Size of TIF Compared To Other Funding Mechanisms
Although TIF funding was to be smaller in total than the Local Transport Settlement, it will be shared between fewer authorities, so for an individual authority it would represent a very large amount of funding. In 2007/8, the Local Transport Settlement will be £1,254m shared by all the authorities in the country. TIF was to be worth about £290m of which £200m will be available to Congestion TIF. According to the Manchester Evening News “The Association of Greater Manchester Authorities wants £1.2bn … virtually all of the £1.4bn currently due to be dished out“. So Greater Manchester's bid for TIF funding (£200 m a year) is roughly four times the size of its Local Transport Settlement (£50m a year).
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