Formation
The London Docklands Development Corporation was established by the then Secretary of State for the Environment, Michael Heseltine, under section 136 of the Local Government, Planning and Land Act 1980. It was financed by a grant from central government and from the proceeds from the disposal of land for development.
LDDC had very little money, but it did have three crucial levers to deliver regeneration. First of all it had land ownership: this enabled it to enter into commercial deals with developers. Secondly it had planning powers: this was a controversial move, which angered local boroughs, but which allowed, for example, the outline planning permission for Canary Wharf to specify only the height and footprint of buildings, enabling the development to move quickly to satisfy demand. Finally LDDC had the power to broker and enter into contracts.
Additionally, the Government set up an Enterprise Zone covering the Docklands with certain tax breaks.
Read more about this topic: London Docklands Development Corporation
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