The companies are separate private legal entities. They seek to achieve a radical physical transformation of their areas through implementation of their shared vision in a way that could not be achieved through individual ad hoc decisions.

URCs are experts in their local areas, and the local authority, local employers, amenity groups and community representatives play an important part, with the regional context represented by the Regional Development Agencies (RDAs) and the national dimension by the Homes and Communities Agency (www.homesandcommunities.co.uk). They co-ordinate investment plans from both the public and the private sectors, and attract new investment through the purposeful and imaginative promotion and regeneration of their areas.

The first URC, Liverpool Vision, was established by English Partnerships (now part of the Homes and Communities Agency) together with Liverpool City Council and the North West Development Agency in early 1999, allowing it to be launched immediately after the publication of Lord Rogers' Urban Task Force Report, which enthusiastically endorsed the URC concept. A total of three URCs were set up in 1999:

• Liverpool Vision
• New East Manchester
• Sheffield One

There are now 19 URCs established in England, one in Wales and one in Northern Ireland. Additional URCs have been created in the West of Scotland. The Homes and Communities Agency has Board representation in:

• 1st East
• Bradford Centre Regeneration
• Central Salford
• CPR Regeneration
• Derby Cityscape
• Gloucester Heritage
• Leicester Regeneration Company
• New East Manchester
• North Northants Development Company
• Opportunity Peterborough
• ReBlackpool
• Regenco (Sandwell)
• Renaissance Southend
• Sunderland arc
• Tees Valley Regeneration
• The New Swindon Company
• Walsall Regeneration Company
• West Lakes Renaissance
• Wolverhampton Development Company

In addition to three Economic Development Companies (EDCs) previously URCs:

• Creative Sheffield – formerly Sheffield One
• Hull Forward – formerly Hull Citybuild
• Liverpool Vision

The Homes and Communities Agency also offers best practice advice to:

• Ilex (Northern Ireland)
• Newport Unlimited (Wales)

In addition to the existing URC model the Government announced its intention in 2007 to promote the concept of City Development Companies (CDCs) which was later rebranded as Economic Development Companies (EDCs).

The concept is for these vehicles to drive economic growth and regeneration within a determined urban, rural or coastal area or sub region, focusing on areas of deprivation.

Like URCs, these companies are not being established on a statutory basis and do not have statutory powers. These will remain with the partners. The companies will be driven and shaped by Local Authorities and the RDAs in conjunction with other partners (which may include the Homes & Communities Agency) and the Government.

Key features include:

• EDCs are specialist economic development bodies, and are not limited to urban regeneration activities.
• EDCs are local authority wide or cover a group of local authorities within a local area or sub region. They are not limited to certain sites or zones, nor restricted by political geography.
• EDCs are not limited in number or confined to certain locations or types of Local Authority, such as urban or rural, town or city.
• EDCs are not mandated or established by Government. Local Authorities may establish EDCs should they chose to do so, with the support of RDAs and other key partners such as the Homes and Communities Agency.
• EDCs do not bring with them additional resources or tools for intervention. Their rationale is to deliver economic development better by applying specialist professional and organisational skills and capabilities to economic development activities.

URCs and EDCs fit closely within the Government’s devolution agenda and policy on local economic development following the review of sub-national economic development and regeneration (SNR).

For further information on EDCs visit the Department for Communities and Local Government website (www.communities.gov.uk).