Sunday June 16, 2019

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Cornell to Pay $10 Million Deposit by Next Week For NY Tech Campus

Cornell University must submit a $5 million pre-development deposit and a $5 million security deposit to NY by next week in their first step to developing a new applied science campus on Roosevelt Island. The agreement between Cornell and the city is heavily reliant on a detailed timetable in order to get the project off the ground quickly, according to Crains New York Business.

“We have always said that project feasibility was a major criteria in our selection process, and this innovative agreement shows that our purpose is to get this game-changing project in the ground quickly while getting the most benefits for taxpayer dollars,” said a spokesman for New York’s Economic Development Corp.