The seventh ‘your questions answered’ piece focuses on funding for the York Central development.
Funding is a critical part of the delivery for York Central, without it the site could simply not come forward. A number of developers and occupiers have been in touch about coming to York Central, but this is all on the basis that the significant cost of infrastructure is dealt with up front and to do this, funding is required.
1. What will it cost to deliver the infrastructure for York Central?
Funding of £155m is required to bring forward the critical infrastructure works, which will unlock the development and attract more than £700m in private sector investment. This infrastructure includes the new bridge; access into and through the site; designated pedestrian and cycle routes; a new park; and improved key connections such as access into the station and new public spaces.
2. Where is the funding coming from?
The £155m funding package includes investment from:
- City of York Council – £10m
- City of York Council borrowing – Enterprise Zone – £35m
- Housing Infrastructure Fund – £77.1m
- York, North Yorkshire & East Riding Local Enterprise Partnership – £3.11m
- West Yorkshire Transport Fund contribution – £23.5m
Additional contributions have also been made by the master developers and further grant funding sources. If you would like more information on the Council’s Enterprise Zone borrowing, you can view the Executive report from November 2018, here: https://democracy.york.gov.uk/documents/s127174/York%20Central%20Exec%20-%20EZ%20Nov%2018%20v8.pdf
3. Is the funding already secure?
As of January 2019, all of the funding has been identified and key elements secured, with the outstanding full business case approval for the Housing Infrastructure Fund and West Yorkshire Transport Fund contribution expected by March 2019, following their submission in December 2018.
4. What will happen if the funding is not granted?
The funding is critical for the comprehensive delivery of the scheme.
5. Is there a time limit on the funding?
Both the Housing Infrastructure Fund and West Yorkshire Transport Fund contributions have time constraints attached to the funding. The Housing Infrastructure funding must be spent by March 2023 and the West Yorkshire Transport funding is available until March 2021.
6. How is the National Railway Museum’s masterplan being funded?
The Museum is developing a separate £50m funding package to deliver its masterplan, Vision 2025, which will result in significant improvements to the museum’s galleries and estate.