$100 million. Concurrently, in December 1986, the New York State Urban Development Corporation formally proposed the construction of a $58 million, 17,000-seat minor-league baseball stadium near the site. State senator Thomas Bartosiewics attempted to block Bullard from building on the Steeplechase site, as he was part of an organization that had promised another developer, Sportsplex, the right to build an amateur sports arena on the site. Construction was held up for another four years as Bullard and Sportsplex fought over the site. After Rudy Giuliani took office as mayor of New York in 1994, he negated the Bullard deal by approving the construction of a minor-league baseball stadium on the site allotted for Steeplechase Park. In 1998, Giuliani had canceled Sportsplex and the entertainment complex, and instead unveiled another plan where only the parking lot would be built. The minor league team was called the Brooklyn Cyclones. Bullard, now no longer rebuilding Steeplechase Park, had wanted to restore the Thunderbolt as part of a scaled-down amusement park. Giuliani had the coaster demolished on the grounds that the Thunderbolt was about to collapse, though the coaster's destruction took weeks. In 2000, the city approved the $31 million project to construct Keyspan Park (now Maimonides Park) using the funds from the canceled Sportsplex, and the minor-league baseball stadium opened the following year in conjunction with the Brooklyn Cyclones' inagural season in 2001. Current status Much of the former Steeplechase Park site is occupied by Maimonides Park. The New York City Department of Parks and Recreation owns the land under Maimonides Park and maintains it as "Steeplechase Park". A public plaza on the boardwalk is located to the south of Maimonides Park and operated by NYC Parks. In November 2011, work started on a site around the Parachute Jump, to be called Steeplechase Plaza. The city also announced that the historic B&B Carousell, which had been stored at the Brooklyn Army Terminal since 2005, would be relocated to Steeplechase Plaza within Luna Park. The carousel opened in 2013 at the Steeplechase Plaza section of Luna Park, near the former site of Steeplechase Park. The carousel was placed on the National Register of Historic Places in 2016. The plaza is adjacent to Thunderbolt, a steel coaster that opened in 2014 on the site of the original wooden Thunderbolt. The only structure still standing that was once part of Steeplechase is the tall tower of