Transport for London(TfL) has submitted a Transport & Works Act Order application for the Northern line extension from Kennington to Battersea via Nine Elms. Extending the Northern Line would support the creation of up to 25,000 jobs, it said, and the local area would also get 16,000 new homes.
If the Tube link goes ahead, travel to the West End and the City would be cut to 15 minutes from the Battersea area.
Construction of the Northern line extension could begin in 2015 with the two new stations opening in 2020, if planning powers are obtained from the government and a funding package is in place.
The application to the transport secretary marks the start of the statutory process during which people or organisations can make representations to Government with their views on the proposed scheme. This period will last for seven weeks.
TfL said that results from three public consultations on plans to extend the Northern line have confirmed strong support for this potential new Tube link. The extension would help kick start regeneration in the Nine Elms area of south London and provide major transport benefits for local people, it said.
The extension would reduce pressure on Vauxhall station, provide relief to the existing Northern line south of Kennington and give wider access to leisure and employment opportunities for local people. The new infrastructure would support up to 25,000 jobs and 16,000 new homes.
After the submission of the TWAO, a public inquiry is likely to be held this autumn after which the Government will make a decision. This is expected by autumn 2014.
Funding for the proposed Tube link is guaranteed by the finance package confirmed by the chancellor in his 2012 Autumn Statement. Up to £1bn would be borrowed by the public sector to finance the construction of the extension. The funding to repay this borrowing would then come from the private sector in the form of business rates and private developer contributions.