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Mildura Development Corporation (MDC) became an independent incorporated entity in April 2009. Prior to this date it was Sunraysia Mallee Economic Development Board (SMEDB) - a Section 86 Committee of Mildura Rural City Council.

SMEDB was funded by all businesses and enterprises in the municipality of Mildura Rural City through contributions to the economic development differential rate and by grants received from the State and Federal Government.

From its establishment in April 2009, MDC was funded from a split of the economic development and tourism levy. After further changes in mid-2013, MDC is now funded under Mildura Rural City Council's general consolidated revenue, while maintaining an independent status from Mildura Rural City Council.

Mildura Development Corporation's Board of Directors comprises nine business and industry leaders from the local region, and the office consists of four staff members.