The Island Infrastructure Scheme aims to provide financial assistance to property developers who plan to develop on designated brownfield sites.
The purpose of the Scheme is to support the development of brownfield sites that are included on the Unoccupied Urban Sites Register published by the Cabinet Office. The purpose of funding under this Scheme is to bridge the funding gap where sites are currently unviable for development.
Funding can be sought for residential, retail or leisure, commercial or mixed use developments. The offer of funding will be based on a variety of factors including (but not limited to) location, financial viability, social benefits, economic benefits and exchequer benefit.
The Scheme is open for a period of two years, from 3rd January 2023 to 31st December 2025 and will be delivered in funding rounds over the two year period, subject to available budget.
The Scheme offers a financial support, by way of a grant and/or loan, towards development projects of up to 25% of eligible expenditure as defined below.
For the purposes of the Scheme, applicants can only apply for funding where the proposed development or re-development is defined as falling into the following categories:
In addition, applicants must ensure the following are met:
The Department may assist on the following costs on the development:
Support is not available for: -
Important Note: Where internal labour is used, the applicant must be able to clearly identify and evidence the costs of the internal labour associated with the application.
The project, where possible, must use Construction Isle of Man (CIOM) members. If CIOM members cannot be used, prior approval of the Department is required. A list of members is available here: https://www.constructioniom.im/find-an-accredited-professional
Important note: Financial Assistance is offered entirely at the Department’s discretion, and even if an applicant is eligible via the criteria set out above, applications are reviewed on a case by case basis on their own merits with no guarantee of financial assistance being offered.
All applicants are encouraged to engage with the Department before submitting the application form.
This is achieved by completing the brief online enquiry form which can be found at: www.gov.im/businessenquiries
The Department will open for applications to the first round of applications on 3rd January 2023 and close on 1st April 2023. After this closure date, all applications will be assessed.
For more information about the information which is required in order to submit an application, please see the Scheme Guidance.