Olympic retrofit costs 'unknown'
It is difficult to put a price on how much more cash is needed to convert Olympic Park for public use after the 2012 Games, Tessa Jowell has said, dismissing estimates of £450 million as “highly provisional”.
The Olympics Minister told the Culture, Media and Sport Committee that “nobody recognises” such a figure.
“Until the masterplan is confirmed and the phasing of development is confirmed it is difficult to be precise,” she argued.
So far £350 million has been earmarked for legacy transformation, but the extra money could be needed for converting the site after the Games, the MPs heard.
These costs are not covered under the existing £9.3 billion Olympic budget, Baroness Ford, chief of the Olympic Park Legacy Company, said earlier this month.
Funding may come from central government, the Department for Communities and Local Government, City Hall, or a combination of the three.
She told the London Assembly this month: “I was never under the impression coming in to this job that the further capital we would require over that period to finish the build out of the park would come from the Olympic budget.
“I was always under the impression that would come from elsewhere.”