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- 20 December 2013 00:00
- in Government
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- Last Modified: 20 December 2013 05:39
The 2012 Olympic and Paralympic regeneration legacy in the capital is at risk due to a £9 million funding gap that needs to be quickly addressed, the London Assembly has warned in a new report.
The report from the London Assembly’s Regeneration Committee reveals that the London Legacy Development Corporation (LLDC) needs additional support to achieve its regeneration legacy objectives.
London Legacy Development Corporation (LLDC) is responsible for the regeneration legacy from the London 2012 on the Queen Elizabeth Olympic Park.
The report expressed concerns that a funding gap of around £9 million in 2015-16 could cut into the LLDC’s regeneration activities planned for the Queen Elizabeth Olympic Park.
Jonathan Dutton, the Director of Finance and Corporate Services at the LLDC, told the Assembly that the LLDC would need to grow its income or cut expenditure to achieve its objectives.
But the Regeneration Committee found that reducing expenditure such as security and some community events was ‘not ideal’, when attracting people to the park and building a community from the regeneration efforts.
The Committee recommends that Mayor of London Boris Johnson – who is also the LLDC Chairman – should confirm that the the LLDC will receive at least £12 million in additional funding between 2015 and 2017 in order to deliver its planned regeneration activities.
"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,” said Regeneration Committee Chairman Gareth Bacon.
"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.”
Recommendations outlined in the report also call for the LLDC to establish a clear and realistic plan for becoming self-sustaining by 2020, as revenue support from the GLA may not be viable indefinitely.
In addition, the report recommends that the LLDC should work towards its 35 per cent affordable housing targets for the Eastwick and Sweetwater neighbourhoods and secure agreement with TfL over new links that will be built across the A12 between the Queen Elizabeth Olympic Park and surrounding areas within 12 months.
To read the full report, Click Here