Land Securities and Henderson's plans for a major extension to the Buchanan Galleries centre in Glasgow have moved a step closer with the city council's decision to back an application for Tax Increment Funding to support the project.
The council has been working very closely with The Buchanan Partnership and is keen to see the project go ahead. Outline planning consent was granted in 2008 for an additional 700,000 sq ft of retail space; a new leisure complex, including a 10 screen cinema; a new restaurant destination and a 3,000 space car park
Councillor Steven Purcell, Leader of Glasgow City Council, said: "The use of this cutting-edge financial model shows that this Council is prepared to be imaginative in helping to bridge the gap in funding for future development of key projects in Glasgow. TIF funding can help get the ball rolling in terms of the future expansion of the Galleries, and we believe this sends an important signal to the business community that we are prepared to go the extra mile to help the completion of projects vital to our economic growth. This is another example of how Glasgow is aiming to be the most development-friendly city in the country."
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