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Olympic Games 2012: Broadcasting

Volume 474: debated on Monday 21 April 2008

To ask the Minister for the Olympics what assessment she has made of the potential financial benefits to the London Development Agency of legacy use of the Olympics international broadcast centre/media and press centre. (199661)

As the land owner and the Legacy Client for the Olympic Park, the London Development Agency is eligible for—but not guaranteed—an appropriate financial return, taking account of usual overage, for its land input to the International Broadcast Centre and Main Press Centre (IBC/MPC). The overage is subject to a number of conditions based on financial market conditions and rental/sales projections and will be linked to the profitability of the regeneration scheme. An independent overage valuation is being undertaken currently with findings of this valuation yet to be established. Overage returns, in accordance with the established MOU between the Government and the Mayor of London, will be directed to both the LDA and to the benefit of Lottery good causes.

The receipt of overage will give the LDA a financial interest in maximising the legacy value of the IBC/MPC, both in commercial and amenity terms, and will contribute to ensuring a vibrant and productive future for the venue both in its own right and in the context of the wider Park.