August 5 2013

Scottish ministers have given their blessing to a £67m Tax Incremental Financing scheme which it is hoped will leverage as much as £413m in private sector investment across Falkirk and Grangemouth.

Tabled by Falkirk Council the scheme will underwrite infrastructure spending, such as improving links to the M9, by borrowing against future business rate income that is expected to accrue via resulting regeneration.

Money will also be allocated toward flood defences around Grangemouth to safeguard vulnerable industrial land.

Deputy First Minister Nicola Sturgeon said: “The Falkirk TIF will allow dozens of major construction developments across the area to unlock significant economic development and regeneration.

“It 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.”

A number of substantial regeneration projects are currently in train across the area; notably a Falkirk Wheel masterplan, a biomass plant at Grangemouth and the Helix Project.

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