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.
The Regional Infrastructure Fund (RIF)
The South West RDAs Regional Infrastructure Fund opened for
business in March 2008. The RIF is targeted at the region’s growth
areas and there are RIF Criteria that define the strategic nature
and scale of the infrastructure schemes that it will support.
The RIF provides forward funding for developer contributions to
essential pieces of infrastructure required to unlock growth, bring
forward delivery and make growth more sustainable. RIF is a
recycling fund, its investment being repaid through the current
planning obligations process (section 106 agreements) or in future
by contributions made via the Community Infrastructure Levy (CIL)
and conceivably by revenue generated from Tax Incremental Funding
(TIF).
The South West RDA is the accountable body for RIF and is
advised on all aspects of investment by the RIF Investment
Panel. The Panel meets quarterly. Forward funding of planning
obligations.
Forward funding of planning obligations
Infrastructure schemes that RIF can forward fund will therefore
be planning obligations upon future or current development where
provision is required before new development can start or proceed
past a particular scale. RIF is not gap funding; it can not bridge
viability gaps or be made available to schemes where repayment of
the forward funding is not through the planning system.
RIF forward funding can be made available to Local Authorities
or directly to developers. In each case there will be an agreement
between the South West RDA and the recipient body regarding
delivery of the infrastructure and repayment of RIF.
Application Process
There is no formal application process for RIF. Schemes are
worked up in partnership between the RDA and relevant parties. The
schemes are then taken to the Panel for an initial outline decision
before returning after a full technical appraisal for a final
decision to invest. As the RDA is the accountable body, the Panel’s
recommendations then need to be endorsed by the RDA Board.
What types of Infrastructure can RIF forward fund?
Infrastructure has a broad definition and the range of
infrastructure types that can be sought through the planning
obligations process is extensive. Provided the piece of
infrastructure can be justified as a planning obligation then RIF
can forward fund it. However, RIF is currently only funded to
support transport infrastructure.
Summary
- RIF is a forward funding mechanism.
- Potential schemes should address each of the RIF Criteria.
- Provision of the infrastructure must be a planning
obligation.
For any further information on the Regional Infrastructure Fund,
please contact:
Antony Corfield
Regeneration Manager
South West RDA
2 Rivergate
Temple Quay
Bristol BS1 6EH
Telephone: 0117 933 0215
E-mail: antony.corfield@southwestrda.org.uk