Cornell secures lease for tech campus on Roosevelt Island

Thursday, December 19, 2013

Cornell University has secured the last major piece of the puzzle needed to begin construction on its Roosevelt Island tech campus.

The Roosevelt Island Operating Corporation — a state-run agency that handles transportation and public safety issues on the island — agreed last week to transfer control of a 2.6-acre plot of land to Cornell before the construction that's set to start next year, the RIOC said.

Under the original deal, Cornell and the state agreed to pay $1.4 million per year to RIOC to lease the land over the next 55 years, with $1 million coming from the state and $400,000 from the university. However, RIOC later pressed the state to pay its contribution in full by December 31, 2018, rather than making 55 annual payments, the agency said. The state is ultimately expected to agree to that deal.

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