The East Cambridge Open Space Trust has its money and wants residents to say how it should be spent, said Mark Jaquith, chairman of the trust’s board.

The trust was formed as part of a legal settlement with the development of Cambridge Research Park (no longer known as that or owned by the same developer), the area south of Binney Street and east of Third Street that holds the Genzyme building, Watermark apartments and Kendall Skating rink.

Most of the money expected has been received, Jaquith said in a Thursday e-mail and post to his Cambridge Community Television blog.

Now it’s time to spend.

“We want to know what you want in your neighborhood. Is it a new pocket park, playground, park benches, planters, public art or something else? We have lots of ideas, but we want to know what you want,” he said.

The money can only be spent on open space projects in East Cambridge, officially the area north of Main Street and east of the Grand Junction rail tracks.

“We don’t have enough money to buy and build a big new park, but maybe we could work with the city to make that happen,” he said. “We might be able to buy a small plot and make a nice little area, but working with partners such as our city government might make a big difference, and we would love to make the fund go farther.”

The trust plans to present ideas at 7 p.m. Wednesday to the East Cambridge Planning Team at their meeting at East End House, 105 Spring St.

Attendees will be asked to write down their ideas. They can also contribute now to the trust’s blog.

“If you live here, or even if you don’t, we would like your ideas about how to improve the area,” Jaquith said. “Please help us with this exciting project.”

This post was written from a press release.