Report on BBP Funding OK’d by Committee

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As Patch reports, yesterday the Committee on Alternatives to Housing of the Brooklyn Bridge Park Corporation voted to send the final report generated by a team of consultants to the Brooklyn Bridge Park Board for approval. The report (download it here; PDF) said the construction of condos would be necessary to sustain the park’s projected $16 million annual operating budget: “The primary driver of revenues for the Park is planned development at five key sites…The ground lease revenues from that development are the primary revenue source to fund Park operations and maintenance.” (The sites identified in the report are shown above.) An article in the Post says that the city will soon seek proposals for the construction of 180 condos and a 225-room hotel at Pier 1. Meanwhile, it was also revealed that One Brooklyn Bridge Park’s tax bill was lowered by $1 million this year, leaving “a big hole in the park’s maintenance budget, which officials voted yesterday to fill by dipping into reserves,” according to the Daily News, and fueling skepticism about the extent to which the construction of housing can be relied upon as a source of revenue for the park.
Park Housing Plan Clears Hurdle, But Ground Still Shaky [Patch]
More Condos, Hotel Coming to Brooklyn Bridge Park [NY Post]
Brooklyn Bridge Park Future in Limbo [Daily News]
City Cuts Big Developer’s Taxes in Brooklyn Bridge Park [BK Paper]
Committee Forwards Consultants’ Housing Alternatives Report to Full Park Board [BHB]

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