The Yehud-Monosson Municipality signed an umbrella agreement with the Israel Land Authority (ILA) on September 26, 2019.
The purpose of the umbrella agreement is to regulate the construction of 2 new residential neighborhoods (Gdot and Magshimim) with a scope of 7,313 housing units and 691,400 sq.m. of employment and commercial areas.
The agreement covers all matters related to the planning and execution of infrastructure development, public buildings, including educational institutions in the new neighborhoods.
In addition, as part of the agreement, a NIS 336 million infrastructure development appendix was signed to carry out projects throughout the old city.
In addition, the umbrella agreement allocates approximately NIS 100 million to the municipality for the improvement and development of public gardens and streets in the old city, defined as “old versus new”.
And, of course, the agreement enables the municipality to build new public facilities in the amount of approximately NIS 95 million.
The signed umbrella agreement has additional benefits in the easing of regulatory restrictions and housing benefits for young couples eligible by the Ministry of Construction and Housing, residents of Yehud-Monosson, easing of restrictions and benefits in the framework of urban renewal, budgets for urban development and more.
In order to implement the agreement, the Municipality established the Umbrella Agreement Administration, whose main role is to assist the Municipality in fulfilling its obligations under the Roof Agreement, and to serve as the administrative body responsible for all processes, from the planning stage of the project, through its execution, to its actual delivery to the Municipality, including the coordination between all professionals involved in the project, both internally and externally.
To date, approximately 1,200 housing units have been marketed in the new Gdot neighborhood and projects have been carried out throughout the city in the amount of approximately NIS 85 million (out of a total of NIS 336 million for the overall structure).
Revenues from the marketing of housing units under the agreement amount to approximately NIS 150 million.
We are currently in the process of marketing two plots of commercial and employment land totaling approximately 180,000 square meters.
The main projects financed by the revenues from the umbrella agreement include Tel Yehud Park, Shabbazi St. development, Haatzmaut St., Saadia Chatuka St., Bar Simantov St., Weizmann St., bicycle paths, public open spaces throughout the city, and more.
The executive and organizational arm of all the agreement projects is the Yehud-Monosson Economic Development Corporation Ltd.
The administration is headed by Yaakov Detz, who has extensive experience in building new neighborhoods and supervising umbrella agreements in the cities of Rishon Lezion, Modiin, Ramla and Be’er Yaakov.