Lambeth council and the Garden Bridge Trust (GBT) have reached an agreement on the public funding contribution from TfL towards the construction of the Garden Bridge.
The agreement limits TfL’s contribution to the construction of the Bridge to £10 million rather than the original £30 million contribution.
The decision means that the negotiations for the Bridge’s south landing site in Lambeth will resume.
Cllr Lib Peck, Lambeth council leader, had suspended the negotiations because of growing concerns of the £30million TfL had contributed to the scheme.
Cllr Peck said: “I’m pleased that Londoners are getting a better financial deal particularly at a time of austerity when all public sector organisations are being forced to make deep cuts to services.
“We’ve been in tough negotiations with the Garden Bridge Trust and Transport for London and I’m pleased we’ve successfully agreed a deal that will cut London taxpayers’ contribution towards the Garden Bridge by two thirds.”
Chairman of the Garden Bridge Trust, Lord Mervyn Davies said: “We are delighted to move forward with the project. We have been hugely successful in our efforts to raise funds from the private sector, with £85m pledged to date, and we have agreed that any of the committed funds from TfL spent over the £10 million will be treated as a loan. We are delighted the Garden Bridge can now progress and are grateful for all the support we’ve had.”