Investigates the success of Urban Regeneration Companies (URCs) despite limited resources and few powers. The 21 URCs set up over the past five years are the one tangible result of Lord Rogers's Urban Task Force report; but unlike in the Rogers vision they are non-statutory bodies without planning or compulsory purchase order powers. The ODPM has commissioned an evaluation of the impact after five years of the first three URCs in Liverpool, Manchester and Sheffield. Considers that the most successful URCs are those that have agreed clear terms with all their partners and reports that URCs hope that their masterplans will form part of local development frameworks. Describes examples of URC involvement in Liverpool, Manchester and Hull. Concludes that local authority interest in the URC model has exceeded government expectations but some of the established URCs, which have a 15-year operational lifespan, are already considering exit strategies. Lists the 21 URCs.