New York, NY — New York City Mayor Bill de Blasio is considering a proposal that would allow the city to buy out its $1 billion mono lake in central Manhattan.
De Blasio said on Monday that the city has asked the U.S. Department of Housing and Urban Development (HUD) to help finance the lake and would look to purchase it through eminent domain, a legal mechanism that allows governments to take private property for public use.
A $1.5 billion mono Lake Erie is seen in the foreground.
DeBlasio says the city will consider the idea of buying out the lake if the state’s eminent domain law is repealed.
In a news conference at the New York State Museum, he said the city wants to purchase the lake for its use as a recreational area, a reservoir and an aquatic park.
It would also help the city expand its lakefront park.
The mono lake, located near Times Square, was built in 1924 and has a capacity of 10 million people per year.
DeRozans plan is to use the lake to create more recreational opportunities for the city, which has about 400,000 residents.
De Blasio said the lake is part of the city’s heritage and would serve as a natural amenity that would also make it a natural fit for the zoo.
He also said that the lake would be a great site for a new public park that would be created with the city as its anchor.
“I think it would be an opportunity to put some money in the city that could then be used to expand our parks, our recreational facilities and also to help create a new, better public space,” De Blasio told reporters.
The mayor said that he has already met with representatives from the National Park Service and the New Jersey Department of Environmental Protection, which oversees the city.
The lake is located near a zoo and is surrounded by a massive stone wall that is the largest in the United States.
DeRoos plan to turn the lake into a park is to attract tourists to the city and to the surrounding region, the mayor said.
It is estimated that New York could be worth $3.5 trillion, which is more than the GDP of the United Kingdom.