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82 areas compete to pilot US-style funding tool
Published: 2009-08-10 18:17:11
Eighty-two areas in England have submitted bids to pilot a US-style mechanism that funds new infrastructure by borrowing against projected increases in tax revenue.(Story sourced from Regeneration and Renewal)
The chancellor announced in April's Budget that the Treasury would look at the possibility of using Accelerated Development Zones (ADZs) in the UK to help boost the construction of vital infrastructure through the recession.
ADZs are based on the Tax Increment Financing scheme, used in the US, which enables councils to fund infrastructure by borrowing against the future revenues raised by having that infrastructure.