The Development Corporation continues the work of the Olympic Park Legacy Company in maximising legacy for East London, and promoting physical, social, environmental and economic regeneration of the Queen Elizabeth Olympic Park. It also broadens this remit to take on a wider area, backed by statutory powers.

The Legacy Company’s staff and expertise have transferred over, together with key staff and projects from the London Thames Gateway Development Corporation. Planning powers for the Park and surrounding area will transfer from London Thames Gateway Development Corporation and the Olympic Delivery Authority in October 2012.

The Development Corporation will be a ‘single point of contact’ for regeneration – landowner, developer, planning authority and investor. This groundbreaking format has been created through powers given to the Mayor of London in the Localism Act 2011 and will be accountable to Londoners through the office of the Mayor.

Andrew Altman, Chief Executive of the London Legacy Development Corporation, said:

“Legacy plans are further ahead than any previous Olympic host city. The creation of the London Legacy Development Corporation will ensure we deliver our vision for the Queen Elizabeth Olympic Park and surrounding areas and bring benefits to London in the long term.

“This is the next step in the legacy story. The Development Corporation’s wider remit and powers will provide much needed certainty to the private sector to continue their investment in the Park and East London, with the opportunities generated from this benefitting local communities.”

Minister for Olympic Legacy, Bob Neill, said:

“The Olympic Park represents the most significant regeneration project of the next 25 years. The Government is ensuring there is a lasting legacy from the Games and the creation of the London Legacy Development Corporation will take forward the future of the Park by now transferring responsibility to the Mayor of London.

“We have delivered tremendous public transport, housing and quality of life improvements in East London and have secured private sector investment. I look forward to seeing real local leadership in action as the Mayor takes forward this legacy.”

Over the course of 2012, the Development Corporation’s work will include:

• Announce plans for the opening of the Queen Elizabeth Olympic Park
• Publish a pioneering sustainability strategy for the Park
• Announce an anchor tenant for the Press Centre and Broadcast Centre
• Confirm the additional uses for the Olympic Stadium
• Launch a bidding process for events and attractions on the Park
• Appoint a developer for the first new neighbourhood – Chobham Manor
• Secure the planning application for five new Park neighbourhoods
• Begin work on the post Games transformation phase of the Park called ‘Clear, Connect and Complete’

They will build on the solid foundation created by the Legacy Company and other Olympic partners. Already six of the eight permanent venues have their future secured, with the remaining two to be completed this summer.

Last week, the International Olympic Committee commended London for ‘raising the bar on how to deliver a lasting legacy’ and creating ‘a legacy blueprint for future Games hosts.’