MD1478 Croxley Rail Link
Since 2011, the Croxley Rail Link scheme has experienced considerable cost escalation and programme slippage. Discussions between Hertfordshire County Council (HCC), Transport for London (TfL) and the Department for Transport (DfT) have led to a revised funding strategy and a proposal that TfL take over responsibility for the delivery of the project from HCC.
The current estimated cost of the project is £284.5m. The proposed funding strategy is for DfT to fund £198.24m, Hertfordshire County Council to fund £39.76m and TfL to fund the remaining £46.5m. The TfL borrowing requirement will be increased by £30m and TfL will be responsible for any overruns above £284.5m.