The Anonymous Widower

Finance For Crossrail

In the August 2017 Edition of Modern Railways, there is a Crossrail Update, with a section entitled Planning Cash Comes Good.

It starts with this paragraph.

How often do you come across a rail project that receives more funding than it budgeted for? well, an update to the TfL Finance Committee suggests Crossrail could be heading that way. Long, long ago when the Crossrail budget was nailed down it was agreed that £600million should be contributed in the form of planning obligations – the idea bing that property developers who benefit from the improved transport links that will be provided by the Elizabeth Line should contribute to the capital cost.

This is the current progress.

  • So far £100million has been collected from Section 106 contributions, with £200million still to come.
  • However, the Mayor of London’s Community Infrastructure Levy has contributed £400million to date.
  • The forecast is that by the time the line opens receipts will have risen to £700million.

I suspect that other Mayors will be looking at Crossrail’s funding model.

July 27, 2017 - Posted by | Finance, Travel |

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