City seals deal to take over Brooklyn Bridge Park

The city on Wednesday officially took over development of — and funding for — Brooklyn Bridge Park, an agreement that supporters say “guarantees” that the waterfront development will indeed be completed.

The takeover plan, offered in part by state Sen. Daniel Squadron (D-Brooklyn Heights), includes a commitment from the city to complete construction of the $350-million park, a long-delayed 1.7-mile strip of green from John Street in DUMBO to Atlantic Avenue in Cobble Hill built partially on the former Port Authority piers under Brooklyn Heights.

The resulting greenspace would not be an actual city park, but would be overseen by a new public authority to replace the Brooklyn Bridge Park Development Corporation, a state development agency. As such, the most-controversial element of the waterfront development — the requirement that its $16-million annual maintenance be self-financing — will remain, city officials said.