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Tuesday, April 3, 2018

$25 Million For Roosevelt Island Capital Improvement Projects Included In NY State Budget Fulfilling 2013 Cornell Tech Land Swap Agreement - Money To Be Used For Aging Island Infrastructure And Public Facilities Says RIOC

The NY State Budget passed and signed into law last Friday by Governor Cuomo included the long waited for $25 million payment

to the Roosevelt Island Operating Corp (RIOC) in fulfillment of 2013 agreement for the transfer of RIOC controlled land incorporated into the Cornell Tech Campus.

A spokesperson for NY State Assembly Member Rebecca Seawright reported:
$25 Million in Capital Appropriation for Roosevelt Island Operating Corporation (RIOC) Included in Budget

$25 million for Roosevelt Island Operating Corporation (RIOC) to 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 secure this funding for my Roosevelt Island constituents.” said Seawright.
Yesterday, I asked RIOC:
When will money be received and how does RIOC plan on spending it?
RIOC Public Information Officer Alonza Robertson replied today:
With last Friday’s passage of the State of New York’s FY 2018 State Budget, the Roosevelt Island Operating Corporation will receive a $25 million payment to supplement its existing capital infrastructure improvement program.

The payment is the tangible result of a unique 2013 land-swap agreement - regarding a 2.62-acre parcel to help facilitate the Cornell-Tech campus development - between the State and RIOC.

The money, according to the budget law, “is to be used in support of the comprehensive, multi-year capital program for capital improvements on Roosevelt Island.”

RIOC plans to add the funds to its existing five-year $40-million major improvements schedule, an aggressive plan that works to immediately address aging island infrastructure and public facilities that have had neither improvements nor significant repairs since their original construction 40 years ago.

Some of those items include: the 59th Street tram station elevator construction, island-wide seawall railing replacements, Southpoint Park seawall construction, repairs to the AVAC sanitation system, Sportspark and youth center renovations, Motorgate parking garage repairs, Blackwell and Al Lewis playgrounds renovations, and Octagon and Firefighters field improvements.

“This budget appropriation helps RIOC continue the progress we have achieved to improve the quality of on Roosevelt Island,” said RIOC President and CEO Susan Rosenthal.
Here's more on the land swap agreement and Cornell Tech.

Also, more on the NY State budget.