The general shareholders' meeting of Pi Glilot today approved the company's voluntary liquidation, and half of its land will be given to the Israel Land Authority, prior to being marketed. This measure is a step towards the construction of thousands of apartments, offices, and commercial space in the Pi Glilot area. Adv. Shaul Bergerson was appointed liquidator for the company.
Pi Glilot was included in the southern Glilot plan, for which the Tel Aviv District Planning and Building Commission is now hearing objections. The plan includes 12,000 housing units, 700,000 square meters of office and commercial space (including the Tel Aviv part). Three separate detailed plans are being promoted simultaneously under this general plan. An announcement by the Government Companies Authority stated, "The Israel Land Authority will submit a detailed plan for the site during 2019, and will begin development work that can be carried out under the outline plan now being deposited for public objections."
Roots of liquidation going back to 2002
In 2002, an agreement was signed for removing the gasoline and gas facilities from the Glilot site, which were a major blight and safety risk in the heart of the greater Tel Aviv area. Since then, the Pi Glilot company has been holding 164 dunam (41 acres) used mainly as parking lots rented from the company by car dealers. The state owns 50% of the shares in Pi Glilot, and private shareholders own the rest.
In order to facilitate optimal management of land in Israel, and as part of the implementation of the cabinet resolution in the matter, the Government Companies Authority promoted liquidation of Pi Glilot, subject to approval by its general shareholders' meeting. Pi Glilot's private shareholders will receive a lease allowing the land to be rezoned in exchange for payment when the detailed plans are completed.
Government Companies Authority director Yaakov Quint said today, "The Government Companies Authority initiated the company's liquidation as part of a general plan to streamline the use of government companies' land and support the government's policy of increasing the supply of housing units. In addition, closing the company down will save the taxpayers millions of shekels a year."
Published by Globes, Israel business news - en.globes.co.il - on April 8, 2019
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