GIPEC operations and management, and its on-going capital needs have been funded equally by the City and State with some minor federal contributions.
GIPEC has publicly estimated that about $600 million in capital will be needed from the City and State to build and repair the Island's infrastructure, build the parkland and stabilize the historic buildings. Of this total, GIPEC has estimated about $ 200 million will be for parkland construction. Another $ 650 million will be needed to rehabilitate the Island's historic buildings; this cost is expected to be largely borne by the private sector or other partners.
To date, these capital funds have been largely programmed for nonrecurring repairs to historic buildings and transportation infrastructure. The $ 40 million of FY 08 capital funding is expected to pay for demolishing some of the outmoded and dangerous buildings in the southern half of the Island, as well as making infrastructure and building repair needed to prepare the Island the New York Harbor High School and other early tenants.
The requested $ 80 million in FY 09 will allow for completion of the building demolition, and construction to start on the parkland by 2009, the Quadricentential celebration of Hudson's arrival in New York Harbor.