New York City's 578 miles of shoreline is one of our most valuable, and, for too long, most neglected treasures. I am happy to report that we're changing that, and opening up major stretches of the waterfront for the use and enjoyment of all New Yorkers.

Brooklyn residents have long dreamed of creating a new park along the water's edge near the Brooklyn Bridge. And on Thursday, May 2nd, that dream crossed the threshold to becoming a reality. Governor George Pataki and I announced an agreement between the City and State governments to establish Brooklyn Bridge Park -- the largest park to be created in Brooklyn since Prospect Park, more than 130 years ago. Development of the park will be made possible through the commitment of $65 million from the City and $85 million from the State.

Brooklyn Bridge Park will stretch nearly a mile and a half along the Brooklyn waterfront from Atlantic Avenue to Jay Street, just north of the Manhattan Bridge. It will turn 67 acres of publicly owned and now largely underutilized waterfront into beautiful and accessible public space, reclaiming part of the City's coastline for New Yorkers to enjoy. At Brooklyn Bridge Park, you will be able to jog, bicycle, fish, play ball and picnic -- with New York harbor and the skyline of Lower Manhattan as a spectacular backdrop for all these and other activities. More than 80% of the park will be open space. The remainder of the land will include a riverfront restaurant and other concessions, which will generate enough revenue to pay for the operation and maintenance of the park.

Realizing this project is a tribute to the community groups and leaders in Brooklyn who have worked and planned for this park for more than a decade. The development of the park will be coordinated by the community-based Brooklyn Bridge Local Development Corporation and endorsed by some 30 Brooklyn civic and neighborhood organizations. An 11-member board will oversee construction and operation of the park and establish a system for ensuring that the public has input into the park's planning and management. Once designs and environmental reviews have been completed, construction of the park will begin; that should be in about two years.

Brooklyn Bridge Park is an outstanding example of how New Yorkers are reclaiming our beautiful and historic waterfront across the City.