If that's the case what is the GAM deal loan of sixty million smackers paying for?
According to the Scottish Futures Trust:
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The GA investment supports public sector enabling investments: -
- public-realm improvements;
- major highway improvements and traffic management proposals; and
- a new energy centre, as well as replacing and upgrading essential utility services.
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Further on, it goes on to say:
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SG agreed to provide revenue grant funding to CEC in relation to the enabling investments. Release of the revenue grant over 25 years is based upon a number of broad areas, and achieving these, reflecting the anticipated growth: -
- Increases in rateable value within the development;
- Increases in rateable value in the wider Edinburgh economy beyond historic performance;
and
- Job and training outcomes within identified areas of deprivation in Edinburgh, identified through the Scottish Government’s Index of Multiple Deprivation.
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While it talks about a grant, I had understood CEC had taken out a loan to pay for the work, which is being delivered by St James contractors, probably for an agreed price. Presume the grant pays off the loan over 25 years, but only if ams are achieved? If not achieved, revenue grant is withheld?
https://www.scottishfuturestrust.org.uk/storage/uploads/Growth_Accelerator_-_Guidance.pdf