At a meeting of the Policy and Resources Committee, councillors agreed to apply to the TIF for £8.05m to build roads, infrastructure, servicing and site works at the proposed development.
The key objectives identified within the business case are to:
• Deliver infrastructure to enable a fully accessible Oban Airport Business Park.
• Promote private sector investment and establish an aviation, engineering and logistics cluster.
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• Contribute towards reducing the population decline in Argyll and Bute and increase higher-paid employment opportunities for residents.
• Use the TIF business rates retention mechanism to finance the development and infrastructure costs.
Council Leader, Councillor Jim Lynch, said: "We know there is strong demand for businesses to be located at the site, but there is a market failure due to the high development costs. The TIF programme offers an opportunity to address this by providing the funding to develop the infrastructure to enable us to create the site.
"The development of Oban Airport Business Park is an ambitious project but we already have two companies lined up to use some of these sites through construction, helicopter and air-logistics operations. This will create skilled jobs for residents and promote economic growth in the area through more business at the airport."
The council is also working on other funded investments in the business park, including the UAV (Drone) Hub under the Rural Growth Deal and developing commercial buildings for lease using Levelling Up funding or direct council investment.
