$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.

You may have missed the Friday night news that NYS struck a budget deal -- two Albany bureau chiefs talk about what made it in -- + what was left out, with @JimmyVielkind + @jessemckinley. More here: https://t.co/QqAqEbFdPr

— Brian Lehrer Show (@BrianLehrer) April 2, 2018

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.

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.

NYC Mayor Bloomberg Transfers 12 Acres of Roosevelt Island to Cornell NYC Tech Today - Cornell Will Pay RIOC $400,000 Annually For 55 Years, NY State Will Pay RIOC Approximately $22 -24 Million By December 31 2018

Rendering Of Roosevelt Island Cornell NYC Tech Campus

This notion seemed far fetched and utterly ridiculous, if not impossible, back in February 2011:

Will Roosevelt Island Become Silicon Island? Stanford, MIT, Cornell & Other Top Universities Express Interest In Proposed New York City State Of The Art Applied Sciences School - And It May Be Right Here At Coler Goldwater Site

Well, almost three years later the notion proved to be entirely doable.

Rendering Of Roosevelt Island Cornell NYC Tech Campus

Earlier today, exactly two years to the day in 2011 when Cornell University was selected to build the NYC Applied Sciences & Engineering School and following the withdrawal of Stanford University from the competition as well as many, many many community meetings, I watched NYC Mayor Michael Bloomberg and Cornell University President David Skorton sign a 99 year lease for the new Roosevelt Island Cornell- Technion Engineering School campus on the site of the former Goldwater Hospital.

Cornell Right Now: David Skorton & @MikeBloomberg signing the lease to @cornell_tech future home on Roosevelt Island pic.twitter.com/twce0qUjCV
— Cornell University (@Cornell) December 19, 2013

Here's a look at what Cornell is bringing to Roosevelt Island by 2017.



As previously reported Cornell will also be paying the Roosevelt Island Operating Corp (RIOC) $400,000 annually for the next 55 years. Also, NY State will contribute payments to RIOC of approximately $22 - $24 million no later than December 31, 2018.

Here's the Cornell NYC Tech lease signing Press Conference



and Press Release from Mayor Bloomberg's office.

Mayor Michael R. Bloomberg, Cornell University President David J. Skorton, and Technion-Israel Institute of Technology President Peretz Lavie today formally executed a 99-year lease between the City of New York and Cornell Tech, which will pave the way for construction of the Cornell Tech campus on Roosevelt Island, exactly two years after Cornell and academic partner Technion were named the first winners of the City’s Applied Sciences NYC competition. Cornell Tech is a revolutionary model for graduate-level technology education and is establishing itself as a world-leading institution, conferring graduate degrees and conducting research that drives technology, innovation, commercialization and the creation and retention of businesses and jobs in New York City. The land transfer will allow for groundbreaking on the campus to begin in January, with the first classrooms on Roosevelt Island set to open in 2017. Cornell Tech students began classes this fall in space donated by Google at their Chelsea headquarters on Eighth Avenue. Construction of the entire 2 million square foot build-out, which will span 12 acres on Roosevelt Island and house approximately 2,000 students and nearly 280 faculty and researchers, will be completed by 2043. New details and renderings for the first phase of the full campus were also released today, revealing how the physical campus will be designed to support Cornell Tech’s focus on innovation, entrepreneurship and collaboration between academia and industry. Mayor Bloomberg and President Skorton signed the lease documents at a City Hall ceremony to finalize the official land transfer to Cornell Tech, where they were joined by President Lavie, Deputy Mayor for Economic Development Robert K. Steel, New York City Economic Development Corporation President Kyle Kimball, U.S. Representative Carolyn Maloney, Council Member and Borough President-Elect Gale Brewer, Council Member Jessica Lappin, Cornell Tech Vice President Cathy Dove, Cornell Board Chair Robert Harrison, Cornell Provost Kent Fuchs, Cornell Tech Dean Daniel Hutenlocher, Forest City Ratner Companies President and CEO MaryAnne Gilmartin, and Hudson Companies Principal David Kramer.

