AMBITIOUS plans to create an eco-friendly urban quarter at the eastern entrance to Falkirk have been unveiled. The aim of the development is to regenerate the gateway entrance into the town and create better connections between the town centre, Grangemouth and the wider Central Belt.

Under its multi-million pound tax incremental finance (TIF) initiative, Falkirk Council has proposed a £17 million package of infrastructure works to stimulate a mix of business, learning and leisure development over 376 acres. The plan was outlined in the latest TIF report presented to the Falkirk council executive at a meeting on Tuesday March 15.

Funding comes from Falkirk Council’s £67m TIF scheme and external sources, with the council keen to engage with transport charity Sustrans on the project.

TIF schemes are funded by borrowing against future business rate income expected to be generated by the resulting regeneration and development. Awarded to Falkirk Council in 2013, the Falkirk TIF is expected to lever in £413m in private investment over 25 years, creating almost 6,000 jobs in the area.

The site encompasses the gateway, Falkirk Community Stadium, land earmarked for the new £70m Forth Valley College campus and Helix Park, home of the Kelpies sculptures.

Commenting that the plans were another step in the transformation of the town’s economic fortunes, leader of Falkirk Council, Councillor Craig Martin said: “The gateway is a prime site to attract jobs, investment and development for our area.”

Mr Martin added that with the “huge and growing” appeal of the Kelpies, the Community Stadium facility and the forthcoming college campus there was huge investment potential for developers across tourism, business and leisure. “Through the Falkirk tax incremental finance initiative we have the lever to prepare the site for development and create the connections needed to support expected traffic flow and footfall,” he said.

Falkirk Council’s proposed plan, led by its development services team, aims to use low carbon technologies to build a more sophisticated infrastructure across the area that will enable further development, support traffic flow and attract private investment.

One additional element of infrastructure works is a plan to create the UK’s first circular elevated pedestrian and cycle crossing, which will support the upgrade of the road network connecting each of the gateway sites. Another feature is the development of waterways along landscaped pedestrian pathways that aim to add character to the area whilst providing sustainable urban drainage.

The first phase of the programme of infrastructure works around the gateway area is planned to start in 2017 and will focus on enabling works to form an extension of the town towards Helix Park and the Stadium, within a zone that supports the new college works, also due to commence in 2017.

Also outlined in the latest TIF report are plans to launch a phase of works in October this year to upgrade access at Junction 5 of the M9 in Grangemouth to support the development of new industrial properties at Forth Ports and a new headquarters for petrochemical giant, INEOS.

"The latest TIF report shows that we are making good progress with the initiative and will be launching further phases to improve access and support new development in Grangemouth,” added Mr Martin.