Funding deal proposed to keep Spurs in Haringey

Haringey Council and Tottenham Hotspur FC have signed a memorandum of understanding that commits the club to staying in the borough, as long as the council approves an associated funding package.

Officers have recommended that the council’s cabinet approves a spending package worth £41.3 million towards the regeneration of the borough. The package comprises £28 million of Greater London Authority funding, agreed in January as as response to last summer's civil disturbances, £11.7 million of council money and £1.6 million from other sources.

The council will also consider, at a separate meeting, proposed changes to the planning agreement made when the stadium was granted permission last September.

According to a joint statement, the council offer has helped secure a commitment from Tottenham Hotspur, which had previously expressed a desire to move to London’s Olympic stadium, to remain in the borough.

In September 2010, the club was given outline permission by the council for its Northumberland Development Project scheme, which would see a new 56,250 capacity stadium, 150 bedroom hotel, restaurant, 200 new homes and supermarket with parking.

A report to the forthcoming council cabinet meeting says: "In the light of the memorandum and the negotiations with the mayor, THFC has now announced its commitment to stay in Tottenham and is restructuring itself as a private company to be in a better position to secure development finance for the NDP scheme."

It says that the memorandum outlined the anticipated funding package for the whole area, "together with a range of other statements of intent to work with THFC to promote wider area regeneration". A spokesman for the council said that the memorandum is dependent on the cabinet approving the funding package.

It is not legally binding, but the report said it would provide the private sector with confidence by outlining a "direction of travel".

Part of the funding package will provide support for public realm and transport improvements around the stadium, including some of the non-stadium elements included in Spurs' original planning application.

Tottenham Hotspur chairman, Daniel Levy, said: "As a major employer and business in the area we are delighted with this commitment from the mayor and Haringey Council."

We have long said we could only invest in the area if we could see our commitment supported by others and that there was a real need to maximise the regeneration benefits and lift the wider area."

A separate meeting of the council’s planning sub committee on 13 February will consider a number of proposed changes to the planning agreement reached when Spurs’ proposed new stadium was granted planning permission last September.

The meeting will consider allowing an increase in floor space to increase the development value, reviewing the amount of affordable housing planned for the scheme, and reviewing other section 106 funding obligations.

The committee could decide to waive a proposed £3.5 million contribution for transport improvements, because £3.5 million of funding from the mayor is planned to be diverted to pay for these, according to the cabinet report.

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