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 on July 30, 2012, 12:21 pm
In category: Education,Gotham City,Public Finance,Tech | 2 Comments »

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2 Responses to “City Gives Columbia $15M for Applied Science Institute”

  1. City Resident Says:
    August 12th, 2012 at 10:16 pm

    Ms. Goldman, I don’t know that any reporter has mentioned, amidst the pages and pages of wonderful coverage of the new campus, that the proposed new college is actually two public hospitals for indigent and very disabled people.
    I understand that there are over 600 patients in each hospital. Did they receive an aside, or an asterisk, amidst the accolades? Whoops, a bunch of long-term disabled people actually need to be relocated here. Oh, I see, the city will pay a bunch of not-for-profit corporations with our money to take care of these folks. I sure it will be so much better for all concerned… (and no pensions to pay any public employees either).

  2. Wilbur Glueckert Says:
    October 18th, 2012 at 11:09 pm

    59 Blue Bomber: Listed here is often a basic lesson in Porsche model numbers.

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