Have your say on proposed tax for developers building on Olympic Park
- Credit: LLDC
The London Legacy Development Corporation, which runs the Olympic Park, is proposing a new charge on developments in the park.
The Community Infrastructure Levy (CIL) is a tax the LLDC can charge to developers wanting to build housing, offices and shops in the Olympic Park and the wider area over which it has planning powers.
The money raised from the tax will be spent on infrastructure to improve the area and promote growth in Stratford.
LLDC is now opening a consultation to get feedback on the proposed tax rates. The consultation will run from January 14 for five weeks, closing on February 15.
Under the proposed rates, offices and hotels would cost £123.17 per square metre, while housing would be £73.90. Education, health services and affordable workspaces would not pay the levy.
Funding from the CIL has already been used as part of a £4 million upgrade of Hackney Wick station.
Lyn Garner, CEO of LLDC, said: “It is important that local people have the opportunity to have their say on the proposed new and updated CIL charges. “Hackney Wick Station is a great example of how CIL funds can be used for the benefit of local communities and businesses.”
Respond to the consultation at queenelizabetholympicpark.co.uk/cil.