The Caesarea Development Corporation Is an Israeli nonprofit and the executive branch of the Caesarea Edmond de Rothschild Foundation. It is the only private organization to manage an Israeli locality, and receives a share of

Caesarea Caesarea, a city name derived from the Roman title " Caesar", was the name of numerous cities and locations in the Roman Empire: Places In the Levant * Caesarea Maritima, also known as "Caesarea Palaestinae", an ancient Roman city near the modern ...

residents' tax revenue, alongside the

Hof HaCarmel Regional Council Hof HaCarmel Regional Council (, ''Mo'atza Azorit Hof ha-Karmel'', ''lit.'' Carmel Coast Regional Council) is a regional council located in the northern Israeli coastal plain. The council serves a large area, stretching from Tirat HaCarmel in the ...

. As of 2013, the corporation's assets are valued at 910.3 million .

History

The corporation was established in 1952 by the Edmond de Rothschild Foundation (ERF). Shortly thereafter, the Foundation gave 35,000

Dunam A dunam ( Ottoman Turkish, Arabic: ; ; ; ), also known as a donum or dunum and as the old, Turkish, or Ottoman stremma, was the Ottoman unit of area analogous in role (but not equal) to the Greek stremma or English acre, representing the amo ...

s in the

area to the Israeli Government, which it then leased back to the foundation until 2148. In October 1958, the Israeli government and

Edmond Adolphe de Rothschild Baron Edmond Adolphe Maurice Jules Jacques de Rothschild or Baron Edmond de Rothschild (30 September 1926 – 2 November 1997) was a French-Swiss banker, the founder of the Edmond de Rothschild Group in 1953. His investments extended to vineyards ...

signed a memorandum, agreeing to establish a joint venture for the development of Caesarea and stipulating a three-year trial period. Shortly after the end of that period, in January 1962, Finance minister

Levi Eshkol Levi Eshkol ( ;‎ 25 October 1895 – 26 February 1969), born Levi Yitzhak Shkolnik (), was the prime minister of Israel from 1963 until his death from a heart attack in 1969. A founder of the Israeli Labor Party, he served in numerous seni ...

signed an agreement with Rothschild, which placed the corporation under a fund, co-owned by the ERF and the Israeli government, and stipulated that its proceeds would go towards the development of higher education. The agreement was extended in 1977 for a 15-year period, and in 1989, it was amended and extended until 2022 by Finance minister

Shimon Peres Shimon Peres ( ; ; born Szymon Perski, ; 2 August 1923 – 28 September 2016) was an Israeli politician and statesman who served as the prime minister of Israel from 1984 to 1986 and from 1995 to 1996 and as the president of Israel from 2007 t ...

, Among the amendments was the establishment of a minimum of donations for higher education. In 2018, the agreement was extended until 2032 under the condition that the corporation increase its yearly donations, provide a one time, 750 million donation to higher education, and grant nearby

Or Akiva Or Akiva () is a city located in the Haifa District of Israel, on the country's coastal plain. It is located inland from the ancient port city of Caesarea and the Mediterranean Sea, and to the north of the city of Hadera. It is south of Haifa and ...

land for the construction of 2,000 homes.

Structure and legal status

The Caesarea Development Corporation is owned by the Caesarea Development Fund, a joint venture between the Israeli Government and the ERF. The corporation does not pay any income tax. It works in cooperation with the Caesarea Assets Corporation, another subsidiary of the Fund, which handles real-estate development in the Caesarea area. Since 2009, the CEO of both corporations is Michael Krasenti.

Activities

The foundation operates on the lands leased by the Caesarea Edmond De Rothschild Foundation from the state of Israel. It regulates the designs of housing projects in the area, and handles municipal activities such as garbage collection, gardening and street maintenance. It receives revenue from the sale of land in Caesarea, as well as fees paid by residents. Until 2004, the corporation was also responsible for local education and the enforcement of housing rules, which are now under the jurisdiction of

, which Caesarea became part of that year. According to its 1962 agreement with the Israeli Government, the Foundation's profits are meant to go towards the development of Higher Education in Israel. According to a 2011 report by State Comptroller

Micha Lindenstrauss Micha Lindenstrauss (; 28 June 1937 – 2 May 2019) was an Israeli judge and the State Comptroller of Israel between 2005 and 2012. Biography Micha Lindenstrauss was born in Berlin, Germany. His family immigrated to Mandatory Palestine when he w ...

, the Corporation donated small amounts to the development of higher education until 1989. Between 2005 and 2010, the Corporation donated 167 million NIS to higher education, beneath the 185 million stipulated by its 1989 agreement with the Israeli government.

References

External links

Caesarea Development Corporation
at the

National Library of Israel The National Library of Israel (NLI; ; ), formerly Jewish National and University Library (JNUL; ), is the library dedicated to collecting the cultural treasures of Israel and of Judaism, Jewish Cultural heritage, heritage. The library holds more ...

{{Authority control Rothschild family Caesarea, Israel Organizations established in 1952