Central Park in LA

Wednesday, May 12, 2010 | Updated 9:00 AM PDT

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NEW YORK - APRIL 22: A man enjoys a break in Bryant Park on April 22, 2010 in New York City. Earth Day turns 40 today and an estimated 1 billion people around the world will observe the anniversary with everything from tree planting events and local trash cleanups to a gathering of kite flyers. (Photo by Spencer Platt/Getty Images)

The plan: a Central Park-like urban greenbelt along a freeway.

It’s called Park 101 and would involve covering the 101 Freeway near the Civic Center with a deck and a park. The park would border the historic El Pueblo de Los Angeles Park, the Cathedral of our Lady of the Angels and other public spaces.

It would be extended to the Walt Disney Concert Hall, Grand Avenue development and other projects. Fingers of green space would reach Chinatown, Olvera Street and Bunker Hill.

Sounds beautiful, but the question remains – how to cover the estimated $700 million for the plan? No source for the endeavor has been identified.

The architecture students who designed Park 101 estimate it would generate $20 million a year in taxes.

Caltrans is holding a community meeting to show downtown residents, workers and business owners what would be involved in the park project.

The meeting takes place Thursday from 4-6pm at the Caltrans District 7 headquarters. The address is 100 S. Main Street in Downtown L.A.