Newham residents offered reassurance over Olympic Stadium bid funding
The Olympic Stadium bid will not impact on people living in property to rent in the London borough of Newham, according to the council.
Newham Council confirmed there will be no effect seen on day-to-day spending or on council tax for residents in the borough.
West Ham United will rent the Olympic Stadium from a company, which will in turn loan the venue from Newham Council.
A council spokesperson said: "Any borrowing the council undertakes to finance the loan for the stadium will not cost our taxpayers a penny, nor will it impact on services.
"It has nothing to do with our revenue budget, which is for the council's day-to-day spending because repayments from the stadium company will cover the cost of council borrowing."
Residents living in flats to rent in the London borough of Newham will be put first when the council makes its Budget, Sir Robin Wales, the mayor of Newham, said recently.
Posted by Chris Price
Published 7th March, 2011
© 2011 Estates IT Limited
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