Now open for applications: The Island Infrastructure Scheme
Following the approval by Tynwald in December 2022, the multi-million pound Island Infrastructure Scheme has now opened for applications.
The Scheme, administered by the Department of Enterprise, is designed to help the development of privately owned brownfield sites included on the Unoccupied Urban Sites Register.
It will help to provide financial assistance to offset the additional costs face when redeveloping sites, with its ultimate aim being to unlock social and economic value currently unrealised across these sites.
As Minister of Enterprise, Lawrie Hooper puts it:
‘This administration has made a clear commitment to confronting the challenge of redundant brownfield sites and accelerating broader urban regeneration which stimulates significant private sector investment.
‘The Island Infrastructure Scheme intends to do just this, starting initially with those sites that have been identified on the Unoccupied Urban Sites Register, encouraging developers to bring forward proposals to redevelop these sites and reduce the risk of them laying fallow for another decade or more.
‘As I made clear when requesting approval from Tynwald in December, proposals will only be supported if they meet the requirements set out through the Scheme to maximise economic outcomes and positive accelerated regeneration to ultimately help the Island move towards a more secure, vibrant and sustainable future for residents and businesses.’
The Island Infrastructure Scheme will be open for two years, from 3rd January 2023 to 31st December 2025 and will be delivered in funding rounds over the two-year period, subject to available the budget.
More information about the Scheme can be found at: https://www.iomdfenterprise.im/iis along with the link to apply.