Common use of Regeneration Clause in Contracts

Regeneration. The £1 billion Dundee Waterfront development - including the prestigious V&A Dundee visitor attraction - offers a substantial programme of construction employment across five major zones along the River Tay as incremental development of the overall project takes place over the next decade and beyond. Dundee Waterfront will also create a major boost to tourism for both Dundee and Angus with an estimated three million additional visitors to the area and £1billion of business and leisure tourism spending between 2016 and 2025. Dundee City Waterfront encompasses 240 hectares of development land stretching 8km along the River Tay. The £1 billion transformation is a strategic, forward-looking 30 year project (2001-2031) that is transforming the City of Dundee into a world leading waterfront destination for visitors and businesses through the enhancement of its physical, economic and cultural assets. Infrastructure works are well advanced and the new V&A Museum Of Design Dundee, International Centre for Design is on course to open in summer 2018. Hotels, businesses and retailers are already reaping the rewards of the ongoing city transformation while expectant of significant growth as a further 7,000+ jobs are created. The Wellgate Shopping Centre will undergo a £21m investment next year to include an eight screen cinema and food hall, now due to be completed in 2019. In 2012, leisure visitors generated over £142 million in expenditure and business tourism generated over £55 million to the local economy and this is projected to rise significantly as the Waterfront project develops. Currently in the final stage of the infrastructure project (2001-2031), the city landscape is changing at a steady pace. Most of the £1 billion investment has already been committed, many developments have been completed and many are underway. The £1 billion Dundee waterfront project spans five focussed development zones, which are strategically positioned in order to benefit from the existing city fabric and expertise. Individually each zone is important in the local economic outlook, together they are transformational. Dundee is home to one of the UK's most dynamic life science clusters with 18% of Scotland's life science companies based in Dundee and 4,000 people employed locally in the sector. Dundee is also the location of one of Europe’s most accomplished hubs for computer games and mobile digital content development. Over 3,300 people in 350 businesses are currently employed in Tayside within the digital media and creative industries. The continuing development of life sciences and digital media/creative activities in the Dundee city region brings a strong likelihood of continuing employment opportunities for appropriately skilled people. Renewable energy is an important part of the future for Dundee and the broader local economy, encompassing wind, marine and hydro energy, as well as bio, solar and geothermal energy. A growing number of businesses in Dundee and beyond are said to be either currently involved or are seeking to engage in the local renewables sector. The development of renewable energy in Dundee brings with it a variety of training needs and employment opportunities for the wider area. Recent developments in the energy and technology sectors in the north-east of Scotland have enabled employment diversification in Angus into engineering, oil and gas and pharmaceuticals. The College has developed a successful programme of customised training programmes designed to meet the requirements of these industries in and around Montrose and Aberdeen and further opportunities are expected in the future. Angus is well-known for its high quality, specialist food and drink produce serving both the local visitor market and the Scottish export market. Increased visitor numbers forecast for Scotland as a whole and for the Dundee Waterfront development in particular are expected to create employment opportunities in the food and drink sector alongside the growing hotel and restaurant sector.