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Government confirms TIF pilots
Published: 2010-04-14 09:17:05
The 2010 Budget made £120 million available to pilot accelerated development zones (ADZs) in England.
Based on US tax increment financing (TIF) principles, the programme allows local authorities to retain uplifts in business rates that result from regeneration schemes, and borrow against future rates, to pay for infrastructure that enables the developments and the jobs and economic growth that ensue.
Core Cities director Chris Murray welcomed the announcement. "Potentially this could lead to a revolutionary new way of financing future projects," he told SocInvest 2010.
"This is a significant commitment from government. Work should now continue on the detail of how to operate tax increment financing on a much bigger scale, so we don’t have to rely on such grants in the future, and ensure cross-party agreement for the next stage of development." read more
Lenders look to invest in renewable energy
Published: 2010-04-14 09:05:22
Renewable energy projects will attract investment to, and help the delivery of, regeneration schemes across the UK, according to Euan McVicar, head of energy projects at law firm McGrigors.
"There are some useful trends in the market, including feed-in tariffs," he said, in advance of the SocInvest 2010 summit on regeneration finance where he will speak on the topic. "There is a massive increase in interest, particularly in social housing and other developments where there is a long-term landlord."
Just as important, lenders are also happy to look at investing in energy projects, McVicar said. read more
Community Infrastructure Levy faces an uncertain future
Published: 2010-03-10 08:56:04
The Community Infrastructure Levy (CIL) will come into force on April 6th 2010. Whether it will survive the general election is another matter: if the Conservatives get in, it could be axed.
"We understand that a Conservative Government would scrap CIL and non-site specific planning obligations," said law firm Berwin Leighton Paisner, "and instead introduce a single unified local tariff applicable to all residential and non-residential development but at graded rates depending on the size of the development."
However, it added: "The reality is that this will be much closer to CIL than to the old system of section 106 Agreements." read more
Retail and hotel developers to help pay for Crossrail?
Published: 2010-03-10 08:46:32
Developers of hotels and shops, as well as offices, should contribute to the cost of London's Crossrail project, according to a report by a panel of planning inspectors assembled by London Councils.
The Mayor of London's proposal for funding Crossrail only targets developers of offices in excess of 500sq m. But the panel's report recommends bringing other developers into the scheme.
London Councils' concern is that the existing plans could deter office developers and have a detrimental impact on new jobs and the economy. read more
New SocInvest2010 programme announced...
Published: 2010-03-10 08:38:14
...funding regeneration in a cold economic climate
Many funding mechanisms developed in flusher economic times are either no longer viable or in need of a radical rethink. Against this backdrop, SocInvest2010, the UK's leading summit for regeneration finance, has announced a programme to provide fresh inspiration for revitalising funding.
Themes running through the conference sessions and workshops taking place on June 16th include:
•Making better use of existing assets
•Innovative approaches to funding
•The role of European funds
•New government policies
Regarding existing assets, local authorities, education bodies, health trusts and other public organisations have assets that are a source of present and future value. The question is how best to tap into these assets in the current environment.
One answer is to revisit joint venture models to examine how the risk and reward equation can be rebalanced to produce a return for both the asset holder and developer.
Sessions at SocInvest2010 addressing this issue include:
•Driving efficiencies in assets through partnership and joint venture solutions
•Workable strategies for affordable housing
•Next generation PPPs, regeneration partnerships and LABVs read more
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