A new Community Infrastructure Levy (CIL) is expected to raise £18m for Peterborough City Council by 2031.
The council has agreed to charge the levy on new developments from 24 April 2015 to generate money for roads and new community facilities. A percentage of the money raised will also be passed to local communities to help fund infrastructure projects.
Simon Machen, corporate director of growth and regeneration at Peterborough City Council, said: ‘The levy is good news for local people, as these changes will make the developer contributions system faster and more straight forward. It will allow greater choice and flexibility when funding the infrastructure we need to support new developments and the wider community.’
The council will still use Section 106 planning obligations to fund other improvements such as affordable housing and site specific traffic measures.