Key information
Decision type: Mayor
Reference code: MD1422
Date signed:
Decision by: Boris Johnson, Former Mayor of London (May 2008 - May 2016)
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.
Signed decision document
MD1422 OLYMPICOPLOIS part 1 (signed) PDF.pdf
Supporting documents
MD1422 OLYMPICOPOLIS part 1 PDF.pdf