The Bloomberg administration is willing to spend $55 million more to take control of Brooklyn Bridge Park from the state and move the troubled project forward, officials announced.

Parks Commissioner Adrian Benepe presented the plan at a packed, December 7th meeting on the park organized by State Senator Daniel Squadron.

Squadron has been a vocal critic of the city’s plans to build a hotel and residential towers inside the park - facing a $120 million budget shortfall- to generate maintenance revenue for the new, 85-acre open space.

The park, parts of which are under construction and slated to open in early 2010, is expected to cost roughly $16 million a year to maintain. The city would charge residents of buildings on the site’s footprint a special maintenance fee in lieu of property taxes to pay for its upkeep.

Benepe said the city plans to delay but not abandon residential construction at the park. He did say the city would consider other maintenance options if they are viable.

“If there is another model that can generate that stream of maintenance [revenue] to the park we’re open to that possibility,” said Benepe, in a presentation where he outlined how the city takeover would work, and what the $55 million infusion would pay for.

Under the new proposal, the state’s Brooklyn Bridge Park Development Corporation (BBPDC), would transfer its current management responsibilities to an operating entity created by the city, said Benepe.

A board with an equal number of city and state-appointed members would run the new governing body, he said, though the Public Authorities Control Board would approve all residential development decisions.

That plan would rest the park firmly in the hands of the Bloomberg Administration, which teamed up with then-Governor George Pataki to fund the joint city-state venture in 2002.

Originally, the state and city pledged $85 million and $65 million to the project, respectively, but since then the park’s costs have skyrocketed.

In response, the Bloomberg administration, City Council and Brooklyn borough president’s office have combined to throw another $67 million more into the park. Despite the additional funds, the park remains well short of its projected $350 million cost.

Benepe said the latest city investment would fund continued work on Piers 1 and 2, complete construction of Pier 6, and pay for the Squibb Park bridge, connecting Brooklyn Heights to the park, a sound dam and a seasonal athletic bubble for winter sports.

“This is the most exciting park project in 100 years in New York City,” said Benepe. He urged patience, reminding frustrated Brooklynites that it took 25 years to build Central Park, and said the wait would be well worth it.

Using a litany of superlatives Benepe said once completed the park would be “equal to anything the city has ever seen,” and boast “the finest playground in New York City.”

Reactions to the new proposal were largely negative at the meeting, where residents and Assemblywoman Joan Millman voiced continued opposition to any residential development inside the park footprint.

Squadron expressed guarded optimism, saying of the new city plan “I actually do think there is a difference here.” He said the city takeover could work if the city seriously considers maintenance revenue alternatives.

Parts of Brooklyn Bridge Park are under construction and are scheduled to open in 2010. The city has announced a plan to take sole control of the park.