Lorn Arc investment will boost the local economy

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Published Date: 

18 Aug 2017 - 16:16

The Lorn Arc project will boost the local economy, create jobs and bring private sector investment to the Oban and Lorn area.

At its meeting on Thursday, 17 August 2017, members of Argyll and Bute Council’s Policy and Resources Committee were updated on the progress of the £14.7 million programme and agreed that its project management team explore alternative funding models to deliver the programme.

Councillor Aileen Morton, Leader of Argyll and Bute Council, said:

“The Lorn Arc is an ambitious programme which we all want to see. It complements the work that has already taken place in Oban town centre, has been transformed through our CHORD investment recently. The individual Lorn Arc projects will help attract development and jobs that come with them.

“Changes in the wider economy mean that we have looked at the way the projects will be funded going forward. We have had meaningful discussions with the private sector and have been engaging with the key partners and the government to ensure the Lorn Arc programme will continue and have positive impact on the people of Oban and the surrounding area.

“The Scottish Government has advised that its remains committed to supporting local authorities to use innovative financing models to support inclusive growth.

“I welcome the committee’s endorsement of us continuing to work with all partners to ensure we can unlock the economic potential of Oban.”

The council’s Tax Incremental Financing (TIF) Programme Board has engaged with the Scottish Government and met with the Scottish Futures Trust and advised that a Growth Accelerator or Rural Growth Fund could ensure the continued delivery of the project.