City Gives Columbia $15M for Applied Science Institute
July 30th, 2012
The city will support Columbia University’s new Institute for Data Sciences and Engineering with up to $15 million in financial aid, Mayor Michael Bloomberg announced today.
The New York City Economic Development Corporation projects that the new institute will generate $3.9 billion of nominal economic growth over the next three decades, with more than 4,000 permanent jobs created.
Columbia will spend more than $80 million of its own money on the project, and part of the city’s contribution comes from debt forgiveness, discounted energy transmission costs and lease flexibility.
“It will create tens of thousands of jobs and billions of dollars in economic activity, and it will encourage the growth of the tech sector in New York City and solidify our leadership in the innovation economy for decades to come,” Mayor Bloomberg said in a press release.
This comes as part of the larger Applied Sciences NYC initiative, which aims to increase performance of fields like data science in the city, as well as bolster the city’s economy. Other efforts include the city’s collaboration with Cornell University to create a tech campus on Roosevelt Island.
“The discoveries produced by the Data Sciences Institute will establish a foundation for significant contributions to society and to the marketplace,” Professor Kathy McKeown, director of the Institute for Data Sciences and Engineering, said in the release.
By 2016, the Institute for Data Sciences and Engineering is expected to add 44,000 square feet to Columbia’s Morningside Heights campus, with construction starting almost immediately. The university also plans to add approximately 75 faculty jobs in the next 15 years.
However, advocacy groups do not have full confidence in this initiative’s economic promises, seeking full transparency throughout the project.
“More and more, these large universities are running like large corporations,” said Bettina Damiani, project director at Good Jobs NY. “They should be under the same due diligence and expectation to create good jobs.”By Nina Goldman on July 30, 2012, 12:21 pm
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