Annual Financing Plan 2011 Pier 40, 2nd Floor 353 West Street New York, New York

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Hudson River Park Trust Annual Financing Plan 2011 20 Annual Financing Plan 2011 Pier 40, 2nd Floor 353

1 Hudson River Park Trust Annual Financing Plan Annual Financing Plan 2011 Pier 40, 2nd Floor 353 West Street New York, New York HUDSONRIVERPARK.ORG photo courtesy of tribecacitizen.com

2 Hudson River Park Trust Annual Financing Plan Table of contents Message from the Chair Park progress Pier Trees in Tribeca Beach volleyball Miniature golf Skateparks Chelsea Pier 62 Carousel Educational programs Clean Sanctuary Campaign Public programs Statement of financial position Statement of activities Capital funding Board of Directors Staff Park Partners click and go!

Hudson River Park Trust Annual Financing Plan 2011 3 Message from Chair Diana Taylor As we enter a new decade, Hudson River Park has become an indispensable and cherished resource for millions of New

3 Hudson River Park Trust Annual Financing Plan Message from Chair Diana Taylor As we enter a new decade, Hudson River Park has become an indispensable and cherished resource for millions of New Yorkers. With park construction roughly 80 percent complete, it s difficult to remember the appalling condition of our waterfront just a few short years ago. It s hard to overstate the impact of Hudson River Park on the city s waterfront and on the quality of life of the park s neighbors. Once a dilapidated remnant of New York s industrial past, the Hudson River waterfront is now a blue and green playground for the whole city to enjoy. In 2010 we saw the openings of both Chelsea and Pier 25 in Tribeca, with their many wonderful community amenities and more than a dozen new acres of gardens and landscaping, active recreation facilities, passive lawns and spectacular views. As Chair of the Trust, I m proud to be a part of this remarkable achievement, and I am especially proud of the dedication and hard work of the Trust Staff.

Hudson River Park Trust Annual Financing Plan 2011 4 percent complete

32 40 Segment 4 GREENWICH VILLAGE 45 46 49 42 51 53 52 54 Segment 5

66 72 Segment 6 MIDTOWN/CLINTON 76 78 79 81 83 84 86 88 Segment 7

4 Hudson River Park Trust Annual Financing Plan percent complete park progress Segment 2 BATTERY PARK CITY 25 Segment 3 TRIBECA Segment 4 GREENWICH VILLAGE Segment 5 CHELSEA 57 14th Street Park Chelsea Waterside 64 66a Segment 6 MIDTOWN/CLINTON Segment 7 CLINTON COMPLETE UNDER CONSTRUCTION FUTURE CONSTRUCTION

Hudson River Park Trust Annual Financing Plan 2011 5 feet long New Pier 25 in Tribeca Located at N.

5 Hudson River Park Trust Annual Financing Plan feet long New Pier 25 in Tribeca Located at N. Moore Street in Tribeca, Pier 25 is the longest pier in Hudson River Park and includes an 18-hole miniature golf course and snack bar, sand volleyball courts, children s playground, town dock and small boat moorings, berthing areas for historic ships, and a flexible artificial turf lawn on the western end for active and passive use. photo by Bob Vergara

Hudson River Park Trust Annual Financing Plan 2011 6 Trees in newly opened Tribeca Trees on Pier 25, which include Black Locust, Kentucky Coffeetree and Bald Cypress, all have fine foliage (small

6 Hudson River Park Trust Annual Financing Plan Trees in newly opened Tribeca Trees on Pier 25, which include Black Locust, Kentucky Coffeetree and Bald Cypress, all have fine foliage (small leaves) so they are more resistant to strong winds. Overall, the collection of plants will provide four distinct seasons of visual enjoyment and continue to increase habitat for the growing population of birds and butterflies that are now flourishing in the Nature Boardwalk area of the northern Tribeca park. Mathews Nielsen Landscape Architects (Architect of Record / Team Leader) photo by Signe Nielsen

Hudson River Park Trust Annual Financing Plan 2011 7 Beach Volleyball Courts on New Pier 25 opening this Spring Three regulation-size beach volleyball courts give Pier 25 a feel of Manhattan Beach in

7 Hudson River Park Trust Annual Financing Plan Beach Volleyball Courts on New Pier 25 opening this Spring Three regulation-size beach volleyball courts give Pier 25 a feel of Manhattan Beach in Manhattan! The Pier 25 Beach Volleyball courts are sure to bring out the inner beach bum in all visitors. The courts also feature lounge chairs for spectators and are lit so the fun can continue after the sun goes down.

