Governor George E. Pataki and Mayor Rudolph W. Giuliani, joined by
Mayor-elect Michael Bloomberg, today announced the appointment of the Board of Directors for the Lower Manhattan Redevelopment Corporation, bringing together a diverse group of respected leaders from business, labor, government, and the community to oversee all aspects of revitalizing and rebuilding Lower Manhattan south of Houston Street.

The joint State-City corporation -- which will have powers similar to the successful corporation that helped trigger the revitalization of Times Square -- will oversee transportation and other infrastructure improvements, the construction and development of the areas affected by the terrorist attacks and the attraction and retention of business throughout that area.

The corporation will function as a subsidiary of the Empire State
Development Corporation governed by a 11-member Board of Directors, seven appointed by the Governor and four appointed by the Mayor -- two more than originally planned. In addition, the corporation will have an advisory committee made up of business, labor and community leaders.

"This group of dynamic, committed leaders will bring expertise, energy and enthusiasm to our ongoing efforts to ensure that New York remains the capital of the world for generations to come," Governor Pataki said. "New York will not only overcome the challenges we have faced since September 11, we will thrive and reach new heights. That is our pledge to the heroes who died in that evil attack; that is our vow to America and the world. By working together, and with the help of this enormously talented team, we will prevail."

Mayor Giuliani said, "The naming of the directors today sets in motion the important first steps toward the redevelopment of Lower Manhattan. These individuals represent the very best talent New York has to offer. They are proven leaders who possess the requisite vision, determination and ability to undertake this enormous challenge. I'm confident that New York will emerge from this difficult period as a much stronger City, retaining its distinction as the world's preeminent capital of finance, commerce and industry."

Governor Pataki named John Whitehead, former co-chairman and senior partner of Goldman, Sachs & Co., to serve as chairman of the Board. Mr. Whitehead served as the top deputy to former Secretary of State George Schultz and received the Presidential Citizens Medal from President Ronald Reagan. He is also former chairman of the Board of the Federal Reserve Bank of New York.Mr. Whitehead said, "All New Yorkers have been asking what they can do to help. This is what I have been asked to do--and I have said, enthusiastically, 'Yes.' I am honored to undertake this challenging task and to be able to work with so many dedicated people from the public and private sectors who together will bring about the restoration of this important part of our city."

Governor Pataki also named:

Frank Zarb -- The former chairman and CEO of Nasdaq, Mr. Zarb is chairman of Nasdaq Europe and Senior Advisor to the Nasdaq Stock Market. He is former chairman and CEO of Smith Barney, served as President Gerald Ford's "energy czar" and oversaw the financial restructuring of the electric power system on Long Island as head of the Long Island Power Authority;

Roland Betts -- Chairman and lead owner of Chelsea Piers, Mr. Betts is
founder and President of Silver Screen Management, a member of the U.S. Olympic Committee, former lead owner of the Texas Rangers and former New York City school teacher;

Lewis Eisenberg -- Chairman of the Board of Commissioners of the Port Authority of New York and New Jersey, a position he has resigned to accept this appointment, Mr. Eisenberg is founder and co-chairman of the Granite Capital International Group, and a former general partner of Goldman, Sachs & Co.;

Ed Malloy -- President of the Building and Construction Trades Council of Greater New York and vice president of the New York State AFL-CIO, Mr. Malloy is a member of the Boards of Directors of Empire Blue Cross Blue Shield and the Police Athletic League;

Deborah Wright -- President and CEO of Carver Federal Savings Bank, Ms. Wright is the former president and CEO of the Upper Manhattan Empowerment Zone Development Corp. and former Commissioner of the New York City Department of Housing Preservation and Development;

Madelyn Wils -- Chairperson of Community Board No. 1, which serves the Lower Manhattan area, Ms. Wils serves as a trustee of the Alliance for Downtown New York and a trustee of the Conservancy for Historic Battery Park.

Mayor Giuliani named:

Robert M. Harding -- Deputy Mayor for Economic Development and Finance for the City of New York, Mr. Harding had previously served as the City's Director of the Office of Management and Budget. He also served as Director of State Legislative Affairs and Intergovernmental Affairs for the City of New York. Mr. Harding is an attorney;

Dick Grasso -- Chairman and chief executive officer of the New York Stock Exchange. He serves as a director of Computer Associates International Inc., a trustee of the Centurion Foundation, New York City Police Foundation, and a trustee of the Trooper Foundation for the State of New York. He serves as chairman of the Economic Club of New York, and is a member of the Federal Reserve Bank of New York's International Capital markets Advisory Committee;

Howard Wilson -- Chair of the New York City School Construction Authority, Mr. Wilson is a senior partner of the law firm of Rosenman & Colin. He has previously served as the Commissioner of the New York City Department of Investigation and as Chief of the Criminal and Civil Divisions of the US Attorneys Office for the Southern District of New York. He recently served as a member of the New York City Charter Revision Commission;

Paul Crotty -- Group President for Public Policy and External Affairs-New York/Connecticut for Verizon Communications, Mr. Crotty served as New York City Corporation Counsel during Mayor Giuliani's first term and also served in the Koch Administration as Commissioner of Finance and Commissioner of Housing.

The corporation will work closely with the private sector to determine a proper market-driven response to the economic and infrastructure needs of Lower Manhattan, as well as with the Port Authority of New York and New Jersey to identify the appropriate redevelopment of the World Trade Center site.

The corporation will marshal the resources of the state and city
governments, as well as the Port Authority and other involved governmental entities such as the Metropolitan Transportation Authority.

Under Governor Pataki's leadership, the Empire State Development Corporation has employed subsidiaries throughout the City and State to renew, redevelop and revitalize areas that had previously failed to reach their full economic potential. Notably, the Times Square area has seen a cultural and economic renaissance since 1995 as a result of ESDC's 42nd Street Redevelopment Corporation.

The corporation will hold condemnation authority through its parent
corporation, ESDC, and will, within its powers, work to expedite the
redevelopment of Lower Manhattan. It will be funded with federal and state funds.

In addition to the Board of Directors, the corporation will also establish a broad-based Advisory Council. The Council will seek input from a wide array of community groups, business owners, elected officials and other interested parties in the redevelopment of Lower Manhattan. The Council will make periodic recommendations to the Board.