summary of the report (PDF, 1MB) - My Future's in Falkirk

TIF DELIVERY PROGRAMMETIF infrastructure construction is planned tocommence in April 2013 with the start of theM9 Junction 6 enhancements and sitespecific investment activity. GrangemouthFlood Protection is a major undertaking andrequires significant co-funding before theproject can be commenced. The Council isundertaking preliminary technical work witha view to works on this major schemecommencing in four years. Year eight plans aspike in expenditure to deliver the A801 AvonGorge Project. This also requires significantco-funding however it is otherwiseconstruction-ready. As such, it could becommenced as soon as the additionalfunding is in place.The ability to stage investment intoindividual projects across the long termprovides an element of risk mitigation to theCouncil in committing to this considerablefunding obligation.In addition to the £67m of TIF investment,there is considerable potential for co-fundingfrom other sources. It is envisaged thatdelivery of the A801 Avon Gorge andGrangemouth Flood Protection wouldrequire significant Scottish Governmentfunding alongside TIF.Scottish Enterprise are a significantdevelopment partner. They have played amajor role alongside the Council indeveloping the TIF initiative (and the UpperForth Development Framework) and, throughworking closely with the leaders of keysectors in the area, plan a number ofadditional initiatives. Scottish Canals, CentralScotland Forestry Trust and Big Lottery Fundare key partners in the delivery of the Helixproject. Other contributions include anelement of Falkirk Town Centreimprovements works that have attractedHeritage Lottery Funding. The scope toattract other Lottery, EU and other publicsector funding will be examined in the courseof progressing each of the developmentprojects anticipated.Private sector developmentIn addition to the sums profiled, contributions from the Council and other partners (ScottishEnterprise and Scottish Canals) will help stimulate investment on development sites.Consequently, total investment anticipated as a consequence of the TIF is over £400m.Falkirk TIF provides clear economic benefits and the proposed infrastructure programme isexpected to unlock the following private sector developments:Figure 4: Forecast TIF related build-out by typeSector Business space (sq m)Every £1 of Councilinvestment via TIF isprojected to result in£8.66from the private sector.Office general 23,566Office call centre -Warehouse & distribution general 164,627General industrial 82,154Office business park 58,469Retail High Street 34,082Retail food superstore 2,926Chemical sector 43,144Retail restaurants & cafes 697Total 409,665Source: Ryden LLP10 Falkirk TIF Summary / December 2012