A deal worth up to £350m that will help deliver Crossrail on time and on budget has been finalised with the City of London Corporation. The agreement was announced today by Andrew Adonis, Transport Minister, Boris Johnson, Mayor of London and Sir Michael Snyder of the City of London Corporation.
The Minister and the Mayor also announced the signing of a series of core funding and governance agreements that will underpin the project.
The City of London Corporation has agreed to make a direct contribution of £200m to the Crossrail project. In addition, the City Corporation will seek contributions from businesses of £150m, and has guaranteed £50m of these contributions.
Today’s confirmation of funding and governance agreements means that Cross London Rail Links Ltd (CLRL), the company responsible for the delivery of the project, will now become a wholly owned subsidiary of Transport for London. This finalises how the project will be governed and continues to build momentum toward the start of main construction works in 2010.
The route goes from Maidenhead and Heathrow in the west right across the capital into Essex and Kent in the east. It travels underground through the city centre between Paddington and east London.