Newham

Newham council makes further progress to secure legacy of the Olympic Stadium

28 March 2012 in 2012 Games and legacy
At a meeting of the full Council this evening (28 March), members agreed to invest up to £40m in the adaptation of the Olympic Stadium subject to agreement of conditions including appropriate financial and legacy benefits.
 
This follows constructive discussions with the Olympic Park Legacy Company (OPLC) as a result of the Council’s previous decision of 28 November 2011.

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.

The Council is playing no part in the OPLC's current process of selecting Stadium concession holders.

Kim Bromley-Derry, Chief Executive of the London Borough of Newham 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.”