The mayor, while not falling in rivers in Lewisham (I kid you not), has published a legal document ratifying the formation of the Olympic Park Legacy Company.
The document outlines a list of objectives that the vehicle must meet as well as flagging up a number of outstanding issues that need still need to be resolved, the most complex of which will undoubtedly be negotiations to transfer the LDA's Olympics land over to the vehicle.
The Founder Members will be the mayor and whoever the secretary of state for Communities and Local Government and the Minister for the Olympics are by the time the vehicle is finally signed off.
With reference to the LDA land ....
It adds that this agreement is "fundamental to the future of the company and linked to the arrangements under discussion with government about the future repayment of Olympic related debt incurred by the LDA and the principles for the sharing of the proceeds of disposal after the debt is repaid".
So no pressure there then!
The key tasks are: negotiate the terms of the land agreement with the LDA; appoint the chief executive and director of finance (Mr Altman step forward); complete the remaining board appointments; agree staffing arrangements for the company alongside the implications for the LDA.
The initial response to all of this has to be that there are still some critical areas that will need to be resolved with the LDA before the vehicle can really flex its muscles.
All of which is bound to add to a concern in the market currently that the vehicle could just add another layer of bureaucracy to a project that really does not need any more.
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