Culture vultures will flock to 'new' Governors Island.

The future of an island steeped deeply in historic tradition is still wide open, but the president of the Governors Island acquiring entity has made it clear that it will be put to productive cultural use. James F. Lima, president of the Governors Island Preservation and Education Corporation, said the island's planning will continue with limited activity taking place over the summer.

Lima spoke before a gathering of the Association of Real Estate Women at the Harvard Club last week.

The island, which was used by the U.S. Coast Guard until 1997, was sold by the federal government to New York City for $1 in January 2003. Planning for the island is scheduled to conclude at the end of the year.

Governors Island has served other purposes as well, such as a retreating point for soldiers during the Revolutionary War, a defense point in the War of 1812. During the Civil War, the Castle Williamsburg held Confederate prisoners.

In 1909, aviation pioneer, Wilbur Wright, piloted the first flight over water from Governors Island. And in 1988, President Reagan and Soviet leader Mikhail Gorbachev held a summit there.

The northern half of the island is a landmarked historic district, while the southern side is largely made up of non-descript buildings that appear fit for demolition, Lima said.

GIPEC's job, Lima said is to effectively manage the island's infrastructure and to effectively set up a successful plan for public usage. The island, he said, has taken a beating.

"There are some buildings where the bricks are falling off," Lima said. In accordance with the $1 sale agreement, the city has agreed to set aside at least 40 acres for park land, no less than 20 for educational uses and an additional 30 acres for public benefit activities. GIPEC also is forbidden, under contract, to build a casino.

Educationally, the possibility of putting facilities from the City University of New York on the island is a strong possibility, Lima said.

Additionally, the organization is determined to allow no cars on the island, Lima added, except for vehicles intended for official business. "We want (Governors Island) to be as car-free as possible," he said. It has also been agreed not to construct residential housing, despite original talks to create "CEO housing" on the island. "As we set to work on our master plan, we know this is a many year's process," Lima said.

This summer, he added, the planning team will be calling organizations together for one-on-one suggestion sessions. GIPEC also plans on launching its official Web site this summer and conducting roundtables with industry leaders. Lima said the committee will keep an open mind to suggestions.

"Should the Airlink that goes from New York to Kennedy Airport have a stop on Governors Island? I don't know," Lima said.

A board member asked where Governors Island would fit in should the city be awarded the 2012 Olympics.

"If New York were to win the bid, I think we'd take a look at some venues (for the island)," Lima said, adding, "I don't think anybody's going to put the Olympic Village on Governors Island."