The article has been updated from an earlier version.

After years of intense lobbying by the Bloomberg administration, the state will give the city complete control of the Brooklyn Bridge Park waterfront development project Wednesday, with one other joint-operated project soon to follow in being transferred to the city’s sole possession.

In exchange for a cash commitment of $55 million, the state will announce the granting of full control of the project to the city during a planned meeting of the park’s board of trustees on Wednesday. Following the transfer, the city will be solely responsible for planning, construction, maintenance and operation of the park, and will have all revenue control over the project moving forward.

The move by the city will be the first of several planned transfers of joint-operated projects to the city. In the coming weeks, the city will also takeover the 172-acre Governor’s Island development project. The state will also release the city from its $300 million obligation for the expansion of the Javits convention center.

Under a previous plan, Bloomberg suggested taking money intended for the Javits expansion and put it toward improving Brooklyn Bridge Park and Governor’s Island. With the city now moving to assume control of these projects, it is unclear whether the mayor still intends to dole out funds in that manner.

An Economic Development Corportation spokesperson declined to comment on the prospective board action. The mayor’s office and the state’s Empire State Development Corporation would not return calls for comment.

After more than two decades of planning, the first sections of the long-delayed 85-acre Brooklyn Bridge Park were scheduled to be unveiled late last year, but was delayed due to the push-and-pull between the city and the state.

Bloomberg has been open about his frustrations with the snail’s pace of the state’s economic development. City officials have grumbled that the state’s unwillingness to relinquish control stemmed from a desire to take credit of the projects when they are finished.

A senior state official, who asked not to be named because the deals had yet to be announced, said the planned transfers made sense because the projects were never compatible with the agency’s core mission of working with large companies to bring jobs to the state. Nonetheless, the source acknowledged that for some at the state-level, letting go of these projects was difficult.

“There are mixed feelings,” the official said. “It was a wildly popular project—Brooklyn Bridge Park—so, I think folks were excited about being able to see it to its true completion.”