December 18 - Additional support is needed if the legacy ambitions of last year's Olympic and Paralympic Games are to be achieved, a report compiled by the Regeneration Committee of the London Assembly warned today.
The report, written one year following London 2012, specifically highlights the existence of a £9 million ($14 million/€10 million) funding gap for the 2015-2016 period which could cut into planned regeneration activities.
The London Legacy Development Corporation therefore needs to grow its income or cut expenditure to achieve its objectives, the report advises.
But, it subsequently admitted that the latter option is "not ideal" if the pledges of attracting people to the Park and building a community from the regeneration efforts are to be fulfilled.
Instead, they recommended that Mayor of London Boris Johnson confirms that the Legacy Company will receive at least £12 million ($19.5 million/€14 million) in additional funding between 2015 and 2017 to deliver these planned regeneration activities.
Recommendations outlined in the report also call for the Legacy Company to establish a "clear and realistic plan for becoming self-sustaining by 2020, as revenue support from the Greater London Authority (GLA) may not be viable indefinitely."
"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," summarised Regeneration Committee chairman Gareth Bacon.
"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 dependent on Mayoral funding indefinitely, the Corporation should commit to becoming self-sustaining as soon as possible and certainly by 2020 at the latest."
Criticism of the fulfillment of London 2012 legacy pledges, as epitomised by a House of Lords report released last month, has generally focused on flagging participation rates and the lack of wider development across Britain.
In contrast, the Queen Elizabeth Olympic Park has generally received praise after a series of sporting legacy event in 2013, including the Anniversary Games and the inaugural Ride London Cycling Grand Prix.
The first residents have also moved in to the London 2012 Olympic Village and other recreational facilities have been opened particularly in the northern section of the Park, while the rest is reportedly progressing well ahead of its general opening in the Spring.
The report released today can therefore be taken as something of a wake-up call that many challenges still lie ahead for the Legacy Company as it moves forward into the second year of regeneration.
The report also highlighted several other recommendations, including in relation to working towards the 35 per cent affordable housing targets for the Eastwick and Sweetwater neighbourhoods.
Securing agreement with Transport for London (TfL) over new links that will be built across the A12 road between the Park and surrounding areas within 12 months, was highlighted as another priority.
December 2013: Outside construction work completed on Aquatics Centre as London 2012 legacy drive continues
November 2013: First residents move into London 2012 Olympic Village
November 2013: London 2012 Legacy "faltering" according to House of Lords report
October 2013: Nick Butler - Beyond Duchesses and University Challenge, "inspiring a generation" was in full force again in London
October 2013: Locals close to Olympic Park will take advantage of London 2012 legacy opportunity, Assembly told