You're Invited To Roosevelt Island Community Coalition Meeting Tuesday, November 15 - When Will Roosevelt Island Get Paid By NY State For Cornell Tech Campus Land Transfer?

The Roosevelt Island Community Coalition (RICC):

...is an advocate for the health and well being of the Island community and its organizations during the Cornell development. We work to urge the fulfillment of Cornell's verbal and written commitments to the community....

Image From April 25 Cornell Tech Construction & Community Task Force Meeting

RICC Board member Judy Buck invites the Roosevelt Island public to its membership meeting tomorrow evening. Ms. Buck reports:

Roosevelt Island Community Coalition (RICC) will hold a membership meeting on Tuesday, November 15th, 6:45 pm at 546 Main Street, 12th Floor.

Updates, news, and two guests to discuss New York State Funding. There will not be a board election.

Public welcome. Light snacks

The NY State funding reference is to the December 2013 agreement by NY State to pay the Roosevelt Island Operating Corp (RIOC):

... (i)$1,000,000 annually for 55 years payable to RIOC (escalating 2.5% every 10 years) in accordance with State budgetary procedure, or

(ii) an equivalent amount to support capital infrastructure improvements on RIOC as determined in accordance with State budgetary procedure....

in exchange for the RIOC controlled land that is part of the Cornell Tech campus.

To date, RIOC has not received any of these funds from NY State. According to the agreement, the funds are to be paid in full by December 31, 2018.

Below is the December 13, 2013 Memo of Understanding between RIOC, NY State and the Empire State Development Corp confirming the agreement,

(NY State/RIOC MOU Re Cornell Tech)

the December 12, 2013 RIOC Memorandum in support of the Board Resolution approving the land transfer including the December 10, 2013 term sheet for the agreement.

(RIOC Cornell Tech Campus Term Sheet)

and a video excerpt from the December 12, 2013 RIOC Board of Directors meeting discussion of the funding agreement and transfer of land for the Cornell Tech campus.



More video of the December 12, 2013 RIOC Board of Directors meeting here.

When Will Roosevelt Island Get Paid By NY State For Cornell Tech Campus Land Transfer?

Stay tuned to find out.