Plans for the corporation, the first of its kind outside of London, were revealed by Lord Heseltine today, 19 February.
A number of local leaders have been put in 'pole position' to transform the former SSI steelworks site at Teesport.
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The corporation will form a vehicle for greater powers to be devolved in areas including regeneration planning and business support.
Communities Secretary Greg Clark said: "The closure of the SSI site has been incredibly difficult for Redcar and the wider Tees Valley and we're determined to continue our support for the local community.
"Already, up to £80 million government funding is in place to ensure former SSI workers and local affected businesses get the support they need.
"This new Mayoral Development Corporation is the next step, putting local people who know the area best at the heart of driving regeneration and delivering new businesses and jobs for the community.
(LM)
