"The preservation plan is unviable, because it will bankrupt the municipality."
A group of Tel Aviv property owners, whose properties have been slated for preservation by the Tel Aviv Local Planning and Building Commission, have petitioned the Tel Aviv Administrative Court to cancel the preservation plan. The petitioners claim that, on the basis of valuations, the Tel Aviv municipality will have to pay property owners NIS 2-3 billion in compensation for the loss of value for their properties, rendering the preservation plan unviable, because it will bankrupt the municipality.
The petitioners claim that the Planning Commission ignored the law when declaring the properties slated for preservation, and the buildings were chosen arbitrarily. The plan, approved in late 2007, lists 1,000 buildings for preservation, most of which were built in the International Style (Bauhaus) as part of Tel Aviv's White City.
The petitioners own the properties at 121 Allenby St., 73 Nahalat Binyamin St., and 51 Ruppin St.
Published by Globes [online], Israel business news - www.globes-online.com - on January 13, 2008
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