Question reference: S4W-12272
- Asked by: John Wilson, MSP for Central Scotland, Scottish National Party
- Date lodged: 16 January 2013
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Current status: Answered by Margaret Burgess on 29 January 2013
Question
To ask the Scottish Government what benefits it expects to be gained from the Joint European Support for Sustainable Investment in City Areas (JESSICA) and Scottish Partnership for Regeneration in Urban Centres (SPRUCE) funding initiatives.
Answer
SPRUCE, Scotland’s £50 million JESSICA Fund, provides loan support to revenue-generating regeneration projects within the 13 eligible areas targeted within Priority 3 of the Lowland and Uplands Scotland ERDF Programme 2007-2013. It is anticipated that the fund will be recycled up to three times within 10 years, providing a significant resource to support successful regeneration.
SPRUCE is an innovative investment model, capable of attracting public and private sector finance and expertise, to assist the delivery of urban regeneration projects SPRUCE is supporting sustainable economic growth by investing in infrastructure projects at a time when the lack of available market lending can make it difficult to get projects started. It is helping to regenerate our city and urban areas, while providing support for the construction sector and creating and supporting jobs – and can support a range of development such as office and commercial space, key transport projects and investment in energy efficiency projects.
SPRUCE has supported two projects to date, with investments totalling £11.4 million. The first at Dundyvan in Coatbridge will support up to 100 jobs and provide new commercial space for up to 16 small and medium enterprises, while generating 12 new jobs during the construction phase.
The second, in Glasgow provides much needed Grade A office space for the city centre, which should generate interest from high profile companies whilst helping to support up to 250 jobs in the construction sector and 30 apprenticeships. During construction the contractors have agreed through the inclusion of community benefits, to provide work placements opportunities, support new and completing apprentices, advertise jobs and contracts locally and provide training to contractors and subcontractors.