By Ben Simmons

The Mayor of London today announced his formal decision to create a Mayoral Development Corporation (MDC) that will be responsible for the regeneration legacy from the London 2012 Games. The new body, to be called the London Legacy Development Corporation, will be directly accountable to Londoners through the Mayor.

“We have an extraordinarily exciting period ahead,” said Boris. “Building on the momentum already created by the Legacy Company we are on track to grasp this unique opportunity and harness the Olympic legacy of new jobs, new homes and new communities which Londoners will benefit from for years to come.

“I am grateful for [Baroness] Margaret’s [Ford, Olympic Legacy Chair] huge contribution over the last three years planning and delivering a solid 2012 legacy and delighted she will oversee this important work until after the Games as well as setting the new Legacy Corporation on a firm footing.”

The Corporation, which opens for business on 1st April 2012, will continue the work of the Olympic Park Legacy Company (OPLC) as well as manage some of the assets and responsibilities of existing regeneration agencies in the area, such as the Thames Gateway Development Corporation.

The Mayor is also announcing his intention to appoint current OPLC Chair, Baroness Margaret Ford, as the Corporation’s interim Chair until the Games are over when she has decided to step down from the role. Until then she will oversee the smooth transition of the Legacy Company to Legacy Corporation completing some key legacy goals including securing tenants for the remaining venues.

The new Corporation will have greater powers over the Queen Elizabeth Olympic Park and wider area including planning and development control.

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