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The Island Infrastructure Scheme (IIS), which aims to stimulate and accelerate the development of brownfield sites across the islands, is now open for its second round of applications.
The scheme, which is open for a first round of applications from January to April 2023, aims to unlock the economic and social value of vacant urban land by providing financial support to offset the additional costs faced when redeveloping brownfield sites.
Similar to the initial phase, IIS will provide financial assistance for up to 25% of eligible expenditures to development projects that meet the criteria outlined in the program guidelines.
The aim of round two is to encourage more residential-led developments, supporting the Government’s ambitious target of 1,000 new homes by the end of 2026, but applications that can demonstrate real economic opportunity and increase the vitality and social services of the island may also be considered.
UK Enterprise Minister Tim Johnston MHK commented:
“Through this first round we have seen the potential this scheme can bring to the island, with targeted government investment spurring regeneration and developers investing in sites that have sat empty for many years.
“The private sector has pledged around £90m of funding to support large-scale regeneration, with government support being conditional and only paid out once any scheme is completed. So this is a really clear way to stimulate and support commercially viable development and tap into the private sector expertise and investment set out in the economic strategy.
“We will launch a second round of tenders over a 12-month period to encourage applications from private developers to transform vacant urban sites and stimulate private sector investment in the island.
“So far, the plan has approved in principle two leisure, commercial and mixed-use development applications, and two purely residential applications. Most of the applications are looking to revitalise the Lower Douglas area and enhance the vibrancy and social services of the town centre. For this second round, we hope to be able to boost development projects across the island and encourage the conversion of vacant urban sites that are best suited for residential development, in line with the Island Plan’s priority of increasing housing supply.”
The Enterprise Minister added:
“Relaunching the scheme marks another step towards our government’s aim to transform brownfield sites into new developments and is in line with the core principles of the Island Plan, which focuses on building strong communities and ensuring a safer, more vibrant and sustainable future for the Isle of Man.”
Plans for the redevelopment of Villiers Square and Lake Road have been approved, and two other projects from the first round are currently undergoing the planning process.
Applications for the scheme will be open from 1 July 2024 to 30 June 2025. Applications will be prioritised and awarded based on assessment criteria which will take into account direct and indirect economic benefits as well as social and public domain benefits. Any support provided under the scheme is contingent upon the successful completion of any development project and funding will only be provided following a final assessment of costs and feasibility, with eligible costs excluding land costs and any government fees and monies.
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