London mayor Boris Johnson yesterday published a consultation document that sets out plans to garner £500M of funding from developers for the Northern Line extension
The amended consultation sets out a proposed Section 106 framework designed to secure the money for the extension through Vauxhall, Nine Elms and Battersea, west from Kennington. It will have two new stops, and aims to help regeneration in the area.
The total cost of new infrastructure needed for the project is estimated at £1bn, with the Northern Line extension accounting for some £560m.
In response to the findings of a development infrastructure funding study (DIFS) into how the extension could be secured, an amendment of the Vauxhall, Nine Elms and Battersea Opportunity Area Framework has been published by the Mayor and is now open to public consultation until 21 March.
It sets out two tariffs which developers will be required to pay for both residential and commercial buildings, based on the location of the development within the opportunity area (see notes to editors for a table of charges).
The proposed Section 106 funding agreements would be formulated in such a way that they could be converted into a Vauxhall, Nine Elms and Battersea-wide Community Infrastructure Levy (CIL). It is considered likely that the Section 106 amendment may require a full or partial review when the Government publishes its revised CIL regulations, which are expected in April.