Johnson and Burgee plan In February 1968, mayor John V. Lindsay named a committee to make recommendations for the island's development,; at which point one newspaper called it "the most expensive wasteland in the world". The state government established the Welfare Island Development Corporation (WIDC; later the Roosevelt Island Development Corporation or RIDC) that April. Early the next year, the state government canceled plans for a state park encompassing Welfare Island, and Lindsay's committee recommended renaming the island and developing housing units and recreational facilities there.; Land clearing began that April, and Lindsay asked the New York State Urban Development Corporation (UDC) to help redevelop the island in May.; The city and state governments formally presented their proposal for Welfare Island in October 1969.; After the Board of Estimate approved the plan later that month,; the UDC signed a 99-year lease with the city that December.; The city could pay either two percent of the development cost or 40 percent of any profits. The UDC issued $250 million in bonds to help finance the project. The state hoped to finish the project within eight years.
johnson and burgee plan in february 1968 mayor john v lindsay named a committee to make recommendations for the island's development; at which point one newspaper called it "the most expensive wasteland in the world" the state government established the welfare island development corporation (widc; later the roosevelt island development corporation or ridc) that april early the next year the state government canceled plans for a state park encompassing welfare island and lindsay's committee recommended renaming the island and developing housing units and recreational facilities there; land clearing began that april and lindsay asked the new york state urban development corporation (udc) to help redevelop the island in may; the city and state governments formally presented their proposal for welfare island in october 1969; after the board of estimate approved the plan later that month; the udc signed a 99-year lease with the city that december; the city could pay either two percent of the development cost or 40 percent of any profits the udc issued $250 million in bonds to help finance the project the state hoped to finish the project within eight years