BUILDING work on the 2012 Olympic site is ‘on track’ one year after construction began, organisers say.
The Olympic Delivery Authority (ODA) said the project on the 500-acre, which will include a stadium, Aquatics centre and an Olympic Village on Waltham Forest’s border, is on time and on budget.
Construction is due to be completed by 2011, allowing 12 months for facilities to be tested.
Lord Coe, chairman of the London Organising Committee for the Olympic Games, said building work on the 80,000-seat centrepiece stadium is four months ahead of schedule.
The Olympic Village, on the Stratford border with Leyton, will now be financed with £1 billion of taxpayers’ money after a plan to use private investment was ditched due to the economic downturn.
The original £3.4 billion budget for the Games has increased to £9.5 billion.
The ODA admitted the recession has hit private sector funding, but promised the Games would not exceed its budget.
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