“Our goal has been to make New York City the global capital of technological innovation, and this new campus on Roosevelt Island is a central part of our strategy for achieving it,” said Mayor Michael R. Bloomberg. “It is one of the most ambitious and forward-looking economic development projects any city has ever undertaken, and it’s going to help add thousands of new jobs to our economy in the decades ahead.”

“The State was proud to work closely with the Mayor’s Office, RIOC and Cornell because we strongly believe that the path to New York State’s continued economic growth will largely be defined by partnerships that start with our State’s academic institutions,” said Governor Andrew M. Cuomo. “This project leverages two of the world’s most notable institutions in a way that will help foster technological innovation within New York State, while creating jobs and spurring business investment.”

“Cornell Tech is the proof that government and universities can work together to innovate and support economic growth, and we will be forever grateful for Mayor Bloomberg’s leadership in making this campus possible,” said Cornell University President David J. Skorton. “The Roosevelt Island campus is being built for the future, to be the place that generates the next big ideas, the new companies and extraordinary talent that will change New York and the world.”

“Thanks to Mayor Bloomberg’s vision, New York City is fast becoming a leading global center of innovation,” said Technion President Peretz Lavie. “Through the Joan & Irwin Jacobs Technion-Cornell Innovation Institute, our international partnership with Cornell Tech, we look forward to helping to further the city's future as the technology capital of the world.”

Applied Sciences NYC was launched by Mayor Bloomberg in 2011 in an effort to capitalize on the considerable recent growth and even larger opportunity for future growth in technology-related jobs and businesses in New York City, and builds on the Bloomberg Administration’s record of creating a more diversified economy for the City’s future. In July 2011, NYCEDC issued an RFP seeking a university, institution or consortium to develop and operate a new or expanded campus in the City in exchange for City capital, access to City-owned land and the full support and partnership of the Bloomberg Administration, and subsequently received seven responses from 17 world-class institutions from around the globe. Cornell Tech was the first of four Applied Sciences projects to be announced by the City in an effort to strengthen New York City’s global competiveness – including its growing technology sector – and ensure that the City establishes itself as a worldwide hub of science, research, innovation and urban solutions for the digital age and the information economy. Cornell Tech was selected for this initiative based on its innovative model for graduate technology education and its emphasis on the intersections between academia and industry and forward-thinking areas of study. When completed, the new Roosevelt Island campus alone will nearly double the number of full-time, graduate engineering students enrolled in leading New York City Master’s and Ph.D. programs.

The four Applied Sciences NYC projects that have been announced by the Mayor include:

· Cornell Tech on Roosevelt Island

· The Center for Urban Science and Progress in Downtown Brooklyn, operated by an international consortium led by New York University

· The Institute for Data Sciences and Engineering at Columbia University

· Carnegie Mellon University’s Integrative Media Program at Steiner Studios in the Brooklyn Navy Yard.

Collectively, the four Applied Sciences NYC projects are expected to generate more than $33.2 billion in nominal economic activity, over 48,000 permanent and construction jobs, and approximately 1,000 spin-off companies by 2046, fulfilling the initiative’s goal of dramatically transforming the City’s economy for the 21st century. These institutions are already strengthening the City’s position as a hub of science, research, innovation and world-class urban solutions in a global economy driven by technological fluency and innovation.

“Mayor Bloomberg’s Applied Sciences initiative will transform the City’s economy, doubling the number of engineering faculty and graduate students in New York City. These are the skills we need to compete in the knowledge and information economy of the 21st Century,” said Deputy Mayor for Economic Development Robert K. Steel. “The closing of the Cornell Tech lease is a major step toward that goal and I congratulate Presidents Skorton and Lavie on this critical moment in the arc of Cornell and the Technion’s history.”

“Over only two years, thanks to an unprecedented model of collaboration across City and State government, top academic institutions, and the private sector, we have transformed Applied Sciences NYC from a visionary idea into a physical reality that is already reshaping our City,” said NYCEDC President Kyle Kimball. “Since selecting Cornell and the Technion as our first winners, in partnership with the Health and Hospitals Corporation we have built and opened a new hospital in Harlem that is currently serving former Coler-Goldwater patients; secured all necessary approvals for the Roosevelt Island campus; selected three additional Applied Sciences winners; and launched classes. Thanks to Mayor Bloomberg’s leadership, this initiative will create jobs, businesses, and technologies, resulting in transformative economic activity that will help secure the City’s future.”

