Today, we celebrate the launch of one of the country\u2019s most significant projects to support economic growth and job creation.<\/p>\n
The Falkirk area, which is already a major contributor to the Scottish economy, has been awarded \u00a367m from the Scottish Government through the Tax Incremental Finance scheme. This has given the green light for Falkirk Council to kick start a multi-million pound infrastructure project to attract more inward investment from the key sectors that will stimulate growth.<\/p>\n
The TIF initiative is an innovative project and the Falkirk TIF was brought forward by Falkirk Council, in partnership with the Scottish Government and Scottish Futures Trust. The Council is amongst the first in the UK to proceed with such a venture.<\/p>\n
The TIF investment anticipates levering a total of \u00a3176m in infrastructure expenditure. This is anticipated to attract investment of over \u00a3400m and the completion of c400,000sqm of business space. If secured at the level anticipated, the initiative has the potential to create almost 6,000 jobs.<\/p>\n
Ambitions for The Falkirk area tap into its strengths. It is home to Scotland\u2019s only major oil refinery, the base of the nation\u2019s chemical sciences industry, and Scotland\u2019s second largest export industry, generating \u00a33.7bn annually. The area has the potential to stimulate significant new growth and investment. A growing population, 60% of Scotland\u2019s population within a 60 minute journey, a central location between Glasgow and Edinburgh at the heart of Scotland\u2019s communication networks, resources of land, talent and abilities of its people and key strengths in manufacturing, chemicals and logistics are all key to its future success.<\/p>\n
Through the TIF mechanism the Council will borrow from the Public Works Loan Board to supply and improve infrastructure to help promote development in specific locations. These locations have been \u2018red-lined\u2019, releasing additional non-domestic rates income generated from the developments to the Council in order to repay the infrastructure funding.<\/p>\n
An integrated infrastructure and development plan has been developed which aims to attract in excess of \u00a3400m of investment and the completion of 400,000sq m of business space over the duration of the TIF programme.<\/p>\n
The TIF programme seeks to deliver:<\/p>\n
\u2022 Investment in the local and national road network
\n\u2022 Investment in Grangemouth\u2019s flood protection scheme
\n\u2022 Targeted site specific infrastructure investment
\n\u2022 Unlocked and accelerating development activity<\/p>\n
The key infrastructure sites are:<\/p>\n
\u2022 M9 Junction 6 Earlsgate Upgrade
\n\u2022 M9 Junction 5 Cadgers Brae Upgrade
\n\u2022 Icehouse Brae Upgrade
\n\u2022 A904 Westfield Roundabout to West Mains Improvements
\n\u2022 A801 Avon Gorge Upgrade
\n\u2022 Grangemouth Flood Protection
\n\u2022 Development Site Enabling Works<\/p>\n
There\u2019s been a huge amount of support from other parties who recognise the significance of the Falkirk TIF. Those involved in guiding the project include Scottish Enterprise, Chemical Sciences Scotland, the Falkirk Business Panel, Forth Ports, INEOS, CalaChem, Scottish Canals, private sector land owners and developers. These stakeholders are keen to participate in the implementation and delivery of the project to realise the full potential of the area.<\/p>\n
Rhona Geisler – Director of Development Services, Falkirk Council<\/p>\n","protected":false},"excerpt":{"rendered":"
Today, we celebrate the launch of one of the country\u2019s most significant projects to support economic growth and job creation. The Falkirk area, which is already a major contributor to the Scottish economy, has been awarded \u00a367m from the Scottish Government through the Tax Incremental Finance scheme. This has given the green light for Falkirk…<\/p>\n","protected":false},"author":71,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1120","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\n