The East Midtown Public Realm Improvement Fund Governing Group (the “Governing Group”) is tasked with bolstering and enhancing East Midtown’s status as a premier central business district through the selection and allocation of funds toward pedestrian realm and transit network projects. The Governing Group shall maintain a Public Realm Improvement Concept Plan (the “Concept Plan”) that will be a list of priority improvements. As set forth in the Zoning Resolution, all improvements in the Concept Plan, which may be funded through contributions to the East Midtown Public Realm Improvement Fund or through in-kind contributions, shall:
- be within the East Midtown Subdistrict, a location immediately adjacent thereto, or in a subway or rail mass transit facility in the Borough of Manhattan which has significant ridership into and out of the Subdistrict;
- have a City or State agency as a project sponsor;
- meet the definition of a capital project under Section 210 of the New York City Charter, as well as all other City requirements with respect to capital projects, including the Directives of the City Comptroller;
- have sufficient funding in-hand at the time of project approval for the completion of the project and have identified sources of funding for the ongoing operational costs (if applicable) of the project; and
- consist of either above-grade or below-grade public realm improvements.