Brooklyn Bridge Park Conservancy: Brooklyn Bridge Park Financial Plan

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Brooklyn Bridge Park was the site of the "Dunkirk" of the Revolutionary War. George Washington and his troops staged their retreat from here after the Battle of Long Island, one of the first battles of the Revolutionary War.

Brooklyn Bridge Park Financial Plan

January 30, 2009 The Brooklyn Bridge Park Development Corporation held a public meeting on Thursday, January 29 to present updated information on the park's projected maintenance and operations costs and revenue projections. BBPDC President Regina Myer and Vice President for Real Estate David Lowin were joined at the meeting by NYC Parks Commissioner Adrian Benepe.

Download the BBPDC's presentation here.

Highlights from the presentation include:

The budget for the entire park is estimated to be approximately $350 million, of which $231 million is currently available. These monies will finance construction of phase 1 of Brooklyn Bridge Park: part of Pier 6, Pier 5, Pier 4 uplands, Pier 1, Brooklyn Bridge Plaza and the uplands stretching from Piers 6 to 1.
The maintenance and operations budget for full park buildout is projected to be $16.1 million. Factoring for inflation, this represents a $1 million savings from the projections in the 2004 EIS.
The maintenance and operations budget includes costs for horticulture maintenance, sanitation, minor repairs, irrigation and storm water system maintenance, administrative expenses, security, utilities, insurance, capital reserve, and marine infrastructure costs (encapsulation of pier pilings).
Development parcels are projected to provide $16.9 million yearly in revenue. Including the 12 acres of calm water boating area, these parcels comprise 9% of the park project area. Of this 9%, 5.5% comes from existing buildings (One Brooklyn Bridge Park, Empire Stores) on site.
One Brooklyn Bridge Park is currently contributing approximately $3 million annually in ground rent and PILOT payments, and will have contributed approximately $5 million before the first section of the park opens in late 2009. These monies will cover the maintenance and operations costs of the park in its initial years.
The additional development parcels will be phased in as more sections of the park are opened to ensure that revenues cover operating expenses and maritime infrastructure rehabilitation.