The 2012 Olympic Games and Paralympic Games in London can be viewed as a sporting overlay for the biggest regeneration project in Europe, Olympic Delivery Authority (ODA) Chief Executive David Higgins said today.
Speaking at the Thames Gateway Forum, David Higgins said:
"The review of costs post Singapore is right and prudent. As London moves from Candidate City to Host City it is important we look at all the associated benefits the Olympic Games and Paralympic Games can bring.
"However, often absent from the funding debate in recent weeks has been any focus on value. Today I want to set out the other side of the balance sheet – the argument for regeneration.
"There is no doubt that London 2012 will be the greatest sporting event in the world, but London 2012 can also be remembered as the 'Regeneration Games' and contribute to the economic and social renaissance of parts of the Lower Lea Valley that suffer from unacceptable levels of deprivation and urban decay.
"It is the value of the Games as a catalyst for addressing the existing economic and social problems in parts of East London that should be part of the current debate."
David Higgins also said:
"The Lower Lea Valley – the site for the Olympic Park – suffers from physical decay and economic and social decline, scarred by derelict, polluted land and many generations of under-investment. Unemployment is high in the area, life expectancy for both men and women is below the national average and crime figures are also significantly above the England average.
"One of the legacies of the Games will be a city within a city. A new town is being built in Lower Lea Valley, 40,000 new homes supported by new schools, community and health facilities.
"Stratford City will have become a major new town and business centre with 1.5 million sq feet of retail space – including John Lewis - and 2 million sq feet of office space.
"After the Games, the area will enjoy the largest new urban park in Europe for 150 years with an enhanced network of restored waterways and new wildlife habitat.
"It is estimated that the Games will create 7,000 full-time equivalent jobs in the construction industry alone. This excludes the Stratford City development which could easily double this number.
"In addition, approximately 12,000 jobs could be created as a result of the legacy development of the Olympic Park area – contributing to the 249,000 jobs that are planned for East London in the period to 2016.
"Finally, the Lower Lea Valley has suffered from poor transport links and this has been a major obstacle to its redevelopment. Transport improvements for the Games will help transform the Lower Lea Valley to one of the best connected areas in the capital, bringing economic and social benefits that go far beyond 2012, and far beyond sport."
Notes to Editors:
1. The ODA is the single delivery body responsible for creating the venues and infrastructure for the Olympic Games and Paralympic Games in London in 2012.
2. The Thames Gateway Forum is the annual meeting place for all those involved in the regeneration of The Thames Gateway and Olympic region. The event includes a conference with 160 top-level speakers. As such it will be "the largest ever gathering of the people and organisations responsible for delivering the most exciting regeneration project in the world."
Media Enquiries
Contact the Olympic Delivery Authority Press Office on 020 3 2012 700
"The review of costs post Singapore is right and prudent. As London moves from Candidate City to Host City it is important we look at all the associated benefits the Olympic Games and Paralympic Games can bring.
"However, often absent from the funding debate in recent weeks has been any focus on value. Today I want to set out the other side of the balance sheet – the argument for regeneration.
"There is no doubt that London 2012 will be the greatest sporting event in the world, but London 2012 can also be remembered as the 'Regeneration Games' and contribute to the economic and social renaissance of parts of the Lower Lea Valley that suffer from unacceptable levels of deprivation and urban decay.
"It is the value of the Games as a catalyst for addressing the existing economic and social problems in parts of East London that should be part of the current debate."
David Higgins also said:
"The Lower Lea Valley – the site for the Olympic Park – suffers from physical decay and economic and social decline, scarred by derelict, polluted land and many generations of under-investment. Unemployment is high in the area, life expectancy for both men and women is below the national average and crime figures are also significantly above the England average.
"One of the legacies of the Games will be a city within a city. A new town is being built in Lower Lea Valley, 40,000 new homes supported by new schools, community and health facilities.
"Stratford City will have become a major new town and business centre with 1.5 million sq feet of retail space – including John Lewis - and 2 million sq feet of office space.
"After the Games, the area will enjoy the largest new urban park in Europe for 150 years with an enhanced network of restored waterways and new wildlife habitat.
"It is estimated that the Games will create 7,000 full-time equivalent jobs in the construction industry alone. This excludes the Stratford City development which could easily double this number.
"In addition, approximately 12,000 jobs could be created as a result of the legacy development of the Olympic Park area – contributing to the 249,000 jobs that are planned for East London in the period to 2016.
"Finally, the Lower Lea Valley has suffered from poor transport links and this has been a major obstacle to its redevelopment. Transport improvements for the Games will help transform the Lower Lea Valley to one of the best connected areas in the capital, bringing economic and social benefits that go far beyond 2012, and far beyond sport."
Notes to Editors:
1. The ODA is the single delivery body responsible for creating the venues and infrastructure for the Olympic Games and Paralympic Games in London in 2012.
2. The Thames Gateway Forum is the annual meeting place for all those involved in the regeneration of The Thames Gateway and Olympic region. The event includes a conference with 160 top-level speakers. As such it will be "the largest ever gathering of the people and organisations responsible for delivering the most exciting regeneration project in the world."
Media Enquiries
Contact the Olympic Delivery Authority Press Office on 020 3 2012 700
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