When is £1billion of new funding, not?

You may have come across the figure of £1billion being splashed around as the amount of ‘new money’ coming into Tottenham. Sounds like a gift for the people from a great sugar daddy in the sky ie Boris or something? Well not quite. Thanks to a Freedom of Information Act enquiry by Martin Ball, we find this:

Please can you provide detail on the £1billion of funding that the Tottenham’s future survey claims is coming to Tottenham?

My response is as follows:

The figure of £1bn investment sets the context and scale of potential  incoming investment into the regeneration programme for Tottenham. It is referenced in A Plan for Tottenham (published in 2012) and in the materials to publicise the Tottenham’s Future events. The £1bn is not a single grant, loan or guarantee, but is in fact an aggregation of the current best estimated value of all proposed infrastructure investments, grants and anticipated private sector leverage. The specific figure of £1bn been derived from the key announcements below (including details of the sources of funding), but in real terms £1bn is an estimate and actual investment may exceed that.

•         £75m investment in the West Anglia Main Line (Funding is grant from the Department for Transport, TFL and Network Rail)

•         £90m investment to electrify the Barking – Gospel Oak London Overground Line (funding is grant from the Department for Transport, TFL and Network Rail)

•           £40m investment in Tottenham Hale Gyratory (funding is grant from TFL and match funding from the Council)

•           £41m Tottenham Regeneration Programme investment including Growth on the High Road projects in Bruce Grove and Tottenham Green (Funding is grant from the GLA and match funding from the Council and other sources, full details of which can be found in the Cabinet report of 7th February 2012)

•             £20m for Tottenham Hale station (funding is grant from TFL)

•             The £700m or so in private sector development value (this an estimated based on assumed development values of THFC, Hale Village, Lawrence Road, Wards Corner, Brook House and others)

The £500m of borrowing guarantees announced in the government spending review earlier this year will be used to underwrite borrowing for infrastructure, housing and commercial projects on terms that are yet to be agreed.

If you have any further queries, or are unhappy with how we have dealt with your request and wish to make a complaint, please contact the Feedback and Information Team as below. (Please note you should do this within two months of receiving this response.)

Feedback and Information Team

River Park House
225 High Road
N22 8HQ
Telephone: 020 8489 2550

Email: FoI@haringey.gov.uk

Yours sincerely,

Patrick Jones

Interim Area Regeneration Manager

—————-

[Note the absence of estimated Section 106 monies from the proposed developers – Spurs, Grainger etc. ]

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