Buchanan Galleries expansion plans pay too high a price

For immediate release 14 December 2010

Plans for more retail units within the "Buchanan Quarter" will bring significant financial risks to the public purse and have a negative impact on the quality of the environment in Glasgow's city centre.

Councillors on the Executive Committee for Glasgow City Council were asked to approve a business case for a Tax Increment Finance (TIF) Initiative which aims to fund major expansion of Buchanan Galleries, build a new 1500 car park and undertake public realm works.

The Business Case identifies a private funding gap of