Designed to assist redevelopment on private sites
A £10 million scheme – designed to encourage the redevelopment of privately owned brownfield sites – is not an excuse to hand over cash to wealthy developers.
That’s according to the enterprise minister who will ask Tynwald to back plans for an Island Infrastructure Scheme next month.
If approved developers could get up to 25 per cent of their eligible expenditure paid for through grants or loans.
The money for developments would come from the Economic Strategy Fund with a first round of applications running between 3 January and 1 April next year.
Lawrie Hooper told Manx Radio it isn’t a free for all:
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