Even when attached to an impressive set of multimillion pound investment statistics, “regeneration” fails to fully convey the magnitude of planning that lies behind the headline.
In anyone’s language, £67 million of public funds invested over the duration of a generation and including a major piece of visually awe-inspiring transport infrastructure that will be the first of its kind in Britain, a proposal for an overarching mechanism to lever six times that figure in private sector investment with an estimated 6,000 jobs and hundreds of apprenticeships is enough to make people sit up and take notice. More so when discussed in the context of towns.
Already punching above the weight of traditional town-sized attractions with other marvels of civil and mechanical engineering and large scale sculpture - the eponymous Wheel and ultra-successful Kelpies – Falkirk and its surrounds are taking a long view of economic strategy.
Regeneration doesn’t always mean re-invention. That aforementioned transport vision is an ambitious piece of engineering, in the form of an elevated circular bridge for pedestrian and cycle traffic.
Hopefully set to be part of the Falkirk Gateway, the broader area of outdoor leisure and tourist facilities within which the Kelpies are situated, funding bids and a study in partnership with global engineering consultancy,
WSP Parsons Brinckerhoff, and architect, Curious, are now being prepared to examine the feasibility of the bridge. There is a simple aim at the heart of a complicated- looking structure: greater connectivity between town and Gateway, releasing and realising the full potential of previous investment while attracting new development interest.
Great idea – but how is it affordable? That one is, at least in principle, easy to answer. The full £67 million economic plan represents Falkirk’s bid under the Tax Incremental Financing (TIF) scheme where councils can fund larger approved development schemes by borrowing against income generated from forecast future business rates.
As successful regeneration progresses, income from business rates increases to offer the cash needed to proceed through the TIF scheme stages of financial draw-down.
The Falkirk Council current economic strategy – My Future’s In Falkirk – was updated in 2010 to help the local economy recover from the economic downturn and deep recession. General business investment and support, physical infrastructure, reduction in unemployment and area transformation has come along in significant leaps since. Businesses are currently being consulted on an updated economic strategy for the area reflecting energy and low carbon opportunities.
Internationalisation – which includes tourism, manufacturing, logistics and energy are the keystones of Falkirk’s future competitive advantage. Other local communities will benefit but the cornerstones are the powerhouses of Falkirk, and Grangemouth – where value-add chemical sciences businesses can locate and where significant enhancement of relevant port facilities is anticipated, and the shared M9 logistics corridor.
The recently created Falkirk Economic Partnership, involving the Council, representatives of the Scottish Government and Scotland’s lead national economic development body, Scottish Enterprise alongside local business people, is overseeing the multi million pound Grangemouth energy and investment projects.
Visionary but deliverable, Councillor Dennis Goldie, convenor of the Council’s Policy Development Panel for Economic Strategy, indicates that earlier this year decisions on some projects were brought forward – useful in themselves but also providing the platform for growth. “There have been some substantial changes in the local economy since we last reviewed our economic strategy for the area,” says Goldie.
“There is growing optimism in the local economy, and how it will be able to grow our long term plans through TIF, to make this area a first-class location to do business.
“TIF is undoubtedly the most ambitious economic project we have ever undertaken but if we persevere, we could be looking at up to 6,000 jobs over the next 20 years.”
In summary, initial elements of the TIF strategy include:
The release and marketing of commercial and leisure sites adjacent to Falkirk Stadium; The development of a master plan for the Falkirk Gateway area adjacent to the site of Falkirk Stadium and The Helix – taking advantage of improving market conditions; Commencing work at
Abbotsford Business Park, where the building of four large industrial units will help stimulate growth as well as completing site enabling works, such as improvements to Abbots Road, Etna Road and Abbotsford Business Park roundabouts.
Work completed at Junction 6 and Westfield roundabout to maximise the potential brought by The Helix and accelerating scheduled works at Junctions 5 off the M9, are other aspects.
Staying with the theme of big investments, Forth Valley College will next year start building a new £70million Falkirk Campus. The new facility will provide the headquarters for the College and open in 2018.
The campus – to be built on the site of the College’s recently demolished Middlefield Building – is intended to have a main focus on science and engineering with advanced level courses in Computing and Construction among other in-demand skills-based subjects.
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