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It 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.
Amongst its achievements is the Docklands Light Railway.
It began a staged withdrawal in 1994 and was formally wound up in 1998. Under a process called "dedesignation" the powers it held reverted to the London Boroughs.