An important step forward was taken today to ensure the Olympic Stadium in Stratford can provide a lasting community legacy of jobs, education and grassroots sport.

The London Legacy Development Corporation and Newham Council have set up E20 Stadium LLP to take long term responsibility for managing the Stadium and its transformation into a major multi-use venue. The partnership will allow the council to invest up to £40m in the joint venture.

The 99-year lease, to be granted by the Legacy Corporation to the special purpose vehicle, will help secure a raft of community benefits. They include job opportunities, educational uses and the use of both the Stadium and the neighbouring 400m warm-up and community track for sports and events.

The agreement, endorsed by the Mayor of London, will help provide a significant legacy for the venue. The Stadium is already set to become a national home for athletics after the Games and will host the IAAF 2017 World Athletics Championships.

The Legacy Corporation is currently seeking concessionaires for additional Stadium uses with bids due by 12 July, 2012. Newham Council and NLI are not involved in the process.

Daniel Moylan, Chairman of the London Legacy Development Corporation (LLDC), said:

“This Stadium partnership with Newham Council will help to create a combination of local opportunities in employment, education and sport. They will provide a greater legacy for this world class venue with more uses still to come.

“It’s another example of how London is further ahead in planning legacy than any previous host Olympic city.”

Kim Bromley-Derry, chief executive of Newham Council, said:

“The agreement with the Legacy Corporation is prudent and ensures that residents will benefit from our investment. The deal includes guarantees that residents will be able to access events held at the stadium, play sport, be educated and get opportunities for employment at the stadium. These benefits justify the council’s investment.

“Up to £40m is to be invested by us in the conversion of the Stadium to its legacy use. It is because our involvement is going to benefit local residents in the long-term that we are involved.”

Sir Robin Wales, Mayor of Newham, said:

“This is a major milestone in securing the future legacy of the Olympic Stadium for the community.

“Our vision for the 2012 Games has always been to create significant community benefits including job creation, increased sports participation and the establishment of a world class visitor attraction.

“We are determined to help deliver the promises set out in the original Olympic bid book to transform the lives of those living in London’s East End. The Olympic Stadium deserves a fitting legacy that is good for Newham, London and the nation. We have again stepped up to the mark to secure such a legacy for our residents.”

The Queen Elizabeth Olympic Park will open in phases from July 2013, starting with the North Park and expanding to the whole site by spring 2014.

The Park will be one of Europe’s biggest construction projects after the Games with an 18 month transformation programme that will lay the foundations for further development across East London over the next 20 years.

The transformation has three main objectives: to clear Games-time structures including temporary venues, bridges, walkways and roads; to connect the Park to the surrounding area with new roads, cycle paths and foot paths; and to complete permanent venues, bridges and parklands ready for residents’ and visitors’ everyday use.