Hudson River Park Trust Annual Financing Plan 2011 8 Holes Miniature golf on New Pier 25 opening this Spring With waterfalls, streams, a pond, foot bridges, sand traps and even a cave, the new Pier

8 Hudson River Park Trust Annual Financing Plan Holes Miniature golf on New Pier 25 opening this Spring With waterfalls, streams, a pond, foot bridges, sand traps and even a cave, the new Pier 25 Miniature Golf course is sure to be an exciting attraction for both kids and adults! This 13,000 square foot, 18-hole professional grade course will open in April and will immediately become NYC s premiere mini-golf destination, drawing golfers from all over to test their skill on this picturesque new addition to Hudson River Park. photo courtesy of tribecacitizen.com

Hudson River Park Trust Annual Financing Plan 2011 9 Ledges Pier 62 Skatepark Designed by Site Design Group, one of the country s preeminent skatepark designers, this California-style skatepark

The park hosted Tony Hawk during his 2010 tour and was visited by thousands of skateboard enthusiasts during its inaugural season.

9 Hudson River Park Trust Annual Financing Plan Ledges Pier 62 Skatepark Designed by Site Design Group, one of the country s preeminent skatepark designers, this California-style skatepark facility has already taken its place as one of the most challenging and cutting-edge facilities on the east coast. The park hosted Tony Hawk during his 2010 tour and was visited by thousands of skateboard enthusiasts during its inaugural season. in Tribeca Skatepark The brand new Tribeca Skatepark incorporates a unique street-course design with a diverse combination of terrain including stairs, ledges and rails that resemble an actual street plaza. Stone veneer and granite pavers used in design offer the park a true street feel. Opened this past November, the Hudson River Park Tribeca Skatepark is the newest skatepark facility in NYC. sq ft

Hudson River Park Trust Annual Financing Plan 2011 10 acres of new green space in Chelsea The new Pier 62 and Pier 63 and adjacent upland areas join Pier 64 opened in 2009 to form the largest

10 Hudson River Park Trust Annual Financing Plan acres of new green space in Chelsea The new Pier 62 and Pier 63 and adjacent upland areas join Pier 64 opened in 2009 to form the largest contiguous green space in Hudson River Park. Designed by Michael Van Valkenburgh Associates, the new Chelsea park section also includes Stonefield, a landscape created by artist Meg Webster, a magnificent public garden designed by Lynden Miller, Pier 62 Skatepark and the city s only Hudson River animals carousel.

Hudson River Park Trust Annual Financing Plan 2011 11 Animals on Pier 62 Carousel Opened in May 2010 The signature 36-foot diameter carousel was created using hand-carved wooden figures representing

11 Hudson River Park Trust Annual Financing Plan Animals on Pier 62 Carousel Opened in May 2010 The signature 36-foot diameter carousel was created using hand-carved wooden figures representing Hudson River Valley animals and one Oyster Chariot, allowing for up to 36 passengers each ride. The carousel building was designed with a green roof and opens onto a sprawling lawn and treelined pathways.

Hudson River Park Trust Annual Financing Plan 2011 20 12 Children participated in educational programs Thousands of young people spent time angling with the Trust staff through the Big City Fishing

12 Hudson River Park Trust Annual Financing Plan Children participated in educational programs Thousands of young people spent time angling with the Trust staff through the Big City Fishing program conducted in the Summer and Fall. Hudson River Park s free education programs are focused on the life and health of the Hudson River. Of 7995 children, 2300 participated in schoolyear programs and more than 5700 learned about the estuary ecosystem through camps and summer programs. Participants come from all five boroughs as well as New Jersey, Westchester and Connecticut.

Hudson River Park Trust Annual Financing Plan 2011 13 Clean Sanctuary Campaign An important Hudson River Park Trust goal is to improve the park s Estuarine Sanctuary through...habitat enhancement.

13 Hudson River Park Trust Annual Financing Plan Clean Sanctuary Campaign An important Hudson River Park Trust goal is to improve the park s Estuarine Sanctuary through...habitat enhancement. The Clean Sanctuary Campaign engages volunteers to remove debris from Hudson River Park s estuarine waters and shoreline. Plastic Bottles retrieved by volunteers Items removed include furniture, sports equipment, car parts, clothing and other oddities. A total of 140 individuals comprised of families, schools and corporate groups worked together to beautify the park this year. There were eight Clean Sanctuary Campaign events in 2010, including International Coastal Cleanup Day.

