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Olympic Park needs bail-out after £9m regeneration gap, Assembly warns

PUBLISHED: 00:01 18 December 2013 | UPDATED: 08:02 18 December 2013

The Olympic Park needs a bail-out if its regeneration target is to be met in three years’ time.

That’s the stark warning from the London Assembly after £9 million gap opened in the projected costs facing the Legacy Development Corporation.

A new report less than two years on from the 2012 Games is worried that the funding gap between 2015 and 2017 could hit east London’s regeneration surrounding the park.

The Legacy corporation would need to boost its income or cut spending to reach its objectives, its Finance director Jonathan Dutton has warned.

Now the Mayor of London is being urged to make sure there’s enough in the kitty for the corporation to complete its regeneration activities.

The Assembly has called for £12m extra funds from Boris Johnson after 2015.

Its regeneration chairman Gareth Bacon said: “Regenerating the Lower Lea Valley is important to meet the objectives to benefit the people of east London who are a crucial part of building the community for years to come.”

The Assembly is also pressing for the Legacy Corporation to become self-sustaining within eight years so that it doesn’t depend on the Mayor’s purse-string hand-outs indefinitely.

The Assembly’s regeneration report out today recommends the Legacy corporation aims for 35 per cent affordable housing in the new Olympic Park neighbourhoods of Eastwick and Sweetwater.

It also urges an agreement from TfL for new public links across the A12 dual-carriageway to connect the park to Old Ford and Hackney Wick districts within 12 months.

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