The City of London is to contribute £200m to delivering the Crossrail project and will seek £150m of contributions from businesses under a new funding agreement announced today.
The deal, announced today by Transport Minister Lord Adonis, Boris Johnson, and Sir Michael Snyder of the City of London Corporation, follows an announcement that the Mayor will consult on proposals that developers contribute to the scheme’s costs.
Johnson wants to use alter the London Plan to allow him to use Section 106 agreements to require developers to make contributions through the planning system, The scheme would apply to all applications for office space above 5,000 square foot in the Central Activity Zone and the northern Isle of Dogs.
The Mayor said the proposals, which are subject to consultation, were “an important part of the funding package” to ensure the project is completed.
Mr Johnson and Lord Adonis have also announced the signing of a series of funding and governance agreements that will underpin the project.
Adonis described the deal with the City as “a landmark moment” and said Crossrail would “create thousands of new jobs, at a time when they are much needed.”
Sir Michael said the project “is absolutely crucial in keeping London and the UK globally competitive and for this reason we are delighted to support the funding of this vitally important new railway.”