2003 Yellow Book
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Hudson River Park Trust
(Summary)
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Adjusted
Appropriation
2002-03
Executive
Request
2003-04
Change Percent
Change

AGENCY SUMMARY

Capital Projects Fund - Advances 30,000,000 16,000,000 (14,000,000) -46.7%

Total for AGENCY SUMMARY: 30,000,000 16,000,000 (14,000,000) -46.7%

chart * 1999-00 through 2001-02 reflect enacted appropriations.
* 2002-03 and 2003-04 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 $31 million in new appropriations for the Hudson River Park Trust in State Fiscal Year 2003 04. This funding includes a $15 million Environmental Protection Fund (EPF) appropriation contained in the Department of Environmental Conservation's (DEC) budget for the State's share of the Park's costs, and a $16 million State-funded advance appropriation from the Capital Projects Fund for New York City's share of the Park's costs. New York City will repay the State an amount equal to disbursements made from this advance appropriation.

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. If enacted, these proposed appropriations would complete the State-funded advance obligation to the City and increase the State's contribution, to-date, from $75 million to $90 million.

In addition, the Executive proposes total reappropriations of $69,656,000 for the State funded advance for the New York City costs of the project.


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