DOWNTOWN KINGSTON received a major shot in the arm with the launch of the Kingston City Centre Improvement Company (KCCIC) yesterday, amid announcements of generous tax credits and an ambitious proposal for a new transportation centre in the heart of the capital city.
The Government is expected to provide a 50 per cent tax credit on amounts invested by companies in the downtown Kingston business district as an incentive under the Kingston Redevelopment Programme. The credits will be granted in equal tranches over a three-year period.
The KCCIC received $37 million in equity to kickstart the official launch of the company.
The NCB Group and Grace, Kennedy and Company Ltd. donated $15 million each, while Pan Jamaican Investment Trust Ltd. handed over $7 million to Dr. Vincent Lawrence, chairman of the KCCIC.
Prime Minister P.J. Patterson, speaking at yesterday's launch of the new non-profit company at the Jamaica Conference Centre, applauded the incentive.
"This will go a long way in helping to raise the $200 million to $300 million equity funding necessary for the programme," he said.
He added: "Downtown Kingston, despite its challenges, and indeed there are many, is still a viable proposition. A great deal of commerce continues to take place. There are many businesses which have kept faith with the city and continue to operate thriving businesses. I applaud their resolve and determination."
The KCCIC is one of the many organisations working on different elements, mainly transportation, vending, security and the restoration of derelict buildings.
During his address, Mr. Patterson reminisced on days of old when "downtown Kingston was the cradle of intellectual thought and trade union and political activism" before its eventual decline.
"The decline of large urban centres and migration of business and commerce to suburban areas is not a development that is unique to Jamaica. It happens all over the world. And all over the world, there are fine examples of renewal, which we can successfully adapt to our own special needs and culture."
In December 2002, Mr. Patterson commissioned the establishment of the King-ston Redevelopment Com-mittee to help trigger the revitalisation of downtown Kingston. In January 2003, the committee, chaired by Urban Develop-ment Cor-poration chairman Dr. Law-rence, recommended that equity type funding be sought from the local market in the form of contributions.
SECURITY ISSUES
According to the Prime Minister, the KCCIC is also set to go to the market locally and overseas to secure funds for the development of the Business Improvement District. Mr. Patterson also addressed security issues and the perception of downtown as unsafe, despite what he claims, is "the evidence to the contrary".
He unveiled plans for a proposed transportation centre/bus terminal in the area a project proposal prepared by the Metropolitan Management Transport Holdings Limited (MMTH).
"The plans also envisage the relocation of the present transportation hub from Parade Square to the land adjacent to the old railroad and pier in order to develop an inter-connected transportation system, that is road, rail and sea, providing the necessary linkages between the business improvement district and communities outside the area," he said.
Mr. Patterson also commented on the creation of entertainment and recreation zones within the district with the Ward Theatre being the hub of this new entertainment zone.
The project will be further strengthened by the construction of 5,000 new houses in inner-city communities as well as the refurbishing of existing housing stock. According to Mr. Patterson, over $16 million has been spent on improvements to housing stock in Rema and Trench Town, while an additional $50 million is being spent in Tivoli Gardens, Denham Town, Hannah Town, Majesty Gardens and Tavares Gardens.
