On 4 Dec, 23:54, wrote:
* The Sponsors Agreement between DfT and Transport for London sets out
the overall management, ownership and governance of the project;
The current financing agreement supersedes the Heads of Terms
published last year after the £15·9bn funding package was announced by
the Prime Minister on October 5 2007. DfT is responsible for providing
£5·6bn, with with the Mayor, via Transport for London and the Greater
London Authority, contributing a further £7·7bn. Network Rail is
delivering £2·3bn of works, and a £230m contribution from airport
operator BAA was announced last month. As part of the GLA/TfL share,
£300m is to be raised through developer contributions. A Business Rate
Supplement levied on London largest businesses will support £3·5bn of
funding

Today's "City stumps up for Crossrail" thread covers the same
announcement, but it emphasises the wrong bit. This is the "Crossrail
has funding, actual concrete legally-binding bona fide ****ing
funding" announcement we've been waiting for. It's happening.

One thing I note is that the £7.7bn GLA contribution includes the
£3.5bn business rates contribution, as it's underwritten by them. At
first glance, if the rates bill doesn't pass, the city is bankrupt.

U