Box 5, Folder 6, Document 28

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Box 5, Folder 6, Document 28

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THE P URPOSE

The New York City Educational Construction Fund was created to carry out
a new program of urban development, the construction of elementary and
secondary public schools in combined-occupancy buildings. The Fund is a public
benefit corporation, a State-authorized, self-supporting institution most com-
monly called an authority, established to finance the construction of public
schools for the City of New York. It is governed by nine unsalaried trustecs,
five of whom are members of the Board of Education. Ce

The program is intended to achieve three objectives:

1. Maximum use of land

Construction sites are becoming increasingly scarce in the City. Those that
remain must be used with maximum effectivencss. To enable new schools to
be built in conjunction with other facilities, the Educational Construction
Fund has been given as its principal purpose “the timely and responsive provi-
sion of such combined-occupancy structures in accordance with the foreseeable
needs of the City of New York...” (Statement of legislative findings and pur-
poses, Article 10, Education Law)

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2. Financing outside the City" f capital budget

The saad ie a massive school construction program has developed at the
same time as many other demands for capital improvements. The Fund is a
new source of financing outside the City’s capital budget for a substantial
school construction program. Its operations will increase the rate at which new
schools can be built. In addition, the Fund will provide the public school
system with additional schools that could not be built under the City’ s debt limit. ;

3. Reinforced economic and social vitality

Combined-occupancy structures will provide néw schools in several kinds of
settings. In commercial areas, specialized high school programs, such as the
co-op program offering experience training together with skills training, could
train the highly-skilled graduates required by the business community. In
residential areas, schools and housing in the same structures should foster a
more cohesive neighborhood life. Some areas—such as those scheduled for ex-
tensive redevelopment—might well lend themselves to any coribdination of fa-
cilities such as child care and Head Start centers, commercial facilities, moderate-

income housing and a school.

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