London mayor Boris Johnson has pledged to continue developing plans for an extension of the Northern Line to Battersea Power Station despite the owner of the development site going into administration.
He said that he has asked Transport for London to progress plans in preparation for a Transport & Works Act Order application. This follows the recent announcement that the current owner of the power station Treasury Holdings have gone into administration and a new owner of the site is being sought. TfL will take over responsibility for all of the planning work associated with the extension, working closely with both local authorities and the administrators.
In parallel with this, TfL is working with the Greater London Authority, local boroughs and administrators to progress a clear funding and financing solution for the extension. Funding for the £800M to £900M scheme is expected to come from a combination of developer funding, TfL, and some form Community Infrastructure Levy or enhanced business rates via Tax Incremental Financing. This would be easier if the area is made into a Business Enterprise Zone.
In progressing the work required to submit a Transport & Works Act Order application, TfL will carry out a public consultation later in the year. It is now anticipated a Transport & Works Act Order application could be submitted by the end of 2012, although this will depend on finalising the financing arrangements.