A new Brooklyn Bridge Park Operating Entity, with a membership majority appointed by New York City, will become responsible for planning, construction, maintenance and operation of the 85-acre waterfront park.

State Sen. Dan Squadron said the deal will create "a true Harbor Park—a Central Park for the center of our city."The agreement, announced March 10, ended the tug-of-war between the city and state over control of the project, which has been on the drawing board for decades. One final hurdle remains: a `yes' vote by the Public Authorities Control Board, which is expected to decide in June.

As part of the agreement, New York City Mayor Michael Bloomberg's administration has committed $55 million in the next fiscal year to jump-start stalled work on the Pier 2 portion of the park, which is slated to provide sports facilities.  The city's commitment for this phase, and to the remainder of the estimated $350 million total cost, is contingent on providing revenue sources to make the new park self-sustaining on a long-term basis once it is built.

Area residents have objected to New York City's plans for residential developments as a revenue source.  The new Operating Entity board must create both a Community Advisory Committee and a Subcommittee on Alternatives to Housing to evaluate viable financing alternatives, including housing development.

The memorandum of understanding signed between city and state officials also stipulates that the city cannot pursue housing at the John Street site before July 2011 or at Pier 6 before July 2013. Both local state elected officials, Senator Squadron and Assembly Member Millman, hold vetoes over the construction of housing at those sites.

Meanwhile, Piers 1 and 6, the first segments of the 1.7-mile park, are scheduled to open this spring.