Central Park Conservancy receives $100 million gift to keep park green
October 25, 2012
The Central Park Conservancy recently received a $100 million gift from John Paulson and the Paulson Family Foundation, according to Bloomberg News. The first $60 million will be given next year, and the remaining $40 million will be dispersed in $10 million increments over the following four years.
Paulson is the founder of a hedge fund in New York called Paulson & Co. that handles more than $21 billion in funds, Bloomberg reports. After announcing the gift, which is the largest the conservancy has ever received in its 32-year history, Paulson explained that he wanted to make a long-lasting and impactful difference. The funds will go toward maintenance costs for various park facilities, such as visitor centers, woodlands, playgrounds and recreation centers. They will also be used to develop programs for family and youth.
"This past weekend in Central Park I saw babies in carriages, children playing, couples holding hands, dogs running, musicians playing, people jogging, cycling and people from all over the world talking, laughing and exercising,” Paulson said after announcing the gift. He was raised in New York's Queens borough and frequented the park as a child.
The conservancy relies heavily on private contributions to cover its annual $46 million expense budget, which is used to make sure the park remains an urban oasis for generations to come.
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