Coincides with announcement of private sector investment
Plans unveiled this week to regenerate three prominent brownfield sites have been welcomed by the chief minister.
The unveiling of the projects coincided with the announcement of an estimated £50 million pound private sector investment.
Under the scheme government can provide up to 25 percent of the costs of the redevelopment - excluding land costs - which is only payable on completion.
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Alfred Cannan says there are several brownfield sites which have blighted parts of the Island for far too long, with prominent areas of the capital crying out for regeneration.
It was clear, he says, that a shift in policy was needed if the situation was ever going to change, as the commercial viability of for some sites was simply not there without some form of intervention.
Among the sites to be developed are the former Villiers Hotel site on Loch Promenade and the Ocean Castle site in Port Erin.
Tynwald supported the new initiative in 2022, with the Island Infrastructure Scheme launched in January this year.