Wandsworth Council has unveiled formal plans to invest £820,000 in Battersea Park mainly as a direct benefit of staging Formula E there for two years.
Councillors will be asked to endorse a package of proposals to invest this sum in improving the park.
This year’s races are being held next weekend and are expected to attract around 60,000 spectators to the area.
Half a million pounds has been contributed tot he council by Formula E across the two years it has been held in the park, and a further £250,000 has been received in S106 from the developers of the neighbouring Battersea Wharf and Chelsea Bridge Wharf housing schemes and this will also be invested in the park.
Further funding has been pledged by local amenity group the Friends of Battersea Park, bringing the total amount available to spend to £820,000.
This will fund a number of improvements, including the creation of a new playground near La Gondola Café, a new entrance between Chelsea and Rosary Gates, a new garden on a closed and unused area of the park east of Albert Bridge which projects about 12m into the river, and a Cascade fountain feasibility and restoration project.
Community services spokesman Cllr Jonathan Cook said: “We are unveiling an exciting package of improvements to the park which will be largely funded by income we have received from the organisers of Formula E.
“We had always said we would set aside £200,000 to reinvest in the park every year it hosted the event. I am delighted that we have been able to increase this amount up to £500,000.
“This sum, coupled with the substantial funds we have also received from housing developers near the park, means we are in a position to now move forward with projects we have long wanted to do but simply didn’t have the money for.
“Thanks to this funding, and to a generous donation too from the Friends of Battersea Park, we will be able to deliver a range of improvements that will be enjoyed by visitors for many, many years to come.”
This year’s races will be the last time Formula E comes to Battersea Park after the organisers recently announced they are looking to secure a central London street circuit for future events.