MIPIM 2010: Boris signs off vital Olympic land and debt agreement

Paul Norman 16/03/2010 15:35

A crucial agreement between City Hall and central government enabling the regeneration of the Olympic Games site after the event in 2012 has been signed off, EGi News has learnt.

Later today an announcement will be made by London mayor Boris Johnson at MIPIM confirming the London Development Agency and the government have reached agreement over control of the London Olympic Park and its £800m debt pile.

The deal is vital to the formation of the new Olympic Park Legacy Company, the vehicle tasked with working up plans for as many as 12,000 homes at the 500-acre Olympic Park, as well as to the creation of a sustainable legacy for both the £350m Olympics media centre in Hackney Wick and the Olympic Stadium.

Resolution is also important if the LDA is to finalise its budget programme for the coming year.

The LDA has been in negotiations to transfer the Olympic Park, and the debt accumulated assembling the site, to the Treasury since May of last year.

The LDA has said it will only accept a deal that creates a "no detriment" position for the agency.

The OPLC will now be responsible for securing the future of the site.

See the Estates Gazette Olympic blog for more on this story.

paul.norman@estatesgazette.com

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