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Hedge Fund Manager Donates $100 Million for
Central Park

Mayor Michael R. Bloomberg and the Central Park
Conservancy announced that the hedge fund billionaire
John A. Paulson, along with the Paulson Family Foundation,
were giving $100 million to the Central Park Conservancy. It
is believed to be the largest gift ever to a public park.
Mr. Paulson, a lifelong New Yorker, said that as an
infant he was pushed around in a baby carriage in the park
and that he later remembered going to Bethesda Fountain
as a teenager and seeing it covered in graffiti, with no
water flowing. The announcement of the gift carne during a
ceremony at the fountain.
When asked at the news conference what
prompted the gift, Mr. Paulson said: "Walking through the
park in different seasons, it kept coming back that in my
mind Central Park is the most deserving of ali of New York's
cultural institutions. And I wanted the amount to make a
difference. The park is very large, and its endowment is
relatively small."
The park's current endowment stands at $144
million. Half of Mr. Paulson's gift will go to the endowment,
while the other half will be used for capital improvements.
Mr. Paulson mentioned that he considered important:
Restoring the park's North Woods, and sprucing up the
Merchanfs Gate entrance at the park's Southwest comer,
the most heavily used entrance.
Mr. Paulson has been a supporter of the Central
Park Conservancy for 20 years, but this is his first major gift
to the park. He joined the conservancy's board in June.
Two former parks commissioners, Henry Stern and
Adrian Benepe, were at the news conference on Tuesday. It
was also attended by Elizabeth Barlow Rogers and Richard
Gilder, key figures in the conservancy's founding.
The announcement was made under cloudy skies
in a ceremony attended by hundreds of employees of the
Central Park Conservancy in their gray sweatshirts, as well
as the conservancy's board. Doug Blonsky, the president
and chief executive officer of the conservancy, which
operates Central Park for the city, hailed the gift as
"transformational," saying that it would break the cycle of
restoration and decline that has marked the park
throughout its 153-year history.

(http://www. nytimes. com)