Merchant Land welcomes the opportunity to respond to the City of London’s consultation. We have a direct interest in this as we are leading on the redevelopment of 33 Creechurch Lane in EC3 in the City of London as part of our wider portfolio.
By way of background, the Community Infrastructure Levy (CIL) is a charge on new developments. It is used to help fund the provision of infrastructure in the City. Fifteen percent of CIL receipts are used to assist the delivery of infrastructure to support neighbourhood priorities through the Neighbourhood Fund.
The consultation focused on how this Fund should be used, and the mechanisms for allocating the money. You can find a copy of the consultation here. Please note that it is now closed.
In responding, our focus was on how the Fund could be used to directly support the City as a place for working, living and visiting. In particular, there are opportunities for the Fund to be used to support community and education facilities, and promote health through public realm enhancements. In addition, there is a real opportunity to encourage projects where local community groups can become directly involved in community driven design and build projects. This also gives career insight into opportunities within the property industry as well as enabling local improvements.
You can download our full response: Merchant Land response to CIL Consultation – Neighbourhood Fund.