Tel Aviv District Court Judge Michal Rubinstein approved the compromise for Sde Dov Airport reached between the landowners and the Finance Ministry..
Tel Aviv District Court Judge Michal Rubinstein today approved the compromise for the vacating of Sde Dov Airport reached between the landowners and the Ministry of Finance and the Israel Land Administration. The landowners will pay NIS 20 million of the NIS 230 million estimated cost of vacating the airport, and the Ministry of Finance will cover the rest.
Approval of the settlement paves the way for the signing of an agreement between the Ministry of Finance and Israel Land Administration with the Israel Airports Authority to vacate Sde Dov Airport, one of Israel's most desirable land parcels, on which 16,000 apartments are slated to be built.
"The moving of Sde Dov from the heart of Tel Aviv to Ben Gurion Airport will allow the construction of thousands of housing units in the heart of this high demand area, which will increase the housing supply and help lower housing prices," said Minister of Finance Yair Lapid. "This is another step in the housing cabinet's policy to increase the housing supply for ownership and rent in high demand areas across the country."
Published by Globes [online], Israel business news - www.globes-online.com - on July 17, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
Shlomit Tsur and Moshe Lichtman