REPORT

REGENERATION AND THE RECESSION: UNLOCKING THE MONEY

Click here for the full report in pdf format.

The All Party Urban Development Group’s sixth inquiry has taken stock of conditions in the regeneration industry, has assessed the viability of existing regeneration financing models and has examined the challenges involved in introducing alternative financing arrangements, such as Accelerated Development Zones (ADZs), which could be adapted from the US Tax Increment Financing (TIF) model. 

Based on the oral and written evidence submitted to the group’s inquiry, this report recommends that:

 

1.   In the next Pre-Budget Report, the government should pilot a significant yet manageable number of TIFs/ADZs.

 2.    The next government should use these pilots to push through a fully national TIF/ADZ scheme so that cities can use accelerated development zones from 2011.

 3.    All cities need to adopt a more proactive approach to working with the private sector, and take on more risk.

 4.    The Homes and Communities Agency (HCA) should establish a specialist regeneration funding team to support local authorities with the practical challenges of implementing different funding models in the current climate.