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For discussion
on 29th July 1975
Annex A
XCC(75)45
Extract from Memorandum XCC(75)45
Application by the Mass Transit Railway Provisional Authority on Behalf of the Future Mass Transit Railway Corporation for Grant of Certain Station
and Other Sites for Comprehensive Development
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Principles to be adopted in respect of land
grants to the future Mass Transit Railway
6.
The principles proposed for grants of land, and interests in land, to the future Mass Transit Railway Corporation are set out in Annex B. In general, they follow principles applicable to grants to a private profit making utility undertaking, but take account of the needs for the Corporation. to acquire special interests in land, such as wayleaves, individual shares in buildings, etc and the need to maximise the revenue on sites required for Mass Transit purposes. The attention of Honourable Members is specifically invited to the following points:
(a)
the grant of comprehensive development rights on land affected by railway installations will be discretionary (paragraph 1);
(b)
7.
(c)
(a)
1
the conditions of lease will be formulated in accordance with normal planning principles (paragraph 2);
valuations for premium will be generally based on the revenue lost to Government by reason of granting the land, or interests in it, to the Corporation or the cost to Government of making the site, or these interests, available to the Corporation, whichever is the higher (paragraph 3):
and
valuations will be made as at the date of the grant (Note 2).
In other respects the grants will be subject to normal principles, and the facility of paying premia by instalments at the appropriate rate of interest will also be made available to the Corporation. It may also be found desirable that the whole or part of the premia, for one or two of the sites, should be paid in the form of equity in the lass Transit Railway Corporation.
8.
In the early stages it may be necessary to grant all land to be used by the railway on short term tenancies pending the preparation of detailed conditions of grant.
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