ALBANY - Governor David Paterson, in partnership with Mayor Michael R. Bloomberg, announced a Modified General Project Plan (MGPP) that will help to expedite the completion of Brooklyn Bridge Park. The proposed modifications include a Memorandum of Understanding (MOU) between the City and the State, which would create a not-for-profit entity to manage the development and operation of the park. Together these actions trigger the release of an additional $55 million in city capital funds for construction, bringing the 85-acre world-class waterfront park closer to completion.

"The modification put forward today is an important component that will accelerate the completion of the Brooklyn Bridge Park project," Governor Paterson said. "As we prepare to celebrate the opening of its first parcel on Pier 1, an important milestone and the culmination of over 25 years of planning, we are reminded of the rewards that follow commitment and hard work. We continue to move the park from a phase of development to a phase of operation. I would like to thank Mayor Bloomberg and Commissioner Benepe for their collaborative efforts, and Senator Squadron and Assemblywoman Millman for their work to provide for the longevity of Brooklyn Bridge Park."

Mayor Michael R. Bloomberg said: "Brooklyn Bridge Park can and should be one of the world's greatest waterfront parks. Despite the economic challenges we face today, we can't turn away from important projects that will help build a better future for our City – in fact, we need to make those investments today more than ever. As we enter this new phase, the State and local elected officials will continue to play an integral role in the development of the park, and the community will be an even greater part of the process. When it's complete, Brooklyn Bridge Park will be a treasured destination for all of Brooklyn and the entire city."

The 85-acre park will stretch along the Brooklyn waterfront from Atlantic Avenue to Jay Street, north of the Manhattan Bridge. Brooklyn Bridge Park Development Corporation has overseen the design and construction of Brooklyn Bridge Park since it broke ground on the demolition of the long-abandoned piers in February 2008, just two months after the appointment of Regina Myer as President. Sections of Pier 1 and Pier 6 will open this spring.