financial model will help unlock £1.5 billion of public and private
investment, Deputy First Minister Nicola Sturgeon confirmed yesterday on a
visit to view progress on Glasgow’s Royal Concert Hall
Incremental Financing (TIF) scheme is delivering millions of pounds worth of
infrastructure projects across Scotland. It allows councils to fund
infrastructure by borrowing against future business rate income that should be
generated by the resulting regeneration and development.
£80 million Buchanan Quarter project, already in construction, aims to
develop the city centre, and will lever in £310 million in private
investment to create almost 1,500 jobs.
Quarter project includes improvements to George Square and Upper Dundas Street,
an upgrade to the Royal Concert Hall and Buchanan Street while the Cathedral
Street Bridge will be strengthened and access to Queen Street station will be
Falkirk’s £67 million TIF scheme, also already in construction.
This scheme will unlock an estimated £413 million in private investment
and includes improvement to the M9 motorway links and Grangemouth flood
defences, creating almost 6,000 jobs.
• Argyll and Bute’s £18.9 million scheme to extend Oban North
Pier and renewable energy projects. This will start construction in September
and is expected to lever in £125 million in private investment and create
in excess of 1,000 jobs.
• North Lanarkshire's £73 million Ravenscraig Phase 2 project
which will lever in £425 million from the private sector. The project,
which was provisionally approved by Ministers in 2011, involves development of
the town centre, with retail, leisure, and community facilities.
Futures Trust, set up by the Scottish Government to deliver value for money
across public sector infrastructure, has spearheaded the development of the TIF
model for use in Scotland.
Minister Nicola Sturgeon said:
enhancements to the Glasgow Royal Concert Hall will combine a flexible new
accessible space for creative learning, performance and rehearsal, with digital
capability which will connect performers from Stranraer to Shetland.
Falkirk, Argyll and Bute and North Lanarkshire the innovative TIF financing
scheme will boost capital spending and support jobs and
Scottish Government will use every lever at its disposal, such as TIF, within
its devolved powers, to help boost the Scottish economy.
needs independence so the Scottish Parliament can have full control over
taxation, borrowing and spending to determine investment priorities according
to the needs of the Scottish economy and public services, to promote growth,
employment and opportunities for all to flourish.”
Government capital funding of £8.5 million will provide a new home for
the Royal Scottish National Orchestra and a centre of musical excellence for
Scotland and Glasgow by December 2014.
Cameron, Executive Member for Development and Regeneration at Glasgow City
Buchanan Quarter TIF scheme will attract more than £300 million of
private sector investment to Glasgow city centre, delivering vital improvements
to the public realm and infrastructure, and bringing a huge number of new jobs
Glasgow city centre is the UK’s biggest retail destination outside of
London’s West End, we have to be innovative to ensure we retain such an
important economic position. The TIF scheme is a great example of the
innovative approach we are adopting.”
Barry White, Chief
Executive of SFT said “The Scottish Futures Trust leads the innovative
Tax Incremental Financing Initiative in Scotland with Glasgow being one of six
“It is a
great demonstration of how the public and private sector can work together in a
new way in order to create jobs and to support economic