“This scheme is just too important to our town to fall by the wayside.

“It could bring thousands of jobs to Watford and bring hundreds of millions of pounds into our local economy.”

These are the words of Mayor Peter Taylor whose next project is to claw back the money put into the “dead” Met Line Extension scheme - and reinvest it in a new solution for the town.

Mayor Taylor held crunch talks on Wednesday night to look at alternatives, including light rail or a guided bus scheme.

He has now pledged to protect the corridor the train track was meant to run through from development.

He said: “We need a link here because the town is growing.

“The roads are congested and although it’s a successful town, we need that infrastructure.

“Thousands travel from north London to Watford and it won’t just benefit our residents, but those further out, too.”

Transport for London (TfL) will also have to repay Hertfordshire County Council and the Department for Transport after the scheme was shelved in January.

The project was due to create a link between Croxley, Watford Junction and central London, but was scrapped by Mayor of London Sadiq Khan in a dispute about risk costs.

Mayor of Watford Peter Taylor could not elaborate how much was invested.

He told the Watford Observer: “We are quite clear we cannot be left financially worse off because TfL have not been able to deliver the scheme.”

The money is currently being held by TfL, who will give it back to the Department for Transport, before it goes back to the councils.

Mayor Taylor added: “The Department for Transport were clear the money will be coming back as agreed.

“They are in a strong position because they give TfL money every year. It means if they didn’t return the money, it would be deducted from that.

“They have no choice.”

When the money is returned, it will be used to improve the transport infrastructure in the town or to pay for a bike hire scheme.

It could also be used to fund an alternative scheme, and measures such as a bus route or light rail are being discussed. 

On Wednesday, TfL agreed to look into alternative ways to create a link between Croxley and London during a meeting with Watford Borough Council and TfL.

The meeting centred around looking at alternatives to the current scheme, including a potential light rail alternative if a tube extension was not financially possible.

Mayor Taylor told the Watford Observer: “We have to pick up the pieces to decide what we are going to do next. It was a positive meeting. 

“Our main priority is having something which provides an extra link, so we need to look at different options and what the benefits are.

“It was a good meeting – we had a recognition of reality that this isn’t happening, this is dead, and everyone was looking at viable alternatives.”

Watford MP Richard Harrington has also pledged to continue fighting for a solution.

He said: “There are various options on the table, but first of all we need to secure the track bed for future use and recoup the monies. 

“Public transport is desperately needed along that corridor.  “I have been in regular discussions with the Department for Transport, Network Rail, Watford Borough Council and Herts County Council.”

He is also working closely with government officials and local stakeholders to redevelop Watford Junction.

“This is long overdue and much needed locally,” he added.  “I’ve secured a funding commitment from Network Rail, so we are moving forward with that now.”