If you’ve considered how to employ a Tax Incremental Funding (TIF) scheme to fund future investments you can access an experienced team through RAP.
The TIF concept was created in the US and allows local authorities to use projected revenues from taxes to fund new infrastructure. Business rates from the new developments are used to pay back the loans.
Ryden has been involved in pushing forward a number of TIF Schemes and most recently welcomed approval for Falkirk Council’s £67 million TIF.
The council will borrow against future business rates income and invest to improve links from the M9, encourage the creation of more business space and upgrade flood defences. The business case, based on our property market and economic analysis, resulted in a plan estimated to be worth £480 million to the local economy.
Previously we assisted North Lanarkshire Council to secure a budget of £73 million by presenting a detailed business case to the Scottish Government. The investment will be used for the second phase of regeneration at the Ravenscraig site.