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July 14, 2016

Central Park Nonprofit Launches $300 Million Drive

The Central Park Conservancy, the nonprofit that manages one of the world’s best-known urban oases, kicks off the public phase Thursday of a 10-year, $300 million campaign to raise money for renovations and improvements, reports The New York Times.

The conservancy, which received a $100 million gift in 2012 from hedge-fund titan John Paulson, says many of Central Park’s iconic but aging features are badly in need of repair due to the ravages of time and the park’s popularity. The number of annual visitors has more than tripled since 1981, from 12 million to 42 million. “It’s being trampled to death, said Adrian Benepe, director of city park development at the nonprofit Trust for Public Land.

The conservancy has managed the park since 1980 and must raise 75 percent of its annual $65 million budget from private sources, with New York City providing the rest. The capital campaign, called “Forever Green,” collected $112 million during a private phase, including a $25 million donation from the Thompson Family Foundation.