Battery Park City Authority
Encyclopedia
The Hugh L. Carey Battery Park City Authority is a Class A New York State public benefit corporation
. Its mission is "to plan, create, co-ordinate and maintain a balanced community of commercial
, residential, retail
, and park
space within its designated 92-acre site on the lower west side of Manhattan
" in New York City
. The site is now known as Battery Park City.
The BPCA was created in 1968 (L. 1968, ch. 343) to redevelop outmoded and deteriorated piers, a project that has involved reclaiming the land
, replanning the area and facilitating new construction of a mixed commercial and residential commuinty. The authority's board is composed of seven uncompensated members who are appointed by the governor
and who serve six year terms. N.Y. Pub. Auth. sec. 1973. The BPCA is invested with substantial powers: it can acquire, hold and dispose of real property
, enter into lease agreements, borrow money and issue debt
, and manage the project. N.Y. Pub. Auth. sec. 1974. Like other public benefit corporations, the BPCA is exempt from property taxes and has the ability to issue tax exempt bonds
. N.Y. Pub. Auth. sec. 1981.
Public benefit corporation
A public-benefit corporation is a public corporation chartered by a state designed to perform some public benefit.A public authority is a type of public-benefit corporation that takes on a more bureaucratic role, such as the maintenance of public infrastructure, that often has broad powers to...
. Its mission is "to plan, create, co-ordinate and maintain a balanced community of commercial
Commerce
While business refers to the value-creating activities of an organization for profit, commerce means the whole system of an economy that constitutes an environment for business. The system includes legal, economic, political, social, cultural, and technological systems that are in operation in any...
, residential, retail
Retail
Retail consists of the sale of physical goods or merchandise from a fixed location, such as a department store, boutique or kiosk, or by mail, in small or individual lots for direct consumption by the purchaser. Retailing may include subordinated services, such as delivery. Purchasers may be...
, and park
Park
A park is a protected area, in its natural or semi-natural state, or planted, and set aside for human recreation and enjoyment, or for the protection of wildlife or natural habitats. It may consist of rocks, soil, water, flora and fauna and grass areas. Many parks are legally protected by...
space within its designated 92-acre site on the lower west side of Manhattan
Manhattan
Manhattan is the oldest and the most densely populated of the five boroughs of New York City. Located primarily on the island of Manhattan at the mouth of the Hudson River, the boundaries of the borough are identical to those of New York County, an original county of the state of New York...
" in New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
. The site is now known as Battery Park City.
The BPCA was created in 1968 (L. 1968, ch. 343) to redevelop outmoded and deteriorated piers, a project that has involved reclaiming the land
Land reclamation
Land reclamation, usually known as reclamation, is the process to create new land from sea or riverbeds. The land reclaimed is known as reclamation ground or landfill.- Habitation :...
, replanning the area and facilitating new construction of a mixed commercial and residential commuinty. The authority's board is composed of seven uncompensated members who are appointed by the governor
Governor
A governor is a governing official, usually the executive of a non-sovereign level of government, ranking under the head of state...
and who serve six year terms. N.Y. Pub. Auth. sec. 1973. The BPCA is invested with substantial powers: it can acquire, hold and dispose of real property
Real property
In English Common Law, real property, real estate, realty, or immovable property is any subset of land that has been legally defined and the improvements to it made by human efforts: any buildings, machinery, wells, dams, ponds, mines, canals, roads, various property rights, and so forth...
, enter into lease agreements, borrow money and issue debt
Bond (finance)
In finance, a bond is a debt security, in which the authorized issuer owes the holders a debt and, depending on the terms of the bond, is obliged to pay interest to use and/or to repay the principal at a later date, termed maturity...
, and manage the project. N.Y. Pub. Auth. sec. 1974. Like other public benefit corporations, the BPCA is exempt from property taxes and has the ability to issue tax exempt bonds
Municipal bond
A municipal bond is a bond issued by a city or other local government, or their agencies. Potential issuers of municipal bonds includes cities, counties, redevelopment agencies, special-purpose districts, school districts, public utility districts, publicly owned airports and seaports, and any...
. N.Y. Pub. Auth. sec. 1981.