Tax Increment Finance: The Edinburgh Experience Greg Ward The City of Edinburgh Council.

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Presentation transcript:

Tax Increment Finance: The Edinburgh Experience Greg Ward The City of Edinburgh Council

We have reached the end of the public sector funding road

Clear call to arms to promote new models

Scottish Context: Public Sector can’t afford it anymore “Westminster cuts to the Scottish Budget have emphasised the importance of finding new funding models to deliver crucial infrastructure projects such as the Edinburgh Waterfront, that can unlock further economic development, whilst ensuring maximum value for the public purse.” John Swinney, MSP Cabinet Secretary for Finance and Sustainable Growth 28 September 2010

Why the Waterfront? 307 hectares of mixed use development potential

Edinburgh’s TIF Business Case

Key Objectives of Tax Incremental Finance

The Taxation Increment Financing (“TIF”) Mechanism 1. CEC finances the delivery of development and regeneration projects 2. Financed projects deliver growth and enable private sector development 3. The TIF mechanism captures the related incremental business rate revenues 4. The captured revenues and income are used to meet debt repayments The ‘Virtuous Circle’

TIF Financial Model ©

Key steps in the TIF Development Process

TIF Business Case now Finalised

Edinburgh’s TIF: Key Assets for Delivery   

Edinburgh’s TIF: Financial/Economic Appraisal

Edinburgh’s Waterfront unlocked

Is TIF applicable elsewhere? Spatial focus on four Strategic Investment Zones West Edinburgh City Centre Edinburgh Waterfront South Edinburgh

The Future of TIF