An agreement to transfer the Olympic Park and Three Mills site from the London Development Agency to the Olympic Park Legacy Company for creation of a new city district has been accepted by mayor Boris Johnson.
The Government will provide OPLC with £138m to purchase the holding while the LDA will be relieved of its commitment to pay £300m to the Olympic Delivery Authority.
Meanwhile the LDA will repay £369m of debt between 2011 and 2014 with no further loans.
"This is an important deal that will help create up to 10,000 homes and up to 10,000 jobs in the Olympic Park, schools, health centres and many other facilities that will ensure this area has a firm future," said comunities secretary John Denham.
"This deal represents good value not only for the taxpayer but for Londoners and lottery good causes and will provide a legacy that will benefit people across the region for years to come. By working hard with our partners we now have an agreement that is robust, affordable and will provide a return on investment that will help deliver a dynamic legacy for the Olympic Park."
