Taken from Facebook.com/restoregeorgesquare

The “Tax Increment Financing” (TIF) part of the Buchanan Galleries expansion is spent on public infrastructure improvements (public realm, streetscape, repairing cathedral street bridge, George Square etc, as a way of smartening up the surrounding area for the gazillions of new shoppers who will use the expanded mall. The TIF is a 25 year mortgage which the Council takes out to pay for its part of this and reckons to pay back from the higher business rates it will get from the Buchanan galleries and surrounding areas. The business case on which the (Labour) council and (SNP) government approved this scheme was based on the assumption that the worst case retail growth will be better over the next 25 years than it has been over the past 25 years. The developers do chip in a bit too but the council still has the TIF mortgage to pay off in the end.