Roosevelt Island Cornell Tech Payday - Governor Cuomo's 2019 NY State Executive Budget Includes $25 Million For Roosevelt Island Capital Projects As Payment For Cornell Tech Land Swap Agreement

Roosevelt Island's NY State Assembly Member Rebecca Seawright announced today:

Assembly Member Rebecca A. Seawright is pleased to announce that the Executive Budget includes a $25 million capital appropriation for Roosevelt Island Operating Corporation (RIOC).

This money would fund a multi-year capital improvement program on Roosevelt Island as agreed to by the State in relation to the Cornell Tech development.

“I am happy to report this development for my Roosevelt Island constituents. I will continue to monitor and push for much needed funding in the State budget as negotiations are forthcoming,” said Seawright.

The final budget is anticipated to pass on April 1, 2018.

Roosevelt Island Operating Corp (RIOC) Public Information Officer Alonza Robertson added:

When Governor Andrew Cuomo unveiled the details of his robust $168 billion FY 2019 Executive Budget last Tuesday, it served as a reminder of his familiar refrain “to deliver progressive government to all New Yorkers”.

From fighting the federal tax assault to ending the state’s burgeoning opioid epidemic by holding pharmaceutical companies accountable to investing record amounts in education, supporters and foes lauded the proposal. After a careful review of the 368-page fiscal plan, Roosevelt Island residents and businesses can also celebrate.

Subject to approval by the State Legislature currently in session in Albany, the budget includes a $25 million payment to the Roosevelt Island Operating Corporation (RIOC) to support capital infrastructure improvements. The payment is the tangible result of a unique land-swap agreement - regarding 2.62-acre parcel to help facilitate the Cornell-Tech campus development - between the State and RIOC.

According to the Dec. 16, 2013 document, executed by Empire State Development, the appropriation was to occur no later than Dec. 31, 2018 and be subject to the annual appropriation process and State budgetary procedure. The final budget is anticipated to pass April 1.

RIOC currently has a five-year $65-million major improvements schedule to immediately address aging infrastructure and public facilities that have had neither improvements nor repairs since their original construction 40 years ago.

“We’re thrilled that we will likely have additional resources,” said RIOC President and CEO Susan Rosenthal,” to build, repair, improve and break ground on new projects to the benefit of all Roosevelt Island residents.”

Some Roosevelt Islanders were concerned the State might not keep it's agreement to pay RIOC for the Cornell Tech/Goldwater Hospital land swap agreement. The Governor kept his promise. Now it's up to the State Legislature to approve.

Here's the December 12, 2013 RIOC Board meeting approving the Cornell Tech land transfer and memorandum of agreement confirming the funding agreement.