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| Version 1 | Version 2 |
|---|---|
| Olympic village handed more funds | Olympic village handed more funds |
| (about 8 hours later) | |
| The Olympic village is to be publicly-owned after the government said an extra £324m of public funds will be used in the project. | The Olympic village is to be publicly-owned after the government said an extra £324m of public funds will be used in the project. |
| The £1bn village, which includes 2,800 flats, was initially a privately-funded project but was switched to a public-private financed initiative. | The £1bn village, which includes 2,800 flats, was initially a privately-funded project but was switched to a public-private financed initiative. |
| Olympics Minister Tessa Jowell said private funding had been rejected as it was "not a good deal" for the taxpayer. | Olympics Minister Tessa Jowell said private funding had been rejected as it was "not a good deal" for the taxpayer. |
| The government said the money would be paid back after the flats were sold. | The government said the money would be paid back after the flats were sold. |
| Ms Jowell said: "By funding the entire project, the village will become publicly-owned and the public purse will receive substantial returns from sales." | Ms Jowell said: "By funding the entire project, the village will become publicly-owned and the public purse will receive substantial returns from sales." |
| The lack of private-sector funding for the athletes' village is a direct reflection of the severity of the current economic downturn Hugh Robertson, shadow Olympics minister | The lack of private-sector funding for the athletes' village is a direct reflection of the severity of the current economic downturn Hugh Robertson, shadow Olympics minister |
| She added the Olympic Delivery Authority (ODA) may pursue deals from investors when the site is nearly finished, but this depended on the economic climate. | She added the Olympic Delivery Authority (ODA) may pursue deals from investors when the site is nearly finished, but this depended on the economic climate. |
| The £324m includes £261m from a contingency fund and £63m from savings elsewhere in the project. | The £324m includes £261m from a contingency fund and £63m from savings elsewhere in the project. |
| A further £268m will also be invested from a deal with Triathlon Homes to sell affordable flats at the village. | A further £268m will also be invested from a deal with Triathlon Homes to sell affordable flats at the village. |
| Shadow Olympics minister Hugh Robertson said the decision was "a cause for concern". | Shadow Olympics minister Hugh Robertson said the decision was "a cause for concern". |
| "The lack of private-sector funding for the athletes' village is a direct reflection of the severity of the current economic downturn," he said. | "The lack of private-sector funding for the athletes' village is a direct reflection of the severity of the current economic downturn," he said. |
| "As soon as markets improve, it must be sold to the private sector and today's outlay recouped for the taxpayer." | "As soon as markets improve, it must be sold to the private sector and today's outlay recouped for the taxpayer." |
| A private sector deal from contractor Lend Lease and its banking consortium was rejected after ministers decided it was not in the best interests of the tax payer. | A private sector deal from contractor Lend Lease and its banking consortium was rejected after ministers decided it was not in the best interests of the tax payer. |
| The company had been prepared to invest up to £150m in equity and £225m in bank debts to finance the construction. | The company had been prepared to invest up to £150m in equity and £225m in bank debts to finance the construction. |
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| It was originally intended to be paid for investors |