2004 Yellow Book
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HUDSON RIVER PARK TRUST (Summary) View Details

		Adjusted Appropriation 2003-04	Executive Request 2004-05	Change	Percent Change

AGENCY SUMMARY
	Capital Projects Fund - Advances	16,000,000	0	(16,000,000)	-100.0%
Total for AGENCY SUMMARY:		16,000,000	0	(16,000,000)	-100.0%

* 2000-01 through 2002-03 reflect enacted appropriations. * 2003-04 and 2004-05 reflect Executive recommended appropriations.

Budget Highlights

The Hudson River Park Trust is a public benefit corporation created by Chapter 592 of the Laws of 1998. The Trust was established to design, develop and maintain the 550-acre, five-mile long Hudson River Park along Manhattan’s West Side from Battery Park to 59th Street. The Trust is governed by a 13-member board and is headed by a President and Chief Executive Officer who is appointed by the board.

The Hudson River Park Trust is included in the Transportation, Economic Development and Environmental Conservation appropriation bill.

Capital Projects

The Executive proposes no new Capital Project advance appropriations for the Hudson River Park Trust in State Fiscal Year 2004-05, resulting in a decrease of $16,000,000. However, the Executive recommends a $10,000,000 appropriation from the Environmental Protection Fund (EPF) contained in the Department of Environmental Conservation’s (DEC) budget for the State’s share of the Park’s costs. This represents a $5,000,000 reduction from SFY 2003-04.

The Advance and Repayment Agreement entered into between the State and City of New York in 1998 stipulated that each party would contribute $100 million to the Hudson River Park Trust. These proposed appropriations would complete the State-funded obligation to the City and increase the State’s contribution from $90 million to $100 million, or half of the total $200 million commitment.

In addition, the Executive proposes total reappropriations of $71,684,000 for the State-funded advance for the New York City costs of the project.

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