Through Make It Falkirk, a Tax Incremental Funding (TIF) initiative, Falkirk Council plans to borrow public funds to help promote development in a number of specific locations in turn, attracting business and jobs to the area. Domestic rates income generated as a result of the development then allows the Council to repay the loan debt.
A meeting of Falkirk Council's Economic Strategy and Development committee heard how a number of infrastructure projects had already been identified as being important for future development in the area.
-- Advertisement --
These included:
•Various motorway junction upgrades to improve access to the area, especially for HGV vehicles
•Improvements to local road infrastructure and services at various strategic points;
•A specific flood defence programme around the petro-chemical works at Grangemouth •Improvements to the infrastructure to attract development to specific sites.
Councillor Dennis Goldie, Convener of Economic Strategy and Development said: "TIF presents the Falkirk Council area with one of the most ambitious opportunities we have ever seen.
"It would give business a real chance to thrive and expand, creating jobs and investment benefitting our area.
"We have built in a number of risk reduction measures allowing us to take a phased approach to development.
"We still have a long way to go but by submitting this bid to the Scottish Government and the Scottish Futures Trust, it means that we are well underway with our plans.
"We will also continue to progress the initiative in the coming year through various other activities such as design, planning and marketing of different aspects of the scheme."
(CD)
