06/08/2013 10:15 AM
Falkirk is set to receive a significant boost to the building sector after final approval was given for plans to unlock private investment.
The £480 million fund will go towards improving business across Falkirk and Grangemouth while stimulating the employment market for years to come. Falkirk Council's £67 million Tax Incremental Financing (TIF) scheme will help make upgrades to infrastructure around the region and will lever in £413 million of private investment. Around 6,000 jobs are expected to be created while hundreds of apprenticeships will also be generated.
Officials explained that the plans will be carried out over the next 25 years in three phases across the two towns. One of the main parts of the scheme is to improve motorway links connecting the M9 to established industrial areas - unlocking 400,000 sq m of business space. It is designed to create a significant boom for both the local economy and the job market across the region.
The Scottish Futures Trust, which has been set up by the Scottish government, is behind the plans. It was originally set up to deliver value for money across public sector infrastructure and will spearhead the development of the TIF model for use in Scotland.
Nicola Sturgeon, deputy first minister, said: "We will use every lever at our disposal, within our devolved powers, to boost capital spending and through innovative financing schemes such as TIF, support jobs, apprenticeships and help the Scottish economy.
"The Falkirk TIF will allow dozens of major construction developments across the area to unlock significant economic development and regeneration."
Councillor Craig Martin, leader of Falkirk Council, has also backed the plans laid out for the town. He describes the investment as being a "new chapter for Falkirk" believing that it could go a long way to revitalising the area providing, jobs and making it easier for people to visit the town and surrounding regions for years to come.
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The £480 million fund will go towards improving business across Falkirk and Grangemouth while stimulating the employment market for years to come. Falkirk Council's £67 million Tax Incremental Financing (TIF) scheme will help make upgrades to infrastructure around the region and will lever in £413 million of private investment. Around 6,000 jobs are expected to be created while hundreds of apprenticeships will also be generated.
Officials explained that the plans will be carried out over the next 25 years in three phases across the two towns. One of the main parts of the scheme is to improve motorway links connecting the M9 to established industrial areas - unlocking 400,000 sq m of business space. It is designed to create a significant boom for both the local economy and the job market across the region.
The Scottish Futures Trust, which has been set up by the Scottish government, is behind the plans. It was originally set up to deliver value for money across public sector infrastructure and will spearhead the development of the TIF model for use in Scotland.
Nicola Sturgeon, deputy first minister, said: "We will use every lever at our disposal, within our devolved powers, to boost capital spending and through innovative financing schemes such as TIF, support jobs, apprenticeships and help the Scottish economy.
"The Falkirk TIF will allow dozens of major construction developments across the area to unlock significant economic development and regeneration."
Councillor Craig Martin, leader of Falkirk Council, has also backed the plans laid out for the town. He describes the investment as being a "new chapter for Falkirk" believing that it could go a long way to revitalising the area providing, jobs and making it easier for people to visit the town and surrounding regions for years to come.
Contact us for a security fencing quote.
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