The London Assembly is about to begin an investigation into the costs and funding of delivering a legacy from the Olympic Park.

The investigation - starting tomorrow - will also look at the financial implications of the Mayor's decision to change the body responsible for the site's legacy.

The London Development Agency (LDA) bought the land for the Olympic Park and it was originally planned that, once the Games were over, the LDA would have responsibility for ensuring the Olympic Games resulted in a legacy of regeneration and new facilities from the Olympic Park site.

However in May 2009, the Mayor set up the Olympic Park Legacy Company (OPLC) to take charge of the legacy of the site instead. At the time it was expected that ownership of the land would be transferred from the LDA to the OPLC by 31 October 2009, but a deal on the transfer has still not been reached.

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The first meeting of the Budget and Performance Committee's investigation, will look into the implications of the delays in reaching an agreement on the transfer. The LDA has already taken on additional borrowing for which it has budgeted up to an extra £12.7 million for financing costs because of the delay.

Chair of the Budget and Performance Committee, John Biggs AM, said: "The 2012 Games have been presented as a once in a lifetime opportunity to regenerate one of the UK's most economically disadvantaged areas. But with less than 1,000 days to go until work begins on transferring the site into its legacy mode, we are concerned that an agreement on the transfer of the land has still not been reached.

"The outcome of the settlement could have far-reaching implications so it is essential we look into the costs and funding of the legacy development on the Olympic Park site."

(CD/BMcC)