Proposals to raise £500m from property developers in order to fund the extension of the Northern Line to the Nine Elms area have been published by City Hall for consultation.
Transport for London is working with Wandsworth and Lambeth councils to secure funding to build two new stations on the line as part of a major redevelopment of the Vauxhall, Nine Elms and Battersea Opportunity Area.
The plans include redevelopment of the iconic Battersea Power Station which was given planning consent by Wandsworth council in November and are intended to be catalyst for “thousands” of new jobs in the area.
Mayor of London Boris Johnson has published a proposed framework for Section 106 agreements – an formal contract allowing deals to be made between boroughs and developers as part of the planning permission process – which sets out the level of contribution developers will be expected to pay.
The proposal is for two tariffs covering residential and commercial buildings, based on the location of the development within the opportunity area.
Deputy Mayor of London for planning, housing and sustainable development Sir Simon Milton said the consultation “represents a vital step forward in the regeneration of Vauxhall, Nine Elms and Battersea, and sets out a tariff for developers which confirms the Northern Line Extension is a viable, as well as crucial, part of this project.”
The consultation document is available at www.london.gov.uk