Meaning of Development Agreement
Section 5
17.The fifth provision within the Act amends the definition of "development agreement" in section 56(1) of the 1996 Act.
18.LCR designed and constructed the CTRL in accordance with the terms of the CTRL Development Agreement which it entered into with the Secretary of State in 1996. This agreement will continue post-construction (albeit in a revised form) and will contain the terms of the concession to operate the railway. To reflect more clearly that the agreement and provisions in the 1996 Act relate to the operational phase of the CTRL as well as its design and construction, this section amends the definition of "development agreement" in the 1996 Act to include the word "operation".