In the past when there was money you could have a single objective project funded from a single source. In our new world major projects will look and feel more like the London Cable Car now known as the Emirates Air Line following the airline's £36 million sponsorship of the scheme over 10 years. In an area of London bedevilled by limited and ageing river crossing options the Cable Car, which will move from the design board to ‘all aboard’ in about 2 years, will offer a new way for tourists, event goers and commuters to cross the Thames. As well as adding an important landmark it will go some way to further knit together the emerging range of economic assets and attractions in the Royal Docks and on the Greenwich Peninsula into a vibrant cluster of activity for visitors and residents alike. As well as sponsorship, funding is also planned to be secured from an application for a European Regional Development Fund (ERDF) grant, additional sponsor agreements, retail space rental and fare revenue. While this blending of funding for multi-objective projects works well for major landmark projects in London the question is how viable this approach is for less glossy but equally important projects elsewhere.
Innovacion produced the ERDF application for TfL and we're keeping our fingers crossed for a successful outcome by Spring 2012.
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