Regeneration minister Lord Rooker hopes that the £160m will be invested in the city centre once a long-term strategy and a masterplan have been drawn up for the area.
Rooker said: "The Bradford URC will act as a driver to economic growth and business confidence as it seeks to engage key players in improving the quality of life for the people of Bradford. The URC will deliver a focused, clear and long-term development strategy for the city."
The Bradford URC is the third to be established in the Yorkshire and Humberside region.
The schemes were originally piloted in Liverpool, east Manchester and Sheffield.
URCs work closely with regional development agencies and local authorities, but are independent of them. The chairs of the companies, for instance, are generally drawn from the private sector.
The six other companies have been founded in Corby, Leicester, Sunderland, the Tees Valley, Swindon and Hull.