Northern
Line Extension
“Staying
in the UK, a new extension of the London Underground will improve transport
links and public spaces in an area of massive regeneration, creating up to
25,000 jobs and 16,000 new homes. The US$1.6 billion Northern Line Extension
project is being funded through a unique financing mechanism -– paid for
initially by a loan, with the UK Treasury guaranteeing repayment to reduce
borrowing costs. Through a vehicle known as “tax increment financing”, this
loan is expected to be repaid over time by tax revenues from new businesses
that settle in the separate and parallel 2 million m2 Nine Elms and Battersea
Redevelopment along the site of the new Underground line” (KPMG).
The
line is expected to connect Kennington to Battersea. Construction began n 2015
and it is expected to finish by 2018. Despite the advantages this extension
offers, there are a few questions raised about how it is going to impact the
Kennington Loop.
A map of the extension (Image credits TfL)
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