Hudson River Park Trust Annual Financing Plan 2011 14 Public Programs Hudson River Park celebrated its 18th season of free summer programming with another exciting Take Me to the River event series

Families flocked to Pier 46 for a great line-up of RiverFlicks movies, local bands rocked Pier 54 at RiverRocks concerts, and patrons danced the salsa, swing and tango at the always popular MoonDance

14 Hudson River Park Trust Annual Financing Plan Public Programs Hudson River Park celebrated its 18th season of free summer programming with another exciting Take Me to the River event series in Families flocked to Pier 46 for a great line-up of RiverFlicks movies, local bands rocked Pier 54 at RiverRocks concerts, and patrons danced the salsa, swing and tango at the always popular MoonDance series. Events Organizations used Park fields Hudson River Park s Recreation fields are used by over a dozen local schools, two dozen community youth organizations and have close to 400,000 users annually. The Pier 40 fields serve as the home field for many Stuyvesant High School sports activities and host a number of PSAL, IASL and other interscholastic games, making them a prized resource for the downtown athletic community.

15 Hudson River Park Trust Annual Financing Plan Statement of financial position ASSETS Cash and equivalents $ 15,243,674 $ 16,535,429 Investments 46,572,149 44,450,031 Accounts receivable 11,050,597 7,536,819 Prepaid expenses 19,671 56,651 Inventory - 8,638 Deferred rent receivable 890,297 1,450,462 Construction in progress 196,913, ,330,329 Property and equipment, net 249,084, ,865,342 Total assets $ 519,773,941 $ 481,233,701 LIABILITIES AND NET ASSETS Liabilities Accounts payable 3,162,837 8,774,899 Accrued expenses 9,792,301 8,215,638 Total liabilities 12,955,138 16,990,537 Net assets Unrestricted 485,542, ,007,408 Temporarily restricted 21,276,214 19,235,756 Total net assets 506,818, ,243,164 COMMITMENTS AND CONTINGENCIES (notes 7 and 10)* Total liabilities and assets $ 519,773,941 $ 481,233,701 * Complete Hudson River Park Trust financial statements, including notes 7 and 10, can be found at hudsonriverpark.org

16 Statement of activities OPERATING REVENUES Unrestricted Hudson River Park Trust Annual Financing Plan Temporarily restricted Total 2010 Appropriations revenue $ - 27,135,155 27,135,155 33,804,002 Reimbursement 16,635,140-16,635,140 56,090,144 Lease revenues 7,413,564-7,413,564 5,831,754 Parking revenues 6,808,245-6,808,245 7,684,885 Federal grant - 3,050,000 3,050,000 4,550,000 Other revenues 1,258,814-1,258,814 1,998,948 Contributions 118, ,543 91,795 Total 2009 Total operating revenue 32,234,306 30,185,155 62,419, ,051,528 NET ASSETS RELEASED FROM RESTRICTIONS 28,144,697 (28,144,697) - Total support and revenue 60,379,003 2,040,458 62,419, ,051,528 OPERATING EXPENSES Employee compensation and benefits 5,281,351-5,281,351 5,240,155 Park programs and maintenance 5,569,717-5,569,717 6,666,927 General and administrative 4,472,378-4,472,378 3,898,494 Total operating expenses 15,323,446 15,323,446 15,805,576 INCOME FROM OPERATIONS BEFORE DEPRECIATION AND AMORTIZATION 45,055,557 2,040,458 47,096,015 94,245,952 DEPRECIATION AND AMORTIZATION (5,041,984) - (5,041,984) (4,970,406) INCOME FROM OPERATIONS 40,013,573 2,040,458 42,054,031 89,275,546 NON-OPERATING REVENUES - INTEREST INCOME 521, , ,954 INCREASE IN NET ASSETS 40,535,181 2,040,458 42,575,639 90,232,500 NET ASSETS AT BEGINNING OF YEAR 445,007,408 19,235, ,243, ,010,664 NET ASSETS AT END OF YEAR $485,542,589 21,276, ,818, ,243,164

17 Hudson River Park Trust Annual Financing Plan Capital funding PARK IMPROVEMENTS CAPITAL APPROPRIATIONS BY SOURCE (GOV T) FY CAPITAL COMMITMENTS REMAINING New York State $166,000,000 * $162,519,378 $3,480,622 New York City $165,209,000 $161,628,713 $3,580,286 LMDC (Lower Manhattan Dev Corp) $72,600,000 $72,600,000 - Federal DOT (Tea-LU) Restricted to Seg 3 Greenway $4,800,000 $3,898,665 $901,335 NYC Council Balance restricted to Pier 40 indoor field $2,328,000 $2,250,000 $78,000 NYS Assembly $550,000 $550,000 - Manhattan Borough President $90,000 $90,000 - Total $411,577,000 $403,536,755 $8,040,244 * includes $1,000,000 for Intrepid Museum pier PASS-THROUGH GRANTS AND FUNDING AGREEMENTS U.S. HUD Intrepid Museum $30,722,951 NYC EDC Intrepid Museum $31,265,199 FDNY Pier 53 $21,293,411 NYC DDC/NYPD Tow Pound/Pier 76 $8,754,760 NYC DEP $230,947

