This Budget and Performance Committee highlights the continuing uncertainty around the future set up for Olympic legacy development in London.
Watch a short video about the key findings or read the full report below:
The Committee's report raises concerns about the implications of transferring the Olympic Park to the Olympic Park Legacy Company (OPLC).
The report welcomes the setting up of the OPLC. However, with the Mayor proposing to replace it with a Mayoral Development Corporation, it is unclear who will be accountable for maximising the overall economic benefit of the Olympic and Paralympic Games. The report also reveals that the land transfer – finalised on 30 September 2010 - will leave the LDA with £387 million of debt.
The report raises questions about how the abolition of the LDA, set for March 2012 will affect the repayment of the debt and the amount of future funding available for London’s economic development.
The Committee is seeking a response to the issues raised in the report from the Mayor by the beginning of February 2011.
The report is the first of a two-part investigation. Part two, will examine the adequacy of the transformation budgets, as well as overall legacy costs and funding.