The body in charge of the redevelopment of the Olympic park after 2012 is to be given a budget of at least £200m over the next four years.
Bob Neill, the minister for the Thames Gateway, announced the funding for the Olympic Park Legacy Company (OPLC) last week, as well as confirming that the Olympic Delivery Authority would receive £300m to transform venues after the Games.
However, Building understands the specific deal with the OPLC has not been finalised, despite Neill saying £217m was on the table.
Neill said the £500m package proved that the region was “open for business” despite the scrapping of the dedicated fund for the Thames Gateway in the spending review.
“Rumours of the Thames Gateway’s demise are somewhat wide of the mark,” he said.
Neill also announced the formation of the Thames Gateway Strategic Board, which will be led by him and London mayor Boris Johnson, to guide high-level policy decisions.
Margaret Ford, chair of the OPLC, said the overall package was “exceptionally good news”. She said: “We can put into action our plans which aim to turn the park into a top visitor destination.”