July 12, 2004

STATE, CITY, TURNPIKE AUTHORITY REACH HISTORIC AGREEMENT ON ROSE KENNEDY GREENWAY

Governor Mitt Romney, Senate President Robert Travaglini, House Speaker Thomas M. Finneran, Boston Mayor Thomas M. Menino and Massachusetts Turnpike Authority Chairman Matthew J. Amorello today joined Senator Edward M. Kennedy to announce the creation of the Rose Fitzgerald Kennedy Conservancy, Inc.

The conservancy, a private, non-profit organization established through a Memorandum of Agreement, will govern the funding and long-term use and management of the Rose Kennedy Greenway, the 27-acres of open space and parkland in downtown Boston above the underground portion of the Central Artery.

The creation of the conservancy is a key step in determining the future of the Greenway. This group will bolster planning efforts already underway and will help realize the overarching vision for the parks that is taking shape, which focuses on the interconnectedness of the Greenway with city neighborhoods, communities and the Boston Harbor. With a single entity charged with the future of the parks, the Greenway will be effectively integrated into the fabric of the city.

“My entire family is grateful for having this Greenway named for my mother, and we appreciate this honor to her memory,” said Kennedy.

“The people of Massachusetts deserve world-class parks where they can walk, run, ride bikes, play or just unwind,” said Romney. “Like her namesake, the Rose Kennedy Greenway will be a state treasure for generations to enjoy. I congratulate everyone involved for making this important agreement a reality.”

“Today’s announcement enables us to focus our efforts and energy where it belongs – on the Greenway itself,” said Menino. “With a renewed spirit of partnership and collaboration, we are poised to take full advantage of this historic opportunity that will create for Boston a new landmark destination. Our city’s vision to reconnect our neighborhoods to each other and to our harbor, to make the Greenway a true common ground, is becoming a reality.”

“The Turnpike Authority’s critical role in the Central Artery/Tunnel Project –including its many important environmental mitigation elements – has now come full circle, from construction to demolition of the Artery and now to the creation of the Rose Kennedy Greenway,” said Amorello. “We are thrilled to be part of this historic occasion. Working with the City of Boston and the Commonwealth of Massachusetts, we are committed to expanding upon Frederick Law Olmsted’s vision and ensuring this urban jewel will be enjoyed for generations to come.”

The agreement, penned during a ceremony at Boston’s City Hall, ensures adequate funding for the soon-to-be created Greenway. In addition to the $5 million in seed money from the Turnpike Authority, the agreement calls for the conservancy to raise $20 million in private funds by the end of 2007. If that goal is not fully reached, the state, the city and the Turnpike Authority will work with the conservancy to develop alternative ways to fund the operations and maintenance of the land.

As part of the agreement, and in order to assist the Conservancy in building up its endowment reserves the Turnpike Authority has also pledged to pay 100 percent of all operation and maintenance costs until 2012.

It does not call for the transfer of the state-owned land on which the Greenway will be built.

The conservancy will be headed by a 10-member Board of Directors. During an Initial Period that will conclude in 2012, the Turnpike Authority will be responsible for the performance and payment of Greenway operations and maintenance and the City of Boston will coordinate events, programs and security. During that time, the Turnpike Authority Chairman will appoint five members to the Board with the Governor and Mayor each making two appointments and Senator Kennedy making one.

The agreement creates four committees that will focus on operations and maintenance; programming; endowment and finance; and audit and risk management. All committees will be charged with submitting to the conservancy, along with the state, city and Turnpike Authority for review and approval, a formal plan or protocol within 12 months. A 12 member Greenway Leadership Council will be appointed to represent neighborhood and Civic interest on the Greeenway.

Assuming that all fundraising milestones are reached, the Memorandum of Agreement will remain in effect through 2012.

All planning, design, and construction currently underway by the Turnpike Authority will continue.