Rebuilding officials announce allocation plan for remaining LMDC funds

Lower Manhattan's future will hold more affordable housing, better streets and transportation, improved parks and waterfront space, and a new East Side elementary school, among many other enhancements, according to a plan announced Wednesday, May 25, by the mayor and governor for the allocation of the remaining Lower Manhattan Development Corporation (LMDC) funds. These initiatives come in addition to significant support of the World Trade Center Memorial Foundation, which forms the centerpiece of the funding plan.  

Of the more than $800 million in remaining LMDC funds, $300 million will be contributed over time to the memorial foundation for the creation of the memorial and cultural complex, the mayor and governor announced. "The centerpiece of everything we are doing in Lower Manhattan must be remembering those we lost on September 11," said Gov. George Pataki.

Indeed, creating a fitting memorial has been the downtown rebuilding agency's central purpose since its inception. But so too has been helping the Lower Manhattan community as a whole recover from the events of that day. In keeping with this broader goal, the remainder of the funds will go toward a range of initiatives designed to make downtown an even better place to live, work, and visit.

"Taken together, these initiatives will knit together the fabric of Lower Manhattan," Mayor Michael Bloomberg said as he explained some of the allocation decisions. In doing so, he returned to themes that were central to the Vision for Lower Manhattan that he presented in 2002, naming three key investment areas deemed essential for downtown's recovery: neighborhoods, parks, and transportation. The allocation of the remaining LMDC funds will necessarily address these three areas, he said.

Neighborhoods

Bloomberg announced plans to enhance Chinatown neighborhood

Monies will be spent both to strengthen existing neighborhoods and create news one. In Chinatown, for example, $25 million will be allocated toward improving the flow of traffic, making it easier for residents and shoppers alike to get where they need to go, Bloomberg said. Since Park Row was reopened, just ten days ago, there have been reports of significantly increased sales at local businesses, the mayor said. "We want to build on that momentum," he said. The plan also calls for $7 million to be invested in the newly formed Chinatown Partnership Local Development Corporation, which, among other things, will mount an intensive sanitation program in the neighborhood.

To serve the wider downtown community, $20 million will go toward creation of a new elementary school on Beekman Street, $45 million will be made available for new downtown cultural institutions distinct from those at the trade center site, and an additional $45 million has been earmarked for investment in other civic amenities designed to help make Lower Manhattan a true 24-hour community. 

Along Greenwich and Fulton Streets, two entirely new neighborhoods will be created. Significant funds have been allocated toward these projects, which are designed to bring retail and recreational amenities that will connect downtown from river to river.

In the section of Fulton Street to the east of the World Trade Center site, $38 million will go toward the creation of a new park and grants and incentives to spur retail revitalization and new residential development. And south of the WTC site, along Greenwich Street, $40 million has been allocated toward creation of a parking facility for tour buses, new residential housing opportunities, and pedestrian connections between Battery Park City and the rest of downtown.

Part of this neighborhood development includes a commitment to making affordable housing available throughout downtown. The allocation plan calls for $50 million to be applied toward the creation of 200 new affordable units and the preservation and rehabilitation of nearly 3,000 more. An amendment to an earlier recommendation, which called for creation of a single new affordable housing site in Tribeca, the new plan is designed to benefit a larger group, said Deputy Mayor Dan Doctoroff. "This will allow us to help six to seven thousand people instead of one thousand," Doctoroff said.

Parks and Open Space

To date, the LMDC has invested more than $30 million in the enhancement of downtown's parks and open spaces, resulting in a greening of Lower Manhattan that brings life and vibrancy to the community as a whole. The new funding allocation plan calls for significant expansion of this initiative. Under the new plan, an additional investment of $20 million will make it possible to include more locations in the Lower East Side, the Financial District, Chinatown, and Tribeca.

Pataki praised the plan as a "truly river to river vision"

Transportation and Maneuverability

The final components of the funding allocation plan involve making it easier to get to and around Lower Manhattan. Added to the changes in traffic patterns planned for Chinatown are security and accessibility improvements in the Financial District. Fifteen million dollars has been allocated toward the second phase of streetscape enhancements around the New York Stock Exchange, designed to maintain the historic beauty of the area while taking into consideration the real security concerns raised in the aftermath of 9/11. The second phase of improvements here call for expanded cobblestone streets, uniform street furniture and lighting, and the development and installation of innovative, secure, attractive gateways for key intersections.

Finally, the plan calls for a $9 million investment in a series of local transportation improvements, which could potentially include expanded ferry service from the northern suburbs to downtown and a street management system that would allow for better operation of downtown's unique narrow streets.

New LMDC President Stephan Pryor

The proposed funding allocation plan will be presented to the LMDC board for approval in June.

For more information on the allocation framework, please visit www.RenewNYC.com.