The Rose Fitzgerald Kennedy Greenway Conservancy will be a private, nonprofit charitable corporation formed by the city, the state, and the Massachusetts Turnpike Authority to govern and maintain the new public space created by the depression of the Central Artery.
The Turnpike Authority pays for all maintenance through 2012, so the conservancy can build up its endowment.
The conservancy will raise money for maintaining the space, which will cost $3 million to $10 million annually. It will be boosted by an initial pledge of $5 million in matching funds from the Turnpike Authority, and will have the goal of raising $20 million by 2007.
The conservancy will be governed by a 10-person board, five appointed by the Turnpike Authority, two by the state, two by the city, and one by the Kennedy family. The Turnpike Authority turnpike recommends a candidate for executive director that must be approved by the board. There will also be a director of development and a two-person staff.
The proposed botanical gardens near Dewey Square will remain outside of the conservancy's jurisdiction, but the new organization will otherwise control the corridor from Kneeland Street to Causeway Street.