The District of Columbia plans to fund a 5.5-acre waterfront park along the Anacostia River with $42 million of bonds backed by payments in lieu of taxes, Mayor Adrian M. Fenty announced last week.

The district will partner with developer Forest City Washington, which will build and maintain waterfront park, called the Park at the Yards, along the Anacostia River that is expected to be completed by mid-2010.

“This is a great example of the kind of great urban spaces we can create when we think creatively and work together with partners who share our vision for transforming the banks of the Anacostia River into a world-class waterfront,” Fenty said in a statement.

Under the terms of the agreement, Forest City will begin construction on the 5.5-acre park using $42 million of bonds backed by PILOT bonds. The Capitol Riverfront Business Improvement District has agreed to run the park after it is completed. Construction is slated to begin in January.

The park will include a riverfront esplanade, several landscaped “outdoor rooms” with seating areas, a riverfront courtyard enclosed on three sides by retail pavilions, and a lawn.

The Park at The Yards will anchor Forest City’s mixed-use project, which will ultimately include 5.5 million square feet of new development and the reuse of several historic buildings.

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