Founded in February 2012, the London Legacy Development Corporation was created to manage the Olympics and its large “footprint” after the Games take place. This newly formed corporation’s purpose is to:
“To promote and deliver physical, social, economic and environmental regeneration in the Olympic Park and surrounding area…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”
Accountable to the citizens of London through the Mayor, the corporation seeks to leverage public funds through private partnerships. The organization will do so in collaboration with the Olympic boroughs and local communities, among other stakeholders.
London is not the first Olympic host to create a longstanding entity with the intention of positively “managing” the impact of the Games. The LA 84 Foundation promotes youth sports participation and also maintains a sports library.
In Barcelona, a company called “Barcelona Promocio” was established to manage four Olympics venues and sustain the benefits of Olympic sporting structures built for the 1992 Summer Games. In 1994 alone, the company held 346 events for 1,514,328 people and created over 450 jobs.
These organizations were created to ensure that hosting the Olympics will be of long-term benefit to the residents. Cities considering a bid to host the Games should look to strategies as such before starting the bid process.
BID focuses on the bid process and thinks that cities participating in the bid process should be strongly encouraged keep their “eye on the prize” of the potential Games. But, city planners MUST bear in mind the most important aspect…the legacy.