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£80m city plan backed by Government

12:25, Oct 25 2012

 

The Scottish Government has given final approval to a regeneration scheme for the centre of Scotland's biggest city.

Glasgow City Council's Buchanan Quarter project includes improvements to George Square and Upper Dundas Street to be completed before the Commonwealth Games in 2014.

The Royal Concert Hall and Buchanan Street will be upgraded, the Cathedral Street bridge strengthened and access to Queen Street rail station improved.

The £80 million project will be financed using the Tax Incremental Financing (TIF) scheme.

Under TIF, councils fund infrastructure by borrowing against future business rate income that should be generated by the resulting regeneration and development.

The Buchanan Quarter is also expected to bring in £310 million in private investment and create almost 1,500 jobs.

Deputy First Minister Nicola Sturgeon said: "Big building projects like Buchanan Quarter are not just about the improved infrastructure we gain at the end, they are about the employment and the training that takes place during construction.

"This development will continue the regeneration of the city centre, improving the public spaces and creating modern, vibrant new facilities that will cement Glasgow's position as a major international destination for visitors.

"The Scottish Government will use every lever at our disposal, within our devolved powers, to boost capital spending and, through innovative financing schemes such as TIF, help the Scottish economy."

Liz Cameron, executive member for jobs and the economy at Glasgow City Council, said: "The Buchanan Quarter project will continue the regeneration of Glasgow and help the city centre retain its position as the biggest shopping destination in the UK outside of London. The delivery of the project will bring a massive economic and jobs boost, and make our city centre even more attractive to shoppers and visitors."

 

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