Friday, 24 June 2011



"Eff you Gideon. I am withdrawing demand from the economy because of your inflexible high VAT policy. I'm going into town for lunch. But I'VE MADE MY OWN SANDWICHES!
"And I've got a flask."



The City Garden Project proposes to radically transform a strategic central location by raising the inaccessible, under-used Union Terrace Gardens

The City Garden Project has been spear-headed by ACSEF following the announcement by Sir Ian Wood in November 2008 that he would pledge £50 million towards a transformational scheme to redevelop Union Terrace Gardens and the Denburn Valley. Similar transformational schemes have been considered by the city before but have failed due to a lack of private sector funding.



The City Garden Project will cost around £140 million.
It is anticipated that half the money will come from the private sector and half from an innovative funding mechanism known as Tax Incremental Finance (TIF).



TIF was devised in the US, where it has been hugely popular with cities as a tool that has enabled them to tackle urban blight. The key benefit of the scheme is that it enables local authorities to raise finance to fund the critical infrastructure needed to get major regeneration schemes of the ground.



The letter sent by Mayor Menino identified these issues clearly and in a colorful way. Mayor Menino speaks for all urban residents when he writes, “Let’s be clear about what blight means. It’s not just about aesthetics, though it certainly scars an urban environment. Blight kills jobs by destroying an area’s appeal to businesses and customers. It destroys a neighborhood’s residential appeal. It drives property values down, and it promotes crime. The notion that you would purposefully cause this to occur–not due to financing difficulties or other problems beyond your control, but as an intentional cynical ploy to extract concessions from the public sector–is inexcusable.”


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