Mayoral Community Infrastructure Levy 1

Meeting: 
MQT on 2014-09-17
Session date: 
September 17, 2014
Reference: 
2014/3343
Question By: 
Nicky Gavron
Organisation: 
Labour Group
Asked Of: 
The Mayor
Category: 

Question

A report to TfL's finance and policy committee indicated that the Mayoral CIL could secure its £300 million contribution towards Crossrail two years ahead of target. If this is the case, will you continue to direct CIL contributions to Crossrail or redirect it to other priorities?

Answer

Answer for Mayoral Community Infrastructure Levy 1

Answer for Mayoral Community Infrastructure Levy 1

Answered By: 
The Mayor

The funding agreement for Crossrail included a commitment to deliver £300m from a new Mayoral CIL and £300m from the Crossrail Supplementary Planning Guidance (SPG). The report to TfL's Finance and Policy Committee said that whilst the income from the Mayoral CIL is ahead of target, the income from the SPG is not. Both funding streams need to be considered together as they relate to property development and will vary according to the market. The balance of the target is also likely to change, with the CIL target being more than £300m and the Crossrail SPG element reducing by an equivalent amount.