The overall value of the London Legacy Development Corporation’s (LLDC) assets and holdings has fallen at an alarming rate. Between 2014-15 and 2020-21 this value fell by £478 million. The London Stadium is operating at a significant loss and costs are escalating on flagship development projects like the East Bank. So what does the future hold for the LLDC in terms of its ability to provide a lasting legacy for the east end, in terms of jobs and homes?
The Old Oak and Park Royal Development Corporation (OPDC) has little to show for the millions that have been invested in it to date, so what is in the pipeline for this large-scale project? It has no capital plan, or an established funding source, so how are negotiations with Government concerning land and capital progressing?
The development has been set back by a major change in its development plans and the abandonment of funds from the Government’s Housing Infrastructure Fund. Without Old Oak North, it has a new approach to pivot towards another area, but the OPDC’s target for new homes and jobs remains unchanged.
The London Assembly Budget and Performance Committee will tomorrow question the LLDC and the OPDC on their Budgets for 2022-23.
The guests are (from 2pm):
- Lyn Garner, Chief Executive, LLDC
- Gerry Murphy, Executive Director of Financial, Commercial and Corporate Services, LLDC
From 4pm (approximately):
- David Lunts, Chief Executive Officer, OPDC
- Jasbir Sandhu, Chief Finance Officer, OPDC
The meeting will take place on Wednesday 08 December 2021, 2.00pm in G02/G03/G04, London Fire Brigade Headquarters (Union Street SE1 0LL).
Media and members of the public are invited to attend
The meeting can also be viewed LIVE via webcast or on our YouTube channel.
Follow us @LondonAssembly and tweet about the meeting using #AssemblyBudget, #LLDCBudget and #OPDCBudget
Notes to editors
- Read the agenda papers.
- Susan Hall AM, Chairman of the Budget and Performance Committee is available for interview.
- Find out more about the London Assembly Budget and Performance Committee.
- As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.
For media enquiries, please contact Lisa Lam on 07795 616 902. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer. Non-media enquiries should be directed to the Public Liaison Unit on 020 7983 4100.