Bryant Park Corporation (BPC) is a not-for-profit, private management company and a cooperating business improvement district of neighboring property owners. It was established by Daniel A. Biederman and Andrew Heiskell, with support from the Rockefeller Brothers Fund. BPC was formed to restore historic Bryant Park, which had suffered a severe decline in conditions in the 1970s. A 15-year agreement was signed in 1988, entrusting management and improvements to the BPC. The park reopened in 1991 after four years of renovation with a budget six times the level under prior city management. It is the largest effort in the nation to apply private management backed by private funding to a public park, and it has been a success with public, press, and nearby institutions. BPC shares its management team with the 34th Street Partnership. The two companies share a management philosophy.