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State officials said the grants would be paid over as many as 30 years.
Some of the grants would be used to support young researchers, he said.
The grants would be tied to a resident's proximity to ground zero, and would be available to anyone who lives or moves into a residence below Canal Street.
Among other purposes, the grants would be used for spurring recycling, creating town parks, revitalizing waterfronts and studying pollutants in the Hudson River.
The Kennedy Center said in a statement that the grants would be financed from a donation by Freddie Gershon, chairman of the theatrical licensing agency Music Theater International, and his wife, Myrna.
They said that despite expense-deduction provisions in the tax code, much of the grant money would still be returned to the government in taxes, and that using the deductibility provisions to minimize taxes on the grants would be complex and burdensome for most small businesses, in contrast to a simple exemption of the grants from taxes.
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Also, beginning in the 2010-11 academic year, the maximum Pell grant would rise with inflation; the grant would be indexed to the Consumer Price Index plus 1percentt.
A Department for Transport spokesperson said they couldn't confirm if the grant would be retained until the government publishes its 'final coalition agreement'.
The grant would be based on a rebate of state income taxes should the company move to New Jersey, according to Glen J. Philips, a spokesman for New Jersey's development authority.
The grant would be based on the performance of the Crown Estate from two years earlier - so that the expected 2013/14 grant of about £34 million would represent 15% of the 2011/12 profits.
The trust said the grant would be used to contribute to the Cotswold Canals Partnership's £20m vision to restore the canals, which has been paid for mainly through the Heritage Lottery Fund.
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