Glasgow city centre is set for major renovation after a £390 million scheme was approved by the Scottish government.

Planners at Glasgow City Council announced that the £80 million Tax Incremental Financing (TIF) initiative is designed to bring in around £310 million of private investment to Scotland's second city. It will allow the area's centre to experience a series of expansion works aimed at improving the overall look of Glasgow as well as providing a substantial boost to the city's employment levels. Officials stated that around 1,500 new jobs are expected to be created as part of the TIF scheme.

The city is due to hold the Commonwealth Games in 2014 and plans have already been put in place to ensure that the area is ready for the increased focus it will come under in the next two years. Hampden Park is already in the process of being revamped, with firms being encouraged to submit bids for the contract to construct a running track at the stadium for use within the Games along with a number of key improvements to the ground.

Officials noted that as Glasgow prepares for the festivities that will come with the Commonwealth Games, the Buchanan Quarter TIF scheme aims to provide the necessities needed for hosting an event of this magnitude.

Planners have highlighted George Square and Upper Dundas Street as being subject to major improvements which are due to be completed in time for the start of the 2014 Games. Among the other renovations will be the strengthening of the Cathedral Street bridge and an upgrade of Queen Street station. The Glasgow Royal Concert Hall and the popular Buchanan Street will also be rejuvenated.

Nicola Sturgeon, deputy first minister, said: "This development will continue the regeneration of the city centre, improving the public spaces and creating modern, vibrant new facilities that will cement Glasgow's position as a major international destination for visitors.  The Scottish government will use every lever at our disposal, within our devolved powers, to boost capital spending."

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