The masterplan for the park will now receive outline planning consent and work on the design and development of the first neighbourhood, Chobham Manor, can start.
Commitments in the agreement include the provision of £17 million worth of transport improvements, including £4m to improve accessibility and capacity of Hackney Wick Station as well as an extension of London's bus and cycle networks through the park.
The development will have three new schools, nine nurseries, three health centres, community centres, a library and space for three safer neighbourhood teams. There will also be employment and training programmes for local people.
The agreement further sets out a site-wide target of 40% family homes as well as 35% affordable housing with a minimum provision of 20% affordable housing. Sustainability commitments include a minimum of code level 4 for sustainable homes and connections to the district heat network meaning an end to individual central heating systems.
An independent quality review panel will be established to ensure a high standard of design during the development of the park, which is expected to take 18 years.
At the request of London Mayor Boris Johnson the LLDC board has also agreed to endorse the Olympic legacy supplementary planning guidance. The guidance sets out the Mayor's strategic priorities and long term vision for the Olympic Park and its surrounding areas. The guidance will influence all development including the investment plans of landowners, developers and public bodies involved in the transformation of the area as well as the LLDC itself, which will have planning decision making powers.
"Today we have made two key decisions that ensure our plans can move forward quickly, so that we can reopen (the park) as the major visitor destination it promises to be and the brand new communities of east London can become a reality," said Johnson.
"This represents a huge milestone in the London 2012 Olympic Legacy," said Richard Ford, planning expert at Pinsent Masons, the law firm behind Out-Law.com. "The section 106 agreement represents a strong package of measures and secured benefits for the Legacy Olympic Park. Combined with the stadium transformation planning application to be assessed and determined next year, a whole new vibrant area of East London will take shape capitalising on the Westfield, Stratford City and Olympic Park infrastructure and venues."
