Newham Council invests £40 million in Olympic Stadium legacy
17:40 29 March 2012
Newham Council have agreed to invest £40 million to secure the legacy of the Olympic Stadium.
Members agreed to confirm a decision they made last November and invest the money in the adaptation of the Olympic Stadium in Stratford...subject to agreement of conditions including “appropriate financial and legacy benefits.”
It follows what the authority calla “constructive discussions” with the Olympic Park Legacy Company (OPLC) as a result of the Council’s previous decision in November last year.
The Council further agreed to establish Newham Legacy Investments Limited, a company wholly owned by the London Borough of Newham. It is proposed that Newham Legacy Investments Limited enters into a Limited Liability Partnership with the OPLC to manage the legacy of the Olympic Stadium and island site.
An updated proposal relating to the stadium partnership, the conversion works and the basis for an investment was agreed at the meeting of the full council.
The Council is playing no part in the OPLC’s current process of selecting stadium concession holders.
Mr Kim Bromley-Derry, Chief Executive of Newham Council, said: “We continue to make good progress in securing the legacy of the Olympic Stadium and are working positively with the Olympic Park Legacy Company.
“Our vision for the Olympic Stadium remains to create significant community benefits including job creation, increased sports participation and the establishment of a world class visitor attraction.
“We are determined to help deliver the promises set out in the original Olympic bid book to transform the lives of those living in London’s East End, especially for the residents of Newham.”