We all know that the bill for the Games is already tripple the original estimate but did anyone else know that responsibility for the Olympic legacy (ie Olympic debt £££££££££££££££££s) is going to be passed to the Lee Valley Regional Park Authority? The Lee Valley Regional Park stretches some 26 miles along the banks of the River Lee, from Ware in Hertfordshire, through Essex, to the Thames at East India Dock Basin. http://www.leevalley...s/olympics.aspx
Has anyone been there?
What do we know already about the LVPA?
The Lee Valley Regional Park Authority is an independent statutory public authority established by an Act of Parliament in 1966. Londoners have been paying for the regeneration and maintenance of the LVP for nearly 50 years, yet the majority of contributors do not benefit from those contributions. Indeed many Londonders see amenities that serve their neighbourhoods decline through lack of investment and question the relevance of the LVP contributions per se - the LVP levy has been put forward as one of the reasons CPP has not had cross borough funding.
The LVPA is financed from the council tax payers of Hertfordshire, Essex and Greater London. For example, this year Havering will make a contribution of £266,000, Ealing £344,000, Bromley £402,000 whilst the residents of Essex and Hertfordshire will pay a levy of £1.571m and £1.320m respectively.
Londoners are currently committeed to a £625m contribution to LVP but since the passover of Olympic responsibilty there is now real potential for the LVPA to increase this levy to meet the massive Olympic overspends. I would imagine that would take LB Bromley's contributions to infinity and beyond.
One for Buzz Lightyear perhaps?