Development corporation
Development corporations or development firms are organizations established by governments in several countries for the purpose of urban development. They often are responsible for the development of new suburban areas or the redevelopment of existing ones. Australia. In Australia development corporations are often responsible for the economic promotion and growth of areas considered to be under-performing economically. Such corporations include: United Kingdom. In the United Kingdom, New Town Development Corporations are organisations established under the New Towns Act 1946 by the UK government, charged with the urban development of an area, outside the usual system of Town  and Country Planning in the United Kingdom. Originally intended to manage the development of New Towns in the United Kingdom, they were also established for more substantial urban renewal programmes by the Town Development Act 1952. Mayoral development corporations. The Localism Act 2011 permitted the Mayor of London to create mayoral development corporations in Greater London. The Cities and Local Government Devolution Act 2016 later permitted the creation of mayoral development corporations in combined authority areas.