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The Strategic Investment and Regeneration of Sites (Northern Ireland) Order 2003

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This is the original version (as it was originally made).

Regeneration of relevant sites by the Office

This section has no associated Explanatory Memorandum

11.—(1) For the purpose of securing the regeneration of a relevant site, the Office may –

(a)carry out the development or redevelopment of land, including the conversion or demolition of existing buildings;

(b)carry out building and other operations;

(c)provide services and facilities;

(d)form, or acquire interests in, bodies corporate;

(e)act with other persons, whether in partnership or otherwise;

(f)give financial assistance to other bodies or persons in accordance with paragraphs (2) to (5);

(g)carry out studies, investigations and research;

(h)generally do anything necessary or expedient for that purpose.

(2) The Office may, with the approval of the Department of Finance and Personnel, provide financial assistance for any body or person doing or intending to do on or in relation to a relevant site anything falling within paragraph (3).

(3) Financial assistance under paragraph (2) may be provided for –

(a)the promotion, development or regeneration of commercial, industrial or other economic activity;

(b)the improvement of the environment;

(c)the provision of housing;

(d)the provision of social, cultural, recreational or community facilities;

(e)the refurbishment or restructuring of buildings;

(f)anything not falling within sub-paragraphs (a) to (e) which the Office considers will benefit the site.

(4) Financial assistance under paragraph (2) may include –

(a)grants;

(b)loans;

(c)guarantees;

(d)the taking of any interest in property or in a body corporate.

(5) In providing financial assistance under paragraph (2), the Office may impose such conditions as it thinks fit, including conditions for repayment in specified circumstances.

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