LIVERPOOL council leader Warren Bradley has backed a pioneering scheme to raise vital regeneration funds.

Tax Increment Financing (TIFs) was pioneered in US President Barack Obama’s home city of Chicago and allows for cash to be borrowed against future increases in property taxes and used to pay for vital infrastructure.

This infrastructure would, in turn, facilitate development which would generate the increased revenues to pay back the borrowing.

Their use is one of several proposals in a British Property Federation manifesto and Liverpool is one of eight councils backing the initiative.

Cllr Bradley said: “With the recent opening of Liverpool One, creating over 5,000 jobs and transforming the city, Liverpool’s vision has shown just how vital regeneration and development is for improving quality of life.

“Because of the current financial challenges, such schemes would have major difficulty coming through now.

“Liverpool council has a long history of working closely with developers and its communities to ensure regeneration schemes deliver as much as possible.

“We welcome the measures outlined in the manifesto, which could help us guarantee a continued level of investment for Liverpool.”

He added: “There are major opportunities to look at in areas around the city and it’s vital we maximise use of public building programmes and continue to see how we can share our vision with the private sector.”