Falkirk TIF scheme set to open up industrial sites
Tue 20th August 2013, 4:22 pm
The Scottish Government has signed off plans for a £67 million tax incremental finance scheme for Falkirk and Grangemouth.
Under the scheme, Falkirk Council will fund motorway improvements to open up business and industrial areas, as well as flood defences.
It will fund the work by borrowing against future business rate income that should be generated by the resulting regeneration and development.
Deputy first minister Nicola Sturgeon said: “The TIF will allow Falkirk and Grangemouth to maintain and grow a number of industries and sectors that are important nationally
such as petrochemicals, manufacturing and port activity against the backdrop of highly competitive global industries.”
The 25-year plan, over three phases across Falkirk and Grangemouth, includes improving M9 links to established industrial areas and unlocking 400,000sq m of business space.
Major flood defences will also be built to protect the port and refinery at Grangemouth.
The TIF is the third in Scotland to get full approval from the Scottish Government. The first, for a scheme to revive dockland in Edinburgh, was approved in March 2011 but is yet to go on site.
The Glasgow Buchanan Quarter Project got full approval in October last year. Sitematch Scotland arranged "speed dating" style meetings for developers with Scotland's key cities in June 2013.