A year later, London 2012 proves its value

Other former Olympic venues will welcome visitors of all ability levels, building on the heightened interest in grassroots sport that the Games inspired. The Aquatics Centre will be open to the local community and schools, in addition to hosting major national and European competitions. The Copper Box will serve as a multi-use sports and entertainment arena. The VeloPark will be used by recreational cyclists as well as elite competitors. All eight Olympic venues have legacy tenants.

But the Games legacy extends far beyond the former Olympic Park. The Games inspired or accelerated a host of transport investments that will benefit residents and visitors for years to come. GBP 6.5 billion ($9.7 billion) was invested in new and improved transport infrastructure, including new rail lines, line extensions, station/platform improvements, increased capacity, and improved cycling and pedestrian routes.

After generating tens of thousands of jobs during the construction phase in the midst of the global recession, the Games continue to foster economic growth. The Games have already resulted in an increase of GBP 9.9 billion in trade and investment in the UK, further strengthening its international business legacy. The success of London 2012 has also created opportunities for UK companies to assist with the 2014 Sochi Olympic Winter Games and the 2016 Summer Games in Rio de Janeiro.

Local organizers of future Olympic host cities have heeded the lessons of London 2012's legacy vision. Citizens of Rio, for example, are already benefitting from a new rapid transport line, with three more to come in addition to a new metro line. Many other legacy initiatives are also under way in Sochi, and in PyeongChang, host of the 2018 Olympic Winter Games in South Korea.

These positive outcomes do not happen spontaneously. The International Olympic Committee puts a strong emphasis on legacy planning in its work with host cities. The organizers of the London Games proved that visionary leadership and close cooperation with government officials ensure that investments in the Olympic Games will deliver returns long after the Closing Ceremony.

The author is the president of the International Olympic Committee.