Gazeley UK and Land Securities have paid a £918,694.70 “infrastructure tariff” to Milton Keynes Partnership, the organisation responsible for the planning and delivery of growth, development and investment in Milton Keynes.
This is the first ever Milton Keynes Infrastructure Tariff and is the first installment of an estimated £18.3 million contribution to be made by the joint venture partners to the local community over the next 10-15 years.
The tariff payment was activated by the start of construction of a 650,000 sq ft (60,386 sq m) distribution centre for John Lewis Partnership at the joint venture’s newly launched Magna Park Milton Keynes. John Lewis is the first occupier to take space at the new beacon sustainable logistics park scheme.
Jane Hamilton, chief operating officer of Milton Keynes Partnership, said: “The tariff will allow us to forward fund all necessary infrastructure that will directly benefit the people of Milton Keynes.”
Don Morgan, planning director for Gazeley said: “We have been working for many years on the project which we now know as Magna Park Milton Keynes and today is another major milestone for the project.
“We support the principle of a planning tariff as an innovative idea to create the necessary physical infrastructure to allow for further expansion”.
Roland Nevett of Land Securities said: “We are pleased to be the very first developer to be making a payment through the tariff scheme. The funding of physical regeneration will directly impact the economic health of Milton Keynes.”