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Line 89: ===== Power Station developer into administration (2011) ===== In December 2011, Treasury Holdings went into administration, after failing to repay debts of £340{{nbsp}}million to [[Lloyds Banking Group]] and [[Ireland\|Ireland's]] [[National Asset Management Agency]] (NAMA).'''<ref name=":5">{{Cite news \|last=Kollewe \|first=Julia \|date=20 December 2011 \|title=Irish property developers' grand vision for Battersea power station left in ruins \|work=[[The Guardian]] \|location=London \|url=http://www.theguardian.com/business/2011/dec/20/irish-property-developers-battersea-power-station \|url-status=live \|access-date=9 September 2021 \|archive-url=https://web.archive.org/web/20211027191514/https://www.theguardian.com/business/2011/dec/20/irish-property-developers-battersea-power-station \|archive-date=27 October 2021}}</ref>'''<ref>{{Cite news \|~~last~~last1=O'Carroll \|~~first~~first1=Lisa \|last2=Moya \|first2=Elena \|date=21 December 2010 \|title=Ireland's 'bad bank' NAMA becomes one of world's biggest property lenders \|work=[[The Guardian]] \|location=London \|url=http://www.theguardian.com/business/2010/dec/20/ireland-nama-banks-property-loans \|url-status=live \|access-date=9 September 2021 \|archive-url=https://web.archive.org/web/20210415143335/https://www.theguardian.com/business/2010/dec/20/ireland-nama-banks-property-loans \|archive-date=15 April 2021}}</ref> Due to the financial crisis and the collapse of the Irish property bubble, REO and Treasury Holdings had not been able to find an investor to allow them to proceed with the development. REO had been criticised by investors and potential partners for their high levels of debt, as well as their "overly litigious" approach to business.'''<ref name=":5" />''' For the first time in its history, the power station site was put up for sale on the open market. As part of the sale, the £200{{nbsp}}million contribution to the Northern line extension remained, as well as the approved planning permission.<ref>{{Cite news \|last1=Prynn \|first1=Jonathan \|last2=Cecil \|first2=Nicholas \|last3=Bar-Hillel \|first3=Mira \|date=10 April 2012 \|title=New Sale: Battersea power station \|url=https://www.standard.co.uk/news/london/new-sale-battersea-power-station-7496801.html \|url-status=live \|access-date=9 September 2021 \|website=Evening Standard \|location=London \|archive-date=9 September 2021 \|archive-url=https://web.archive.org/web/20210909142647/https://www.standard.co.uk/news/london/new-sale-battersea-power-station-7496801.html }}</ref> Despite the sale of the site, Mayor Boris Johnson requested that the planning and development of the extension continue, with responsibility of the project passing to TfL.<ref name=":2" /> In March 2012, the Vauxhall Nine Elms Battersea Opportunity Area Planning Framework was published by the GLA, proposing 16,000 new homes, {{convert\|500000\|sqm}} of commercial space and 27,000 new jobs across the area, as well as outlining the infrastructure requirements required to support this level of growth.<ref>{{Cite web \|date=March 2021 \|title=Vauxhall Nine Elms Battersea Opportunity Area Planning Framework \|publisher= Greater London Authority \|url=http://www.london.gov.uk/who-runs-london/mayor/publications/planning/vauxhall-nine-elms-battersea-opportunity-area-planning-framework \|url-status=dead \|archive-url=https://web.archive.org/web/20120816012504/http://www.london.gov.uk/who-runs-london/mayor/publications/planning/vauxhall-nine-elms-battersea-opportunity-area-planning-framework \|archive-date=16 August 2012 \|access-date=9 September 2021}}</ref> Line 201: == Cost and funding == The extension is estimated to have cost around £1.1{{nbsp}}billion to construct. This amount is £160{{nbsp}}million below budget, despite construction delays.<ref name=":44" /> The extension was funded by a £1{{nbsp}}billion loan to the Greater London Authority from the [[Public Works Loan Board]].<ref name=":4" /><ref>{{cite news \|last=Murphy \|first=Joe \|date=5 December 2012 \|title=Boost for Battersea as Osborne puts power station on the Tube \|work=[[Evening Standard]] \|url=https://www.standard.co.uk/news/uk/boost-for-battersea-as-osborne-puts-power-station-on-the-tube-8386471.html?origin=internalSearch \|url-status=live \|access-date=19 January 2013 \|archive-url=https://web.archive.org/web/20141006105720/http://www.standard.co.uk/news/uk/boost-for-battersea-as-osborne-puts-power-station-on-the-tube-8386471.html?origin=internalSearch \|archive-date=6 October 2014}}</ref> For the first time in England, [[tax increment financing]] will be used to pay back £660m of the loan, using future [[Business rate\|business rates]] from the development in the Vauxhall Nine Elms Battersea area, over a period of 25 years.<ref>{{Cite news \|last=Pickford \|first=James \|date=2013-04-08 \|title=London project to use risky funding model \|work=Financial Times \|url=https://www.ft.com/content/fcda4910-9f64-11e2-b4b6-00144feabdc0 \|access-date=2023-02-26}}</ref><ref>{{Cite journal \|last=Findeisen \|first=Francesco \|date=2022-07-04 \|title=Financing the Northern Line Extension: the politics of governing Greater London \|url=https://doi.org/10.1080/21622671.2020.1782257 \|journal=Territory, Politics, Governance \|volume=10 \|issue=4 \|pages=608–627 \|doi=10.1080/21622671.2020.1782257 \|s2cid=225543918 \|issn=2162-2671}}</ref> Another £270m will be repaid by developer contributions ([[Section 106 agreement]]s and [[Community Infrastructure Levy]]) in the area.<ref name=":4" /><ref name=":31">{{Cite web\|last1=Eshalomi\|first1=Florence\|last2=Khan\|first2=Sadiq\|date=10 June 2019\|title=Northern Line Extension (1)\|url=https://www.london.gov.uk/questions/2019/12202\|url-status=live\|access-date=11 September 2021\|website=Mayor's Question Time\|archive-date=11 September 2021\|archive-url=https://web.archive.org/web/20210911181958/https://www.london.gov.uk/questions/2019/12202}}</ref> == Future == === Extension to Clapham Junction ===

Northern line extension to Battersea: Difference between revisions