The Israel Land Authority has signed a roof agreement with the Ramat Gan Municipality. The agreement includes municipal plans for developing infrastructures and strategic construction over the next decade for new neighborhoods in the east of the city as well as an urban renewal plan for older neighborhoods.
As part of the agreement, the government will transfer NIS 1.4 billion to the Ramat Gan Municipality in the coming years and will promote the construction of 9,122 new homes, 6,000 of them east of Road 4. Of the money to be transferred, NIS 551 million will be allocated for infrastructures.
The Israel Land Authority said, "Development will focus on building new major highways, a national and safari park, renewing public and open green areas, investment in aging public buildings, strengthening the connection between the new east of the city and existing neighborhoods by building three new bridges over Road 4 and developing the eastern neighborhoods. This development will yield additional future revenue for a scale of development that has not been seen in the past 30 years.
Among areas that will enjoy a surge of development in the wake of the agreement are the national park and the safari park (investment of NIS 80 million), building 5.5 kilometers of major highways (NIS 200 million). The agreement also includes further development of the Diamond Exchange district and an ambitious plan to build three new high-rise office towers, one of which will be Israel's tallest building.
The Israel Land Authority said, "Alongside land allocated for housing, the agreement includes 900,000 square meters of office and commercial space, which will add profitable municipal taxes and bring major revenue for the future financial strength of Ramat Gan."
The signing ceremony for the roof agreement was attended by Minister of Finance Moshe Kahlon, Minister of Construction and Housing Yfat Shahsa-Biton, ILA director Adiel Shimron and Ramat Gan Mayor Carmel Shama.
Kahlon said, "I thought Carmel was asking for too much but ultimately he persuaded me that he wants to see the city become something different. The city is getting a lot of money."
Published by Globes, Israel business news - en.globes.co.il - on December 30, 2019
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