Nova Luz to receive 23 other companies
DCI - 10/29/2007
The Nova Luz area, in downtown São Paulo, will receive 23 new companies of technology, culture, call center, and advertising. Among the organizations that have announced projects are IBM do Brasil, Microsoft, Bravo Telecomunicações, Mercado Eletrônica, the Call Center companies Atento and TNL, and the Moreira Sales Institute. The interest for this region was motivated by the incentives offered by the administration of the city of São Paulo within the scope of the revitalization project of the area. R$ 752 million (US$ 411.6 million) in investments are expected. On Friday, the Mayor Gilberto Kassab (DEM) started the demolition of the buildings in the region. In this first stage of the program six buildings will be demolished, but in a later stage the number of torn down buildings will reach 58. Other buildings will be built in the site, some of which to shelter house offices and companies of the city government. Started in 2005, the project of renovation of Nova Luz offered several incentives for companies to set up in the neighborhood. The Law No. 14096, published in December of that year, guarantees a 50% discount in the Municipal Property Tax (IPTU) and some discount in Service Tax (ISS), which falls to 2% for the companies setting up in the region. The companies may also get up to 80% of the value of the investment in the property in tax incentives, which will be converted into Certificates of Incentive to the Development (CIDs). The document may be used in order to receive the IPTU and ISS' discounts, in addition to the discounts provided by the Law and even for the purchase of the electronic transportation tickets for the employees.