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"Stewart Murray, director of planning, housing and regeneration at the London Borough of Barnet, said the council will submit a bid to use Tax Increment Financing (TIF), which lets councils borrow money against future business rate income, for the 20-year scheme intended to regenerate 150ha in Brent Cross and Cricklewood.
"Murray told Planning:
"Although we have a commitment from the developer Hammerson and Standard Life Investments to deliver phase one, with such a massive scheme, there's a viability gap. [There's more than one viability gap in the Brent Cross planning saga.] If the council is able to retain the uplift in business rates, this will enable us to 'forward-fund' - or borrow against - that uplift to fund early infrastructure investment, accelerating the next phases of the scheme." [That is (convenient when it all goes wrong) public-sector, not private-sector, risk.]
Stewart Murray, Director of Planning, Housing and Regeneration of London Borough of Barnet
"Thank you most kindly to all of your team who did an excellent organisation job this week at the National Summit. I enjoyed my piece immensely and hope it was informative if not thought provoking. The rest of the Summit was overall excellent and very much down to the organisers, facilitators and great line up of speakers and participants. Well done." [We're doomed.]
Link to Barnet Press 'TIF' story:
And Mr. Director of Planning, just fancy that (two links) ...
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