Relationship With The City of New York
The Conservancy’s original contract with the City was renewed in 2006. Under the eight-year agreement, the Conservancy receives an annual fee for services, an amount determined by a formula that requires the Conservancy to raise and spend a specified minimum amount of private funds in the Park on an annual basis. The minimum Conservancy annual expenditure – which can include maintenance, programming, and landscape improvements – is $5 million. The annual fee from the City depends on the Conservancy’s expenditures in the Park and the revenues generated by concessions in Central Park.
The current contract maintains the city’s baseline allocation for the maintenance of the Park, but it lifts the cap on the amount of funding the Conservancy receives based on concession revenues generated in the Park. Under the previous contract, the Conservancy received an amount equal to 50 percent of concession revenues beyond the first $6 million generated in the Park, not to exceed $2 million.
Read more about this topic: Central Park Conservancy
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