewed for an additional ten years in January.
While not revealing the investors, the UDC has reported that at least three submissions have been made in downtown Kingston valued at more than US$20 million, while two submissions are pending in Spanish Town in the same value chain.
Other interests are expected, as the Corporation increases its client business to business engagement through direct mailings and one-on-one appointments.
The UDC has also been promoting the programme through social media and exhibitions.
The application process, which is managed by the UDC, through its Business Development Department, provides tax relief to companies or individuals undertaking improvement works on land or buildings.
The incentives are offered to both owners and lessees of property in select Special Development Areas identified as suffering blight or decay.
The boundary starts at the Kingston Waterfront from Pechon Street then westerly along the coastline then up Greenwich Street off Spanish Town Road, northerly along the parish boundary until it connects with Marescaux Road up to Arnold Road.
The boundary continues down Camp Road onto 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.
Meanwhile, PricewaterhouseCoopers, which is acting on behalf of the UDC, has extended the deadline for interested investors to manage, operate and develop the 16 hectare Fort Clarence Beach Park in Hellshire, St. Catherine Park.
The new date is November 13.
The offer is for the beach park to be operated under a long-term concession agreement.