Purpose

This decision is to agree the priorities for investment in 2026-27 using the Section 106 Funding associated with the London Eye. The funding is utilised to mitigate the impacts on the local environment and community of the London Eye. This follows the agreement between the Council and South Bank Employers Group via a Service Level Agreement in 2025, to manage London Eye Funding to deliver the required outcomes.

Decision

1. To agree the spend of £983,912 for the financial year from 01 April 2026 to 31 March 2027 for the delivery of services in accordance with the S106 Agreement for the London Eye.

1. To delegate to the Corporate Director for Growth and Environment (Interim) and the Director of Regeneration, Growth and Investment, the power to agree changes and additional project spend to the payment schedule for financial year 2026 – 2027.

1. To reconvene partnership discussions within the next financial year, to consider additional project priorities that could secure any remaining funding available through the S106 Agreement.

1. To undertake a partnership piece of work (with the South Bank Finance Group) during the next financial year, which reviews the current resource requirements, roles and responsibilities and governance structure for funding decisions and recommends process improvements for prioritising and securing project funding using the London Eye S106 funds in future years. Consideration of the level of retained reserves and funding carried over to future financial years should form part of this review.