Finance powers boost two big schemes

摘要

Two of the country's largest regen-eration projects could benefit from changes proposed by the govern-ment's regional growth white paper last month.The ￡1 billion Nine Elms devel-opment in south London and the ￡500 million Arena Central devel-opment in Birmingham are among the schemes that could benefit from the use of tax increment financing and the introduction of Local Enterprise Partnerships. TIF will allow councils to borrow against increases in business rates that will result from new develop-ments. LEPs are designed to replace the Regional Development Agencies, bringing together busi-nesses and local authorities to tackle planning and funding issues.