BOSTON, Mass. (Dec. 5, 2005)
GREENWAY CONSERVANCY SURPASSES
$5 MILLION FUND-RAISING GOAL
Kennedy, Menino, Amorello tout the "historic opportunity" ahead
The Rose Fitzgerald Kennedy Greenway Conservancy announced today that it has surpassed its goal of raising $5 million by the end of 2005. The successful fund-raising has triggered a $5 million donation by the Massachusetts Turnpike Authority.
In a press conference at the Boston Harbor Hotel, Conservancy Chairman Peter Meade was joined by U.S. Sen. Edward M. Kennedy, Mayor Thomas M. Menino, Massachusetts Turnpike Authority Chairman Matt Amorello and others as they touted the new Conservancy's fundraising success.
The Conservancy began operations in April with an ambitious mandate to raise $5 million by the end of 2005. According to the Conservancy's founding document, failure to reach that fundraising milestone would require the Conservancy to close its doors. Today, nearly a month before the end-of-year deadline, the Conservancy announced that it has already raised a total of $5.3 million. Now that the Conservancy has exceeded its $5 million goal, the Turnpike Authority is matching with a $5 million contribution. Combined the $10 million will be used to create a permanent endowment fund.
The Conservancy is a private, non-profit corporation that will be the one organization responsible for the care of the Greenway as a whole, working to coordinate all other Greenway interests to achieve a shared vision. The Conservancy advocates for consistency and excellent in design in the Greenway's parks. It will also create and finance public events, and raise funding to support the long-term sustainability of the parks.
"The demolition of the Central Artery presents Boston with a once-in-a-century opportunity to transform a mile of highway into a ribbon of parks known as the Rose Kennedy Greenway. The Conservancy is going to make that opportunity a reality," said Conservancy Chairman Meade. "There were many who doubted we could reach our fund-raising goal, but we've not only met it, we've exceeded it - with almost a month to spare. We're proud of this achievement, but mindful that this is just the beginning."
SENATOR KENNEDY
"Today, we are proud to announce that the future of the Rose Kennedy Greenway is secured. This exciting and important milestone illustrates that our city's historic opportunity is becoming a reality. The Conservancy has proven to be an able steward and we look forward to their continued leadership in bringing our vision of the Greenway to life," said Mayor Thomas M. Menino.
CHAIRMAN AMORELLO
The Conservancy is raising funds to provide capital for the Greenway's operations, including park maintenance, public programs, events and the Conservancy's operational costs. The Conservancy is required to raise $10 million more toward the endowment by the end of 2007. In early 2006, the Conservancy will establish target fund-raising goals to be completed by 2012.
Thus far, the Conservancy's fund-raising efforts have been extremely successful. Twenty donors, composed of area corporations, corporate foundations, Conservancy board members, and individuals have stepped up to achieve the total.
Corcoran Jennison Companies, a 35-year old Boston-based real estate firm with properties in 20 states and the District of Columbia, is a major contributor to the Conservancy. The company pioneered the development of mixed-income housing and the conversion of troubled public housing to successful communities. "We believe that the Rose Kennedy Greenway, with its new parks and cultural attractions, will enhance the urban environment for all city residents and visitors," said company principals Joseph E. Corcoran and Gary Jennison.
Raytheon was an early donor to the Conservancy's youth development project, which is part of the Conservancy's workforce development planning. Raytheon Chief Executive and Conservancy Board Member William H. Swanson said, "Raytheon has pledged $1 million which will be used to engage young people in the applications of math, engineering and science in the building and operation of this extraordinary public park system that is being created by one of the biggest projects in civil engineering history."
Another major donor is State Street Corporation. George Russell, Executive Vice President of Community Affairs at State Street Corporation, added, Boston-based State Street Corporation believes that the Rose Fitzgerald Kennedy Greenway will transform the downtown area, adding parks with great beauty and places for civic celebrations. Consistent with State Street's dedication to sustaining positive change in the communities where our offices are located, we are particularly excited by the Chinatown/Leather District Park, believing that it will improve the quality of life for residents and be a valued resource for our employees and their families.
At today's announcement, donors joined Senator Kennedy, Mayor Menino and Chairman Amorello as they "planted" a sample spring flower bed from the North End Park. The first parks are scheduled to open in 2006 and 2007. Once opened, the parks will serve as an urban refuge for residents, office workers and visitors alike.
Situated along the path of the former elevated Central Artery, the Greenway will be a series of parks from Chinatown through the Wharf District and North End to the Fleet Center. The park was dedicated in July 2004. The Conservancy aspires to raise awareness of the challenge and opportunity the Greenway presents, as well as identify funding sources to build the Greenway as one of the premier parks in America.
About the Rose Fitzgerald Kennedy Greenway Conservancy
The Conservancy is a private, non-profit corporation that will be the one organization responsible for the care of the Greenway as a whole, working to coordinate all other Greenway interests to achieve a shared vision. The Conservancy advocates for consistency and excellence in design in the Greenway's parks. It will also create and finance public events, and raise funding to support the long-term sustainability of the parks. The Conservancy is raising funds to provide capital for the Greenway's operations, including park maintenance, public programs, events and the Conservancy's operational costs.
Contact:
Nancy Brennan
Greenway Conservancy
617-292-0020
info@rosekennedygreenway.org