MACDONALD WELCOMES PROGRESS ON TAX INCREMENTAL FINANCE (TIF) PROJECT FOR FALKIRK DISTRICT
Wednesday, 19 June 2013 09:46
DEAL WITH SCOTTISH GOVERNMENT CLOSE TO REACHING CONCLUSION
Falkirk East MSP Angus MacDonald has welcomed progress on the Tax Incremental Finance (TIF) project, which is close to approval from Scottish Government Ministers, subject to the finalisation of a legal agreement between the Scottish Government, the Scottish Futures Trust and Falkirk Council.
Following legal approval the TIF is expected to deliver:
· Provision of upgrades at M9 Junctions 5 & 6, the A904
· Site specific enabling works to stimulate development and inward investment
· Contributions towards Grangemouth flood defences and the completion of the A801 Avon Gorge upgrade
The TIF anticipates £67 million of investment by the Council, levering a total of £176 million in infrastructure expenditure. This is anticipated to attract investment of over £400 million and the completion of circa 400,000 square meters of fit-for-purpose business space, with the potential to create almost 6,000 jobs.
It is expected that the work on the first project, the upgrading of the M9 Junction 6 and Earlsgate project upgrade which involves signalisation and carriageway widening, will commence on site as soon as October this year, with completion due early in 2014.
Welcoming the near completion of the TIF deal with the Scottish Government, Falkirk East MSP Angus MacDonald said:
“I am delighted that we are on the brink of reaching legal agreement on the TIF project. Officers at the Scottish Government, Falkirk Council and the Scottish Futures Trust have worked extremely hard to bring the project to this stage.
“The prospects for Falkirk district are extremely exciting, with anticipated investment in the area of over £400 million, bringing up to 6,000 jobs over the next 25 years.
“The majority of the projects which will benefit from approval of the TIF are in my Falkirk East constituency including improvements to the Avon Gorge A801; improvements at Westfield roundabout/A904; Grangemouth flood defences and developments around the M9 corridor, including a major upgrade of Junction 6, which are long overdue.
“I have regularly raised the proposal with the Finance Secretary John Swinney, and former Infrastructure and Capital Investment Secretary Alex Neil, the Chief Executive of the Scottish Futures Trust Barry White and have promoted the pilot at the Economy, Energy & Tourism Committee in the Scottish Parliament.
“TIF will bring massive capital investment to the area and restore economic growth at a time when we need a major boost to the local economy and significant job creation.
“The Scottish Government already recognises the importance of Grangemouth and the wider Falkirk district to the national economy, generating over £3 billion annually, which has clearly had a bearing on the final decision".
“This is good news for everyone in Falkirk district and beyond, and I look forward to the first infrastructure work getting underway at Junction 6 in the autumn”.