Tif list reveals funding gap details

Published: 2009-12-01 10:12:48

Unseen documents revealing the identity of schemes bidding for new freedoms to fund infrastructure show just how far from viability some of the UK's largest regeneration schemes will remain without government intervention. (Sourced from Regeneration & Renewal.)
 
Following the announcement in April's Budget that the Treasury would examine the potential for introducing the US-style Tax Increment Financing (Tif) tool, 82 local public bodies submitted a total of 124 bids to pilot the model. Next week, the chancellor is expected to announce a pathfinder scheme to trial a few of the proposals, now called accelerated development zones (ADZs).

The ADZ model would enable councils to fund infrastructure crucial to development by borrowing against the future rates revenue raised from businesses that would occupy the completed scheme.

Regeneration & Renewal can reveal that the bids relate to some of the UK's largest regeneration schemes, such as the £3 billion Ebbsfleet Valley new town in the Thames Gateway, ranked ninth in Regeneration & Renewal's 2009 list of the UK's 100 largest regeneration projects. London's Elephant & Castle scheme, which was 13th on the list, is the subject of a bid, as is Sheffield's flagship Sevenstone development, ranked 36th.

Read the full story here.

Read more detail about the bids here.

See the full list of TIF/ADZ bids here.

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