TIF unlocks Ocean Terminal extension
Published: 29 September, 2010
Edinburgh’s Ocean Terminal is to be extended after the Scottish Government cleared the way for the UK’s first TIF scheme
Scotland’s Finance Secretary John Swinney has backed the City of Edinburgh Council's proposal to use Tax Incremental Financing for £84m of infrastructure that will unlock £66m of private investment by the centre’s owners Forth Ports.
Pioneered in the United States, TIF allows councils to borrow cash for the project against the anticipated increased tax revenues that it will generate. Other major retail projects in Scotland, including the redevelopment of Ravenscraig and the extension to Glasgow’s Buchanan Galleries could now benefit from similar funding.
Swinney said: "Westminster cuts to the Scottish Budget have emphasised the importance of finding new funding models to deliver crucial infrastructure projects such as the Edinburgh Waterfront, that can unlock further economic development, whilst ensuring maximum value for the public purse.”
