Gerald Eve will advise the Corporation on both the potential impact of CIL and the levels at which the levy should be set when introduced. The Borough aims to publish preliminary draft proposals for public consultation in September 2012.
The property consultants have also been asked to lead the Corporation's consultation with local landlords, developers and other key stakeholders within the 'Square Mile'. The Corporation aims to implement the levy by January 2014, it said.
“Gerald Eve will provide a sound evidence base to enable the City Corporation to set a City CIL rate that encourages development and contributes to the improved infrastructure the City needs to deliver long term sustainable growth,” said Paul Beckett, City Corporation’s planning policy director.
The Borough's infrastructure needs will be assessed, along with development viability, which will be used to set appropriate Charging Schedule rates, the City of London said.
The levy will apply to most new developments, depending on their size and type. Rates may differ across a local area, or be a flat rate.
“The City of London is one of the UK’s most active markets, and as such the impact of any CIL needs to be carefully judged if it is to strike the right balance between revenue-raising and development activity" said Hugh Bullock, head of Gerald Eve’s planning and development team. “The range of landlords and developers operating within the Square Mile means that the consultation needs to be as comprehensive as possible if the right conclusions are to be drawn and the CIL is to be set at a level that represents the best interests of The City.”
The City of London's CIL will be charged in addition to Mayoral CIL, which came into effect on 1 April.
