A calculated investment
Rhea Dasent mentioned business incentives in her letter to Hutt News last week.
Hutt City Council offers initial rates remissions and incentivises development through the waiving of fees for some new or expanding developments in Lower Hutt.
This is a calculated investment by council to promote urban and economic growth, which ultimately serves to lower pressure on residential rates as new developments will increase employment, the population of the city and economic growth.
In particular the incentives have to date encouraged new residential developments including affordable new housing in Pomare and a range of retirement living options, both of which were in short supply in the city.
New and expanded commercial developments provide new employment opportunities or ensure jobs are retained in the city.
The value of building consents has gone up 34 per cent per annum from the year to 30 June 2012, to the year to 30 June 2014 – this timeframe coincides with the commencement of the incentives and remissions schemes.
All of these new developments ultimately pay rates, which in the long-term help reduce the rates impact on existing households and businesses.
We do understand that any rates increase can have a significant impact on many