In a last-minute act while in office, President Clinton designated a area, including Fort Jay and Castle Williams, as Governors Island National Monument on January 19, 2001. The monument would be administered by the National Park Service. The following year, it was announced that Governors Island would become public property, though the transfer of the island was delayed due to the 2002 New York gubernatorial election. On January 31, 2003, the rest of the island's 150 acres, as well as of underwater land, were sold for a "nominal sum" (reported to be $1) and placed under the management of a joint city-state agency, the Governors Island Preservation and Education Corporation (GIPEC). The transfer included deed restrictions which prohibit permanent housing or casinos on the island. The agreements also stipulated that of land had to be used as parkland, and another had to be used for "educational, civic or cultural" purposes. In practice, the deed restriction precludes most long-term development on Governors Island.