The developments at Queen Elizabeth Olympic Park are driving regeneration, growth and investment in east London and will deliver 33,000 much-needed new homes in the wider area by 2036 as well as jobs and the East Bank culture and education district.
The Fixed Estate Charge (FEC) is a significant and important revenue stream for the long-term management of the Park enabling LLDC and any successor body to meet its obligations to maintain the Park to the standards expected by local residents and businesses.
The FEC applies to all types of occupier on the Park estate from residents to businesses and the rate charged depends on the type of tenant. It was introduced by the previous Mayor in 2016 and is subject to inflation in line with maintaining the Park to the required standard.
I understand the concerns raised by residents, particularly about the RPI increases in the charge, and these will be looked into.