New York City and New York State have established a nonprofit corporation to operate, develop, and renovate Governors Island.

The Trust for Governors Island, a 501(c)(3) controlled by the mayor, replaces the state’s Governors Island Preservation and Education Corp.

Earlier this year, city and state officials announced an agreement for the city to purchase the 150-acre island off the southern tip of Manhattan from the state for $1 and take responsibility for developing the former Coast Guard base.

“Developments on Governors Island will be financed both by city capital funds and, it is anticipated, in time by private-nonprofit funds,” Andrew Brent, spokesman for Mayor Michael Bloomberg, said by e-mail. “The city may derive revenue from operations on the island.”

The trust — which has no authority to issue bonds — is governed by a 13-member board made up of nine mayoral appointees and members appointed by the governor as well as the state senator and Assembly member representing the district and Manhattan Community Board 1.

The board will hold its first meeting Tuesday.

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