| |
|
|
 |
|
Founded in the mid 1980s, the Grand Central Business Improvement District is one of the largest business improvement districts in the United States, comprising 76 million square feet of commercial space in a 70-block area whose irregular borders reach from 35th Street to 54th Street and from Second Avenue to Fifth Avenue.
Midtown Manhattan property owners and businesses created the Grand Central Partnership during a period of marked physical and economic deterioration. Once in place, GCP developed a comprehensive plan to specifically revitalize the neighborhood surrounding Grand Central Terminal, which included an ambitious capital improvement program, a privately managed sanitation, maintenance and public safety operation, business assistance initiatives, a broad tourism and visitor services program, and a social services component.
GCP's operations are managed by a board of directors and officers elected by the District Management Association, a voluntary organization made up of property owners, commercial and residential tenants in the district, as well as representatives of elected officials.
A not-for-profit corporation, the Grand Central Partnership develops and administers programs and services in one of nearly 60 business improvement districts in New York City under contract with the New York City Department of Small Business Services. The Grand Central Partnership is funded principally through special assessments collected from commercial property owners located within its defined geographic area. Additional financial support is provided through corporate sponsorship of specific programs and special events and through in-kind services. Assessment proceeds and tax-exempt bonds have funded capital improvements.
|
|
|
|
|
|
|
|
