The new mayoral development corporation (MDC) for the Olympic Park will cover the Olympic Park and Olympic Fringe. The MDC will take on responsibilities for planning and development in the Olympic Park from the Olympic Delivery Authority and its immediate surroundings from the LTGDC later this year. All LTGDC projects outside the new MDC area will transfer to the Greater London Authority (GLA).
In April 2012 the LTGDC will transfer all its development assets and staff to the new MDC and the GLA. Planning responsibilities for the Lower Lee Valley will be transferred to the new MDC and relevant local councils in October 2012. Plans are to be put before Parliament in the near future to formally establish the MDC so that it comes into existence from April 2012.
"The asset transfer is excellent news for both east London and the capital," said LTGDC chairman Bob Lane. "It's a testament to the effective management of LTGDC over the last 6 years that they are as substantial, containing many key developments that will be an essential part of securing east London's prosperous future."
"With our assets come an expert and dedicated staff who know east London and its challenges intimately and the proven skills to overcome them," said Lane. "They will be an asset to both the new MDC and City Hall in driving east London's regeneration to a successful and fitting end."
A three week consultation with local councils has begun on the asset transfer. An order to sanction the asset transfer will be laid before Parliament in March.
