The New York Times reports that Farley, who has served on the Lincoln Center board since 2003, will join outgoing chairman Frank A. Bennack Jr., as co-chair of the esteemed arts organization for the next year. Bennack Jr. will exit his position in June 2010, at which point Farley will assume sole duties.

Farley currently oversees Lincoln Center's ambitious $1.2 billion renovation project, which is still aiming to raise $235 million for completion, including the ongoing renovation of Avery Fisher Hall. The project will remain her top priority.

Named vice chairwoman of the Lincoln Center board in 2005, Farley has served on the board of Lincoln Center Theater, the New York Philharmonic and Alvin Ailey American Dance Theater. Farley is also the senior managing director for Tishman Speyer, a position she will continue during her Lincoln Center tenure.

Farley told the Times that her initial goals for Lincoln Center are to make the cultural destination "more accessible to the public, more user-friendly for younger audiences."

The redevelopment of the 50 year-old Lincoln Center campus includes the renovation of the State Theater (now the David H. Koch Theater), Alice Tully Hall, the Juilliard School, the School of American Ballet and the fountain plaza, all of which are slated for a 2011 completion. Alice Tully Hall reopened this past winter, with the David H. Koch Theater, the Fountain Plaza and the Harmony Atrium scheduled to debut later this year.