"We welcome today’s announcement of a realistic ODA budget and a prudent contingency.

"Agreeing the budget early, over 5 years before the Games begin, gives us the clarity and certainty to build on the excellent progress we have already made.

"The Government has an ambitious regeneration vision for the Lower Lea Valley, one of the most deprived areas of the country, and we are planning Games and legacy together for the first time. The Government should be congratulated for having the ambition to realise this bold vision.

"In building the venues and infrastructure needed for the Games we will also be building a new, brighter future for existing and future communities in east London. London 2012 will leave a new urban park, improved transport links, state of the art new sports and community facilities and thousands of new homes. We will build a legacy that lasts."

Since its creation in April 2006, the ODA has made a strong start in establishing firm foundations for the project, hitting all its milestones to date, as outlined below:

Park Masterplan: The revised Masterplan which shows the Park’s design for both Games and Legacy mode was published last summer. The delivery route map which sets out how we will get 2012 was also published.

Transport Plan: The draft Transport Plan was launched in October last year – an unprecedented six years ahead of the Games.

Planning Application: One of the biggest and most complex planning applications in Europe was submitted on time last month, setting the vision for one of the biggest urban parks to be built for 150 years

Site preparation: The process of clearing and cleaning the land is well under-way and site investigation has now been carried out in over 60 per cent of the overall project. Demolition started on site in December last year and the disused buildings in the north of the site at Eton Manor have already been flattened and cleared.

Powerlines: The major construction project of undergrounding the powerlines into two tunnels continues and the halfway points were crossed at the end of last year. This tunnelling is on track to complete this summer.

Land Acquisition: Over 90% of the land needed to build the Park has been acquired by the London Development Agency (LDA), with relocation arrangements agreed with those living and working in the area. LDA negotiations with the remaining landowners will be completed in the summer.

Stratford City: The ODA recently announced it is in exclusive talks with Lend Lease to be the delivery partner for the Olympic Village within Stratford City.

Venues: Designs for the Aquatics Centre were unveiled last year and today the search started for a construction contractor. Negotiations with Team Sir Robert McAlpine continue to progress well for the design and construction of the Stadium, a design competition has been launched for the Velopark, and the ODA are asking for expressions of interest for the legacy plans for the IBC/MPC.

Delivery Partner: CLM, the private sector delivery partner for the ODA, was appointed in August last year to support with the project management of the delivery programme for the venues and infrastructure. The three companies that form the CLM consortium have between them worked on five previous Olympic and Paralympic Games.

Community engagement: There has been an on-going process of communication and engagement with the local communities around the Olympic Park to keep them updated with plans and new developments. This included a roadshow when over 5,000 east Londoners were asked for their opinions on the future Park.

Next month the ODA will set out the main milestones it will achieve by the Beijing 2008 Games next summer.

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Media Enquiries - Contact the Olympic Delivery Authority Press Office on 020 3 2012 700