18 Hudson River Park Trust Annual Financing Plan Capital funding (cont.) PROPOSED FY 2012 APPROPRIATIONS New York State $3,000,000 Governor s preliminary budget New York City $4,000,000* Four-year capital budget * subject to receipt of matching funds from NY State PROPOSED FY 2012 NEW NEEDS Tribeca $6,500,000 Midtown $4,500,000 FUTURE CONSTRUCTION excludes Gansevoort and Pier 40 Pier 26 Estuarium $15,000,000 Pier 54 $37,000,000 29th St. 35th St. $20,000,000 39th St. 43rd St. $4,000,000 Pier 97 $27,000,000 FUTURE CAPITAL COMMITMENTS restricted New York State $335,000 DOS Pier 26 estuarium planning grant Port Authority $5,000,000 Capital grant for Pier 26 estuarium New York City $28,500,000 DSNY - Pier 97 & Gansevoort settlement FEDERAL CAPITAL AUTHORIZATION WRDA program $10,000,000 No budget appropriation

Hudson River Park Trust Annual Financing Plan 2011 19 DIANA L.

STEEL, Vice Chairman ROSE HARVEY, Acting Commissioner NYS Office of Parks,

of Parks & Recreation JOSEPH MARTENS, Acting Commissioner NYS Department of

BLOOMBERG Mayor City of New York PAMELA FREDERICK LAWRENCE B. GOLDBERG, ESQ.

19 Hudson River Park Trust Annual Financing Plan DIANA L. TAYLOR, Chair ANDREW M. CUOMO Governor State of New York ROBERT K. STEEL, Vice Chairman ROSE HARVEY, Acting Commissioner NYS Office of Parks, Recreation and Historic Preservation ADRIAN BENEPE, Commissioner NYC Department of Parks & Recreation JOSEPH MARTENS, Acting Commissioner NYS Department of Environmental Conservation MICHAEL R. BLOOMBERG Mayor City of New York PAMELA FREDERICK LAWRENCE B. GOLDBERG, ESQ. JEFFREY KAPLAN SCOTT M. STRINGER President Borough of Manhattan Directors FRANZ LEICHTER, ESQ. MICHAEL E. NOVOGRATZ JOSEPH B. ROSE HENRY J. STERN PAUL A. ULLMAN

Hudson River Park Trust Annual Financing Plan 2011 20 Staff CONNIE FISHMAN President NOREEN DOYLE Executive Vice President LAURIE SILBERFELD General Counsel & Vice President, Legal DANIEL KURTZ Chief

20 Hudson River Park Trust Annual Financing Plan Staff CONNIE FISHMAN President NOREEN DOYLE Executive Vice President LAURIE SILBERFELD General Counsel & Vice President, Legal DANIEL KURTZ Chief Financial Officer Executive Vice President, Finance & Real Estate MARC BODDEWYN Vice President, Design & Construction DAVID KATZ Vice President, Marketing & Events JAMES G. KOTH Vice President, Operations & Maintenance LAURA BLACKMAN Deputy Counsel STEVEN FERKER Chief Engineer EDISON YUNG Chief Information Officer

Hudson River Park Trust Annual Financing Plan 2011 21 Park partners Grants & contributions of $5000 or more in 2010 CITY OF NEW YORK CITY COUNCIL SPEAKER CHRISTINE QUINN CONGRESSMAN JERROLD L.

21 Hudson River Park Trust Annual Financing Plan Park partners Grants & contributions of $5000 or more in 2010 CITY OF NEW YORK CITY COUNCIL SPEAKER CHRISTINE QUINN CONGRESSMAN JERROLD L. NADLER FRIENDS OF HUDSON RIVER PARK LOWER MANHATTAN DEVELOPMENT CORPORATION NEW YORK RESTORATION PROJECT STATE OF NEW YORK U. S. HOUSING AND URBAN DEVELOPMENT DEPARTMENT 44TH STREET BLOCK ASSOCIATION Your contribution of $5,000 or more will be gratefully acknowledged in our next report. The Hudson River Park Trust is a not-for-profit 501(c)(3) corporation. Your contribution is tax-deductible to the extent allowable under the law.

Manhattan s Premiere Waterfront Destination

Venue Guide 2018 Manhattan s Premiere Waterfront Destination Hudson River Park, the longest waterfront park in the United States is an urban Park for Play. Attracting over 17 million visits each year,