Londoners have been promised more affordable housing, job opportunities and regeneration if the city wins its bid to host the Olympics in 2012.
The bid team are "committed to the regeneration of east London"
Mayor Ken Livingstone and Lord Seb Coe signed an open letter on Tuesday publicly pledging to create a long-term legacy for the city.
London is due to submit its final bid to host the games in just over a week.
The mayor said he wanted to ensure that Londoners received lasting benefits if the bid was successful.
"Everyone involved in the bid is very clear that the honour of hosting a 2012 Olympic and Paralympic Games will enable us to provide a lasting and sustainable legacy for London, " said Mr Livingstone.
Deputy chairman of London Development Agency John Biggs said it was committed to the regeneration of east London.
"This means investment not only in the physical transformation of the area but also in local communities, by creating new job opportunities and improving the health and educational resources in the area," he said.
"The games will also provide a fantastic opportunity to equip local people with vital new skills in areas like construction, IT and hospitality."
A futuristic vision of how the Olympics will look if it is chosen to host them in 2012 was unveiled on Monday.
A 500-acre Olympic Park in east London will include a main stadium with a roof designed to wrap itself around the venue like muscles supporting the body.
London will submit its official bid document for the Games on the deadline date of 15 November.