All RDAs across England are closing by March 2012
(see transition and closure section).
With our resources reducing steadily, this page has not been recently updated and the information below may not be current.
If in doubt, please contact us directly.
Regional Infrastructure Fund (RIF)
Project summary
The innovative Regional Infrastructure Fund (RIF) was launched
by the South West RDA in March 2008 to help overcome a major
barrier to development namely the timely provision of
infrastructure on key sites. The first fund of its kind in the
country, the RIF allows a "re-cycling" of investments to deliver
essential infrastructure much earlier than it might otherwise be
provided. Once provided up front, the Fund then reclaims the
investment from private developers. These re-cycled funds are then
available again for the RIF to support further up-front
infrastructure investments around the region.
Main messages
The Fund is the first of its kind in the country
The RIF provides forward funding to ensure major infrastructure
projects in the region can be delivered much earlier than it might
otherwise happen
The RIF allows a "recycling" of investments. Once provided up
front, the Fund then reclaims the investment from private
developers through the current planning obligations process
(Section 106 contributions as collected by local authorities).
These re-cycled funds are then available again for the RIF to
support further up-front infrastructure investments around the
region.
Facts and figures
- The RIF was launched in March 2008 with an £80 million fund. An
investment panel drawn from the public and private sectors advises
the RDA on all aspects of potential investments from the RIF
- The South West RDA has already approved the use of RIF funds to
help bring forward several key infrastructure projects in the
region, including:
- A total of £22 million in joint RDA and Department for
Transport investments to kick start the recession-delayed
development of a new community at Cranbrook, near Exeter. This
development will also now be a low carbon development as the result
of leverage gained from RIF investment
- £9.96 million towards the Twin Sails Bridge scheme in Poole
Harbour
- £2.4 million to combat flooding in Taunton Deane
Case study
The Cranbrook and East of Exeter areas have
been identified as the major growth area for Exeter in the next 20
years and the RIF is playing a key role in opening up land and
transport links for development. The combined £22 million
investment will pay for a package of infrastructure projects –
including motorway junction improvements, new roads and a new
railway station. This will allow for the initial development of
2,900 homes at Cranbrook and the release of 75 hectares of land to
support businesses. This will help create up to 4,500 jobs and
enable key projects to proceed including the Skypark business park
and Exeter Science Park.
Poole’s £37 million Twin Sails Bridge project
will deliver a much-needed second harbour crossing for Poole and
unlock the potential for the regeneration of 26 hectares of
brownfield land, creating up to 5,000 jobs and allowing the
development of new homes, offices, shops, community and leisure
facilities.
The Taunton flood alleviation scheme paves the
way for the development of some 1,500 homes and 80,000 m2 of
employment floorspace, which could accommodate up to 6,000
jobs.
Conclusion
The RIF is already making a significant impact in bringing
forward essential infrastructure in the region much earlier than it
might otherwise happen.
The first three schemes approved for investment are of local and
regional significance and will unlock the potential for new
business space, homes and jobs.
Two scheme case studies are available as below:
Further information
Date case study written: September 2009
Contact: South West RDA press office by email news.enquiries@southwestrda.org.uk or
telephone 01392 229389