Ravenscraig project gets funding boost

THE development of Ravenscraig was given a major boost this week as the Scottish Government announced that £73 million of investment in the planned town centre could be paid through a new method of public financing.

Scottish ministers have provisionally backed plans for the money to be poured into the regeneration of the biggest brownfield site in Scotland through Tax Incremental Financing (TIF).

Developed by the Scottish Futures Trust, TIF would allow North Lanarkshire Council to borrow the cash and business rates raised from the new town centre would be ring-fenced and used to repay the sum.

For full story, see this week’s Times & Speaker, dated Thursday, March 24.