Proposals for a £3.5m investment in Perth and Kinross's economy is set to go before the Strategic Policy and Resources Committee tomorrow (18 September).

If approved, the funding for the development of projects in Kinross, Perth, Aberuthven, Crieff, Pitlochry and Alyth will be provided through the Council's Commercial Property Investment Programme (CPIP).

The aim of the CPIP is to support local economic growth by providing business space and infrastructure that will help attract companies to locate and/or expand in Perth and Kinross, and the local authority has allocated an additional £3.544m of capital funding over the 2013/14 and 2014/15 budgets to the CPIP.

Proposals aim to build on existing strengths and opportunities in key sectors such as tourism and hospitality, food and drink and renewables, particularly in relation to clean technologies.

In a report, four priority projects are proposed and outline the aspiration over 10 years for commercial property investment to support economic growth to 2022/23.

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It is thought completing the Kinross West Business site and developing the site earmarked for the Perth Food and Drink Park at North Muirton, Perth, would deliver an estimated nine hectares of land for business use and create potentially 36 jobs during the construction phase.

Developing the Perth Food and Drink Park could initially support up to seven businesses in the food and drink sector creating and/or safeguarding up to 15 jobs.

Applications for external funding are being made to the Scottish Government and European grants as potential additional funding for use in the Park project. The outcome of a bid for £1.85m from the Scottish Government's Regeneration Capital Grant Scheme will be announced in December.

The industrial and business space ultimately built out of these sites could total up to 27,870 sq.m. (300,000 sq ft) of space and accommodate up to 450 jobs.

Meanwhile, developing small business units at Aberuthven, Crieff and Pitlochry could create an estimated 15 to 20 jobs during the construction phase and accommodate 20 to 25 jobs when the units are let.

Subject to successful negotiations with landowners, it is proposed to acquire an opportunity site in Alyth to ensure an adequate supply of business land.

Councillor Ian Miller, Convener of the Strategic Policy and Resources Committee said: "The Council is committed to supporting our local economy in ways that progress our ambitions for Perth as a city and benefit our smaller communities across Perth and Kinross. Investing in developing key business sectors is vital. These proposals bring potential economic benefit across the area. I look forward to considering them at committee."

(JP/MH)