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London Legacy Development Corporation advised by Regeneration Committee to become self-funded by 2020
Regeneration of the Olympic Park can only proceed if millions of pounds can be found to plug a funding gap, a report has warned.
The London Assembly’s Regeneration Committee predicted a shortfall of around £9million in 2015/16 which has put London Legacy Development Corporation (LLDC) objectives in doubt.
Jonathan Dutton, LLDC director of finance and corporate services, told the Assembly that the corporation would need to grow its income or cut expenditure to achieve its objectives.
There is pressure on London Mayor Boris Johnson to confirm that the LLDC will receive at least £12 million in additional funding between 2015 and 2017 to deliver its plans.
Gareth Bacon, chairman of the London Assembly Regeneration Committee, said "Regenerating east London and the Lower Lea Valley is important not just to meet the London 2012 legacy objectives, but for the benefit of the people of east London who will be a crucial part of building the community for years to come.
"We believe in the short term the Mayor should continue to invest and support the LLDC.
"However, to ensure the LLDC’s objectives are not dependant on Mayoral funding indefinitely, the corporation should commit to becoming self-sustaining as soon as possible and certainly by 2020 at the latest."
The Committee's report calls for the LLDC to establish a clear plan for becoming self-sustaining by 2020.