TIF-enabled building gets planning permission
Fri 27th September 2013, 8:49 am
Sheffield City Council has given planning permission for a building set to be underwritten by expected TIF receipts.
Sheffield City Council has approved plans for a £20 million, 10-storey office block of 7,020sq m with two ground floor retail or office units and car parking on land at Charles Street, Arundel Gate and Norfolk Street.
As SocInvest reported last month, the council is planning to borrow against future business rates to underwrite the construction of the 3 St Paul’s Place office scheme if developer CTP can’t sell it on the private market within one year.
Leigh Bramall, cabinet member for business, skills and evelopment at the council, said: “Our city centre is a key driver of the city region’s economy, but in the last five years development of new offices has virtually stopped. To move forward on such an important project for the city is great news.”
In addition to the TIF guarantee, the council has been working with CTP on a European Regional Development Fund grant, the outcome of which is due this autumn.
If this bid is successful, enabling works for construction of the building will begin as early as December this year and complete in 2015.
David Topham, director CTP, said: “We are confident that the development will be very successful both in terms of lettings and the subsequent sale in the private investment market.”
Tue 1st October 2013, 11:36 am
The benefits of creating local asset backed vehicles are still strong, despite the failure of some early versions of the model, according to a new report produced on behalf of the Confederation of British Industry.
Tue 17th September 2013, 10:21 am
The Liberal Democrats will examine details of how to introduce a land value tax, after its conference voted in favour of the measure.
Mon 16th September 2013, 2:34 pm
Basingstoke and Deane Borough Council says it will examine options for using tax increment financing to deliver key infrastructure projects planned up to 2029.