Edinburgh TIF ‘still on track’
27 April 2012
The Scottish Futures Trust (SFT) has denied reports that its £84m Edinburgh waterside tax increment finance (TIF) scheme is being scrapped.
Reports in the Scottish press have claimed that the plans for the major regeneration of the Leith Docks and Western Harbour areas of the city have been cancelled because the major landowner has decided to focus on the renewables industry.However, SFT director of finance and structures, Peter Reekie, denied the changes meant the end of one of the trust’s flagship TIF initiatives.
“We are still working with Edinburgh City Council on TIF which is being reconfigured following the sale of Forth Ports and a re-focus on the development of the port,” he told Partnerships Bulletin.
“As far as SFT is aware, the TIF remains an important part of these plans as significant enabling infrastructure [is still] required, though the detail of some elements of infrastructure and it's phasing is being reconsidered.”
Last month, the SFT revealed plans to secure approval for seven TIF projects across the country over the next 12 months, including the Edinburgh ports scheme.
