London Councils to protect regeneration funds
London Councils - a lobbying organisation representing the capital's 33 boroughs - is seeking to protect funds set aside for local regeneration in new developments.
The group had been concerned that a revamp of the Mayor of London Order - which governs the extent of the mayor's planning powers - could have a detrimental effect on community funding.
Under the new powers mayor Ken Livingstone has the authority to overtake negotiations on section 106 agreements, which include the designation of funds set aside by developers to off-set the impact of new developments.
Such money typically goes towards a range of community-wide efforts including affordable housing, transport links and youth centres - and according to London Councils all deal-making should be left in the hands of local officials.
Michael Snyder, executive member for planning at London Councils, said:"The capital's boroughs have a track record of negotiating highly beneficial deals with developers through section 106 agreements … they remain best-placed to negotiate funds needed to off-set the impact of new developments on their community."
In 2005-06, London boroughs secured a total of £230 million for community funding through section 106 agreements.
Published 18th February, 2008
© 2008 Estates IT Limited
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London Councils - a lobbying organisation representing the capital's 33 boroughs - is seeking to protect funds set aside for local regeneration in new developments.