The Park Development Foundation will oversee and maintain Gold Medal Park for at least another 50 years.

The foundation announced Tuesday that it entered into an agreement with the city and the Guthrie Theater to oversee the park through 2065. The foundation also purchased the majority of park property owned by the Guthrie.

As part of the original development, the Park Development Foundation committed to fully fund all maintenance of the park until 2015. The 7.5 acre park opened in 2007.

Councilwoman Lisa Goodman, who advocated for the creation of the park, led an effort to establish a long term plan for the park.

“I am absolutely thrilled that all the partners have come together and figured out a way to support this amazing space and to maintain this community asset for the next fifty years," Goodman said in a press release. 

Star Tribune File Photo