£9million funding gap threatens legacy of Olympic Park, report reveals
PUBLISHED: 11:16 18 December 2013 | UPDATED: 11:16 18 December 2013
A funding gap of £9million is threatening the legacy of the London Olympic Games, according to a report published today.
It raised concerns the gap could cut into regeneration activities planned at the Queen Elizabeth Olympic Park from 2015 to 2016, impairing the legacy of the Games held just over a year ago.
Recommendations from report authors the London Assembly’s Regeneration Committee called for a “clear and realistic plan” to make the London Legacy Development Corporation (LLDC), which manages the park, into a self-sustaining body by 2020.
Jonathan Dutton, director of finance and corporate services at LLDC, said the corporation would need to grow its income or bring down its expenditure to achieve its legacy objectives.
However the committee said reducing expenditure such as security and some community events was “not ideal” when attracting people to the park and building a community through regeneration efforts.
Instead it recommended that Mayor of London Boris Johnson committed to providing at least £12million in additional funding between 2015 and 2017 to deliver on planned regeneration activities.
Assembly member Gareth Bacon, chairman of the London Assembly Regeneration Committee, said: “We believe in the short term the Mayor should continue to invest and support the LLDC.
“However, to ensure the LLDC’s objectives are not dependant on Mayoral funding indefinitely, the corporation should commit to becoming self-sustaining as soon as possible and certainly by 2020 at the latest.
“Regenerating east London and the Lower Lea Valley is important not just to meet the London 2012 legacy objectives, but for the benefit of the people of east London who will be a crucial part of building the community for years to come.”
The report also recommended the corporation secures agreement with Transport for London over planned links across the A12 between the Olympic Park and surrounding areas within 12 months and works towards its 35 per cent affordable housing targets for the Eastwick and Sweetwater neighbourhoods.
The LLDC is a not-for-profit organisation responsible for the long-term management of Queen Elizabeth Olympic Park and its facilities.