Penzance CID Initiative
The achievements of the Penzance Estate Association have been extensive. Our ongoing commitment to the community and our vision to sustain and further develop shared value has culminated in the need to have Penzance Estate listed as a City Improvement District (CID). This is a partner initiative with the City of Cape Town (COCT). It allows a percentage of the rates collected from the community to be accessed by the CID and used directly in our suburb.
As a sustainable model, a CID can provide necessary resources for the community, since it does not rely on the good will of a portion of the residents.
It will establish the appropriate lines of communication to interface more effectively with the municipality. This will not only allow the community to determine their own needs but also augment the services currently offered by the municipality. For instance, motivating for better services like street lighting, road maintenance, repairs and the up gradation of water systems.
The CID is also a platform for residents to provide feedback and contribute to the upliftment of Penzance, and as an added benefit, CID areas are known to increase the property values of locales.
What is a CID?
- Defined area in which property owners contribute additional rates to fund “top up“ services for the specific area as per the approved buisness plan.
- Does not subsitute city services but works in conjunction with COCT
- Managed by residents of the area
- Community defines their own needs
- A CID is funded from the additional rates paid by property owners within the boundary of the SRA
- Collected by the COCT from property owners
- COCT pays money over to SRA monthly on budget
- Services implemented as per business plan
- Expenditure reports tabled at board meetings and sent to city on a monthly basis
