The second instalment of our Development and Renewal series took us to Battersea Power Station on 20 January, looking at financing mechanisms to pump prime infrastructure delivery. Clive Dutton, Executive Director for Regeneration, Planning and Property at LB Newham spoke about the different approaches the borough is taking to secure investment, in some cases at no cost. One valuable Olympic legacy has already been secured for the whole borough in the form of high speed broadband infrastructure provided at no additional cost by BT, along with a £30m landmark pavilion for Siemens – the flagship of a new Green Enterprise District, and a ‘meanwhile’ project calling for innovative interim proposals for disused sites in the borough.
Here Clive tells us about how Newham is weathering the economic climate:
Matt Taylor of Treasury Holdings took us through the extensive plans for development of Battersea Power Station (before taking us on a whistlestop tour of the site at the end of the event) and the machinations behind the tax increment financed Northern Line extension. Here’s what Matt and Andrew Screen, Head of GVA Financial Consulting, had to say about what Government needs to do to enable TIF to get off the ground:
We also caught up with Andrew Screen, Head of GVA Financial Consulting after his presentation explaining the causes of the current global financial turmoil, before setting out the forms of investment available to councils to finance their development projects, crucially, what level of investment, risk and return different investors are looking for. We then went on to explore TIF and a charge over land mechanism, which you can see in more detail in Andrew’s slides. Check out our brief interview with Andrew after his presentation.