On Wednesday 8th February 2012, the Mayor of London announced his formal decision to create a Mayoral Development Corporation that will be responsible for the regeneration legacy from the London 2012 Games. The new body is called the London Legacy Development Corporation and will be directly accountable to Londoners through the Mayor.
The Legacy Corporation, which came into being on 1st April 2012, will continue the work of the Olympic Park Legacy Company, as well as manage some of the assets and responsibilities of existing regeneration agencies in the area, such as the London Thames Gateway Development Corporation (LTGDC). It will also have greater powers over the Queen Elizabeth Olympic Park (the name for the Olympic Park after the Games) and in October 2012, the Legacy Corporation will also take over planning powers from LTGDC and the Olympic Delivery Authority (ODA).
The purpose of the Mayoral Development Corporation is:
“To promote and deliver physical, social, economic and environmental regeneration of the Olympic Park and its surrounding area, in particular by maximising the legacy of the 2012 Olympic and Paralympic Games, by securing high-quality sustainable development and investment, ensuring the long-term success of the facilities and assets within its direct control and supporting and promoting the aim of convergence”