$65M funding agreement reached on Brooklyn Bridge Park project.

Empire State Development Chairman Charles A. Gargano announced that Brooklyn Bridge Park Development Corporation, a subsidiary of ESD and the City of New York, solidified a Funding Agreement for the development of Brooklyn Bridge Park.

"Today's resolution reinforces Gov. Pataki's vision of

"By investing in projects to preserve open space, create new recreational opportunities and enhance access to our waterfronts, we are improving the quality of life for all New Yorkers."

The Funding Agreement between BBPDC and the City of New York will allow the transfer of city funds, in an amount not to exceed $65 million, to the BBPDC for the purpose of providing capital required to plan, design and construct the Brooklyn Bridge Park.

On May 2, 2003, Governor George E. Pataki and Mayor Michael R. Bloomberg announced a new partnership to transform 67 acres of the Brooklyn waterfront into a significant new park, increasing access to the East River, protecting natural and historic resources in the Fulton Ferry district and transforming underutilized piers into a waterfront destination.

Based on a concept plan developed through years of community participation, the Park will contain active and passive recreational uses that include extensive natural park land, restaurants, a hotel, bicycle path, swimming pool, athletic fields and a marina.

Pataki said, "Today's announcement represents yet another step forward in the revitalization of New York City's waterfront. This announcement is great news not only for the residents of Brooklyn, but for all New Yorkers, who will now have a waterfront that is rich with recreational uses."

"The creation of attractive public open spaces and access to our waterfront goes hand in hand with economic development and revitalization of the City's unique neighborhoods," said Bloomberg. "This partnership between the City and State is another example of our working together to ensure that future generations of New Yorkers and visitors to our City enjoy the very best of what our waterfront areas have to offer."

This new park lies within the historic district of Fulton Ferry, now known as DUMBO, Vinegar Hill, and Brooklyn Heights.

When the first commercial ferry service between Long Island and New Amsterdam started in 1642, this neighborhood was established as a hub for maritime commerce. From 1850 to 1912 the Catharine Slip Ferry carried passengers from Main Street--a site within this project--to the shores of Manhattan.

With the completion of the Brooklyn and Manhattan Bridges in 1883 and 1902, ferry service dwindled, but the Brooklyn waterfront remained an active port for many years.

The decline of maritime commerce, coupled with a surge in the area's residential population, helped to inspire the creation of this waterfront park.

The efforts of the Downtown Brooklyn Waterfront Local Development Corporation, the Brooklyn Bridge Park Coalition, elected officials and community residents, spurred the creation of BBPDC.