Exciting plans to transform North East Hamilton have been unveiled by Minister of Finance Paula Cox, detailing how the area will change over the next ten years.

Revitalisation will include creation of open spaces, expanding pedestrian areas, the introduction of more public art and more street lights.

Ms Cox said the neighbourhood varies dramatically from one block to the next so it was not possible to create a general set of policies and regulations.

"Therefore the innovative and creative solution is to capitalise upon the existing micro-neighbourhood structure of North East Hamilton and create 13 distinct districts."

It's hoped the redevelopment will attract more locals and tourists, improve and increase the housing stock, provide community facilities, protect areas of cultural value, consolidate neighbourhoods, increase commercial opportunities and inspire investor confidence.

The area became the Island's first Economic Empowerment Zone in November 2005.

Legislation will now be introduced to usher in the North East Hamilton Land Use Plan, to be known as the EEZ Local Plan, and see the establishment of an Economic Empowerment Zone Agency.

The next phase of the initiative will be to create a Local Plan for North East Hamilton which will contain specific, detailed land use policies and design regulations for each district.

The draft EEZ Local Plan will be subject to at least two months of public consultation and can be revised before it is brought to the House for final approval.

Ms Cox said: "North East Hamilton is an area steeped in tradition. It is an area in Hamilton that was once a hub of activity, full of vitality and energy.

"Yet regrettably over the years this area has not always reaped the economic benefits of other more recognised areas in the City of Hamilton.

"For this reason the Government determined to focus on North East Hamilton and its talented entrepreneurs in a bid to jumpstart much needed attention and capital to this multi-faceted section of our community."

To date stakeholders in the zone have taken advantage of :

• Bermuda Small Business Development Corporation guarantees on business loans.

l EEZ business loans and grants, available up to a maximum of $10,000 each.

l Reduction in payroll tax rate up to nine tax periods for new businesses established in the EEZ.

l Wealth building and financial management courses for EEZ residents.

l Grants provided to EEZ community organisations to undertake direct grassroots initiatives in the zone.

l Duty exemption for retailers on imported items for capital improvement and refurbishment projects.

l Preferential lending rates and terms for EEZ businesses and residents.