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Olympic Games: Greater London

Volume 460: debated on Thursday 24 May 2007

To ask the Secretary of State for Culture, Media and Sport (1) what estimate she has made of the potential value of land in the Olympic park following the games in 2012; (132550)

(2) what the sharing mechanism will be between the National Lottery and London council tax payers in respect of any windfall profits earned from the sale of land in the Olympic park after 2012;

(3) what estimate she has made of the likely provision to the national lottery good causes from any windfall profits earned from the sale of land in the Olympic park after 2012 to which she referred in her statement of 15 March 2007, Official Report, column 451.

The Mayor of London and I have now agreed after further discussion that we will rewrite our memorandum of understanding to put in place profit-sharing arrangements. This will provide that, after the The London Development Agency (LDA) has been repaid for the purchase and remediation of the land, the first call on any profit will be to repay the lottery.

LDA is currently leading detailed work to make a thorough assessment of the potential end values of land in the Olympic park and we await the outcome of that work. At this point—over five years before the games—it is difficult to predict this with certainty. However, land disposal plans will aim to maximise land revenues.