MD1422 Memorandum of Understanding for Olympicopolis (funding and delivery) between the DCLG and the GLA

Type of decision: 
Mayoral decision
Code: 
MD1422
Date signed: 
04 December 2014
Decision by: 
Boris Johnson MP (past staff), Mayor of London

Executive summary

Olympicopolis is the Mayor’s vision to create a new cultural and higher education quarter on Queen Elizabeth Olympic Park (QEOP). This decision seeks the Mayor’s consent to a Memorandum of Understanding (MOU) that establishes the principles for the ongoing relationship between Department for Communities and Local Government (DCLG) and the GLA regarding the funding and delivery of Olympicopolis on QEOP by the London Legacy Development Corporation (“Legacy Corporation” or “LLDC”).

It highlights the capital funding contribution from government and the ongoing revenue support required for the Victoria & Albert (V&A) and Sadler’s Wells, as set out in the Outline Business Case (OBC) submitted to DCLG.

It also confirms that the GLA will underwrite the overall funding of the project. The MOU details the process for DCLG to provide capital funding to the GLA, which in turn will provide funding to the LLDC, and sets out future governance arrangements. This agreement will cover the period between December 2014 and approval of the Final Business Case (expected in 2016/17) by DCLG.

The MOU is attached in the Part 2 confidential section and for Mayoral signature.

Part 1: Non-confidential facts and advice