Argyll and Bute Council’s £18.9 million Tax Incremental Financing (TIF) scheme is expected to lever in £125 million in private investment and also generate hundreds of construction jobs over the life of the project.
Under TIF, councils fund infrastructure by borrowing against future business rate income generated by the resulting regeneration and development.
The five year ‘Lorn Arc’ plan includes extending Oban North Pier, upgrading road links to established industrial areas, renewable energy projects and creating new business space at Oban airport.
Deputy First Minister Nicola Sturgeon said today; “The Argyll and Bute TIF will allow major construction developments across the area over the next five years, which will unlock significant economic development and regeneration.
“It will allow Argyll and Bute to maintain and grow a number of industries and sectors that are important nationally such as renewable energy, aquaculture and marine tourism.”