Funding Agreement Funding Agreement between HCA

Tender description

Funding Agreement between HCA and Ashford Borough Council regarding to M20 Junction 10a. Highways England is delivering a new motorway junction (known as Junction 10a) close to the existing Junction 10 of M20 in Ashford Kent. The total project costs are estimated to be £86m. of this £16m will be funded by developer contributions through S106 and S278 Agreements and through CIL and will be collected by Ashford Borough Council. However; these contributions will not become due until a Development Consent Order has been obtained and; in most cases; until after the junction has been built. There is; therefore; a cash flow issue regarding the timing of the funding needed. The HCA is proposing; subject to approval; to enter into a funding agreement with Ashford Borough Council which will allow the Council to provide the funding to Highways England. The Council will repay the HCA as developer contributions are received.