Subsidy Tracker Individual Entry

Company: 
Cornell University/Technion-Israel Institute of Technology
Parent Company: 
Cornell University
Subsidy Source: 
local
Location: 
New York
City: 
Queens
County: 
Queens
Project Description: 

applied sciences campus on Roosevelt Island

Year: 
2011
Major Industry of Parent: 
miscellaneous services
Specific Industry of Parent: 
university
Subsidy Value: 
$400,000,000
Program Name: 
Applied Sciences NYC Initiative
Awarding Agency: 
multiple
Type of Subsidy: 
MEGADEAL
Number of Jobs or Training Slots: 
8,000
Capital Investment: 
$2,000,000,000
Source of Data: 

The subsidy estimate came from: Richard Perez-Pena, "Environmental Features in Science Campus Plans," New York Times, October 24, 2011. The jobs and investment projections as well as additional details on the project were contained in a December 19, 2011 press release issued by Mayor Michael Bloomberg; online at http://www.nycedc.com/press-release/mayor-bloomberg-cornell-president-sk...

Notes: 

New York City chose a consortium of Cornell University and Technion-Israel Institute of Technology to build a two-million-square-foot applied science and engineering campus on Roosevelt Island. The city provided a $100 million grant for construction and infrastructure costs as well as making available land worth several hundred million dollar through a 99-year lease with an option to purchase the land at the end of the term for $1.

Source Notes: 
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