The first contract for the construction of a subway in New York, Contract 1, was executed on February 21, 1900, between the Board of Rapid Transit Railroad Commissioners and the Rapid Transit Construction Company, organized by John B. McDonald and funded by August Belmont, for the construction of the subway and a 50-year operating lease from the opening of the line. Contract 1 called for the construction of a line from City Hall north to Kingsbridge and a branch under Lenox Avenue and to Bronx Park.