- To confirm Cabinet’s approval to the expression of interest in the Government’s Tax Increment Funding scheme.
- To share with Cabinet the opportunities benefits and risks associated with such a project.
Electoral divisions / districts
Abbey, Arbury, Castle, Cherry Hinton, Coleridge, East Chesterton, King's Hedges, Market, Newnham, Petersfield, Queen Edith's, Romsey, Trumpington, West Chesterton
Corporate Director (Finance, Property and Performance) and Service Director: Growth and Infrastructure
Post:Corporate Director (Finance, Property and Performance)
Name:Cllr John Reynolds
Portfolio:Cabinet Member for Finance, Property, Performance, People, Policy and Law
Members are asked to approve the expression of interest in the Tax Increment Funding Scheme.
It was resolved:
To approve the expression of interest in the Tax Increment Funding Scheme.
Reason / options considered
In many European economies and the United States of America, public bodies benefit directly from business and sales taxes and can by a variety of means “borrow” against future tax receipts” to invest in the infrastructure to facilitate and nurture regeneration and economic growth. This borrowing against the future approach is commonly referred to as “Tax Increment Funding” (TIF).
In the 2009 Budget the Chancellor announced that the Government was willing to pilot a TIF approach in England (following significant lobbying from those charged with City regeneration projects (e.g. Birmingham) and delivering economic growth (e.g. Cambridgeshire). The County and City together with Horizons have expressed an interest in being a TIF pilot.
Key decision: No
Published: Thursday 26 November 2009
Call-in deadline: Thursday 3 December 2009 at 17:00