British Government Investing in London Olympic Park Project

(ATR)The British government will invest approximately $220 million in redevelopingQueen Elizabeth Olympic Park,Chancellor George Osborne says.

Construction plans for the 2012 Games site include a new Sadler's Wells dance theater, a Victoria & Albert museum and exhibition space, and two university campuses dedicated to arts, design, and engineering.

The plans, also backed by London Mayor Boris Johnson, represent one chapter of a nationwide infrastructure plan announced by the British government on Tuesday.

In an article written for the London Evening Standard, Osborne says, "The project at Queen Elizabeth Olympic Parkwill secure the legacy of our wonderful Games, as well as creating thousands of jobs and boosting London’s economy by an estimated $148 million each year."

Osborne adds, "The exciting plans are for the construction of a new higher education and cultural sector, working with some of the city's most famous institutions--University College London, the Victoria & Albert Museum, University of the Arts London and Sadler's Wells.

"London is about more than homes and transport. It’s about great culture, too."

According to Evening Standard political editor Joe Murphy, "The 'Olympicopolis' schemeis expected to deliver3,000 jobs, attract 1.5 million additional visitors to the London, and generate approximately $4.3 billion of economic value to Stratford and the surrounding area."

Written byNicole Bennett

Homepage photo: Getty Images

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