Incorporate financial planning into park planning and design process from the outsetĢ002 – Present Annual Program Budget/ Funding Sources/partnerships and type of support provided.Evaluate and employ a diverse range of potential revenue-generating strategies.Create a financially self-sustaining park that does not drain city resources for annual operation and maintenance or eventual capital improvements and replacements.These findings are currently being reviewed as Brooklyn Bridge Park plans for further phases of construction. The total annual projected revenues from these sources were estimated at $2,421,000 to $6,951,000 which represented a significant shortfall when compared to residential development revenues. Capturing the potential redevelopment value of certain properties outside the project boundary (one-time payment- $0 annual revenues).Fundraising/philanthropy (0-$1 million).Commercial real estate development ($257,000).Fee-based recreational facilities- both indoor and outdoor ($603,000).(Projected annual revenues: $1 million – $4 million) Park Improvement District (PID)- Similar to a business improvement district (BID) assessment on property owners in an area adjacent to the park.Alternative ideas were generated from park funding case studies as well as public meetings, and 3rd party consultants were hired to assess their market and financial feasibility. The Brooklyn Bridge Park Corporation (BBP) considered a range of alternative funding strategies in place of the proposed residential developments. This is in addition to one-time revenues from Payment in Lieu of Sales Taxes and Payment in Lieu of Mortgage Recording Taxes. Concessions and events revenues account for the remaining 3.9% ($644,328). Annual ground lease and PILOT (payment in lieu of taxes) revenues generated by these developments account for 96.1 % of the park’s annual projected operating revenues ($15,969,026). The footprint of these buildings totals 345,000 square feet or 9% of the total project area. This development program included five residential buildings, a mixed hotel/residential building, a mixed commercial/retail building, and associated parking for a total of 2,486,610 gross square feet. This principle guided the creation of the park’s General Project Plan, which outlines a strategy to generate the majority of funds for annual operations and maintenance through ground lease and related revenues generated by the development of a small portion of the land. New York State Office of Parks, Recreation and Historic Preservationīrooklyn Bridge Park was created by an agreement that transferred land from New York State to New York City with a requirement that the park’s operation must be entirely financially self-sustaining.Brooklyn Bridge Park Development Corporation.New York State Urban Development Corporation.Brooklyn Bridge Park is governed by a 17-member board of directors appointed by the Mayor of New York City, the Governor of New York State and local elected officials. Park construction and related development should be phased to ensure that revenues cover operating expenses.īrooklyn Bridge Park Corporation is the not-for-profit entity responsible for planning, construction, maintenance and operation of Brooklyn Bridge Park, an 85-acre sustainable waterfront park stretching 1.3 miles along Brooklyn’s East River shoreline.Diversity of revenue streams can reduce risk but complicate the management of the park.Establishment of a “Park Improvement District” surrounding the park can ensure that businesses benefiting from the park contribute to its maintenance through a Business Improvement District (BID) type assessment.Operating and maintenance expenses for parks could be paid from the ground lease and related revenues such as PILOT (payment-in-lieu-of-taxes) fees generated from the development of a small portion of the project’s land.
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