$800m will realize dreams for new-look downtown.

An $800 million cash injection should complete the transformation of Lower Manhattan to a 24/7 mixed-use community, according to Governor George Pataki and Mayor Michael Bloomberg.

The two unveiled a comprehensive allocation plan for the remaining Lower Manhattan Development Corporation funds that they hope will yield dramatic and long-lasting results for all of Lower Manhattan.

Elements of the plan include funding for the World Trade Center Memorial Foundation, new community and cultural amenities, neighborhood rejuvenation projects including the revitalization of both waterfronts, investments in Chinatown and a $50 million strategy for the creation, preservation and revitalization of over 3,000 units of affordable housing.

The allocation plan realizes the Governor's plan to create a vibrant, 24-hour community first laid out in April of 2003 and updated every six months, and reflects the priorities of Mayor Bloomberg's 2002 Vision for Lower Manhattan creating a downtown for the 21st century.

The allocation plan was guided by the LMDC allocation framework, public comment, and LMDC Board and staff input. On April 13, 2005, the LMDC released an initial draft framework proposing priorities and options for the allocation of its remaining funds. The Allocation Plan was guided by three years of public input including over 75 public meetings and tens-of-thousands of public comments. The revised framework, released today, has been amended based on further public input and will guide all future funding allocations.

Elements of the Governor and Mayor's allocation plan include: Transformation of Open Spaces: Parks and Playgrounds--Building on the over $30 million investment that created and revitalized more than 120 acres of parks and open spaces, the plan calls for an additional investment of $20 million into parks and playgrounds throughout Lower Manhattan in such locations as the Lower East Side, the Financial District, Chinatown, and Tribeca.

Hudson River Park and East River Waterfront Transformation--A $70 million grant will rejuvenate the Tribeca section of Hudson River Park ensuring its success as the vibrant community resource it has the potential to be. The improvements include an estuarium containing a Hudson River education center, playgrounds, volleyball courts, a new skate park, and a restaurant. The East River Waterfront project will receive $150 million in funding, creating a mix of public spaces, cultural, and recreational uses. Together this funding will transform Lower Manhattan's underutilized waterfronts, creating beautiful and lively public spaces.

Improve Accessibility and Transportation Infrastructure: Local Transportation and Ferry Service--A $9 million investment in a series of local transportation improvements including a street management system that will enable better operation of Lower Manhattan's overtaxed narrow streets and sidewalks as well as the possibility of a ferry service or services from the northern suburbs to downtown.

New York Stock Exchange/Financial Core Improvements--A $15 million grant to implement the second phase of improvements to the streetscape and security surrounding the New York Stock Exchange. Enhancements include expansion of the cobblestone treatment to pedestrianized areas, street furniture and lighting, and the development of innovative and attractive gateway devices for key intersections.

Chinatown Circulation and Investment in Chinatown Partnership Local Development Corporation--A $32 million grant will fund components of the Chinatown/Brooklyn Bridge Anchorage Study. This includes relocating the Police Plaza security checkpoint, connecting Bowery directly with St. James Place, widening St. James Place, reconfiguring Frankfort Street for two-way traffic, and improving pedestrian flows while also working with security needs. Included is a $7 million investment in the newly formed Chinatown Partnership Local Development Corporation.

New Neighborhoods and Community Revitalization: Fulton and Greenwich Streets--The reintroduction of Fulton and Greenwich Streets through the rebuilt Trade Center site offers the opportunity to turn these two streets into arteries and catalysts.