“Cornell Tech is extremely grateful for the unwavering support of the Roosevelt Island community throughout the public review process and we are committed to being great neighbors during construction and beyond,” said Cornell Tech Vice President Cathy S. Dove. “We are also fortunate to have such extraordinary development partners in Forest City Ratner and Hudson/Related to help us make this vision a reality.”

“We are thrilled to be working with Cornell and so many great partners to help create a truly extraordinary new place on Roosevelt Island,” said Forest City Ratner Companies President and CEO MaryAnne Gilmartin. “Under Mayor Bloomberg’s watch the City’s tech sector has grown enormously and we are well poised as a company and as a project to continue with that growth at Cornell Tech.”

“With Mayor Bloomberg’s vision guiding the way, Cornell Tech will be at the leading edge of the next generation in tech and applied sciences,” said David Kramer, partner of The Hudson Companies. “We look forward to bringing out-of-the-box thinking to a best-in-class building on the forefront of design and sustainability.”

“I am pleased to join Mayor Bloomberg for this monumental step toward making the Cornell Tech campus a reality. I have strongly supported bringing Cornell Tech to Roosevelt Island from the very beginning of this process,” said U.S. Representative Carolyn Maloney. “The campus holds great promise for Roosevelt Island and for New York City, attracting future leaders in the technology and engineering industry. Many of the amenities included in the plans will be open and available to the public, including areas of park space. I commend Cornell for its transparency during the planning process and commitment to being a good neighbor to Island residents.”

“Cornell Tech will generate opportunities and innovations for generations to come, and today we take a step closer to our city's future,” said Council Member Jessica Lappin.

“I applaud Mayor Bloomberg, Cornell Tech, and the Roosevelt Island Operating Corporation on their historic lease signing to build a new applied sciences campus on Roosevelt Island,” said Manhattan Borough President-Elect Gale A. Brewer. “This partnership will play a key role in the growth of New York City’s tech sector in the coming years, and will attract new development to Roosevelt Island. I look forward to working with all parties to ensure the success of this venture.”

Academic uses of the campus are anticipated to include classrooms, laboratories, teaming areas, and lecture halls, as well as start-up incubator/accelerator space to encourage entrepreneurship. The remainder of the space in the campus will be devoted to corporate co-location space designed to facilitate the interaction between academia and industry, residential uses, an executive education center, and ancillary uses, such as retail in support of the faculty, staff and students on the campus, as well as the creation of new open space.

While planning is underway for the opening of the permanent campus in 2017, Cornell Tech is already operating in temporary space in Manhattan. The campus master plan, designed by Skidmore, Owings and Merrill with James Corner Field Operations, includes a number of innovative features and facilities across a river-to-river campus with expansive views, a series of green, public spaces, and a seamless integration of indoor and outdoor areas. Cornell Tech will combine cutting edge technologies to create one of the most environmentally friendly and energy-efficient campuses in the world, not only employing, but developing new environmental technology.

A sustainable and innovative academic building will be designed by Pritzker Prize-winning architect Thom Mayne of Morphosis Architects and, in a significant departure from traditional academic facilities, take its cue from the tech world by offering open-plan space and extensive collaborative workspaces. The phase one academic building, if completed today, would be the largest net-zero energy building in eastern United States, with all of its power generated on campus.

A corporate co-location building, designed by Weiss/Manfredi and developed by Forest City Ratner Companies, will bring together corporate innovators, world-class researchers and energetic start-ups under one roof, a concrete reflection of the campus’ mission of fusing academia and industry to encourage innovation for the public good. Cornell Tech will be an anchor tenant. Renderings of this building and the academic building were released today, and are available at tech.cornell.edu/press/.

Ensuring that the campus is active 24/7, a residential building, designed by Handel Architects and developed by Hudson and Related Companies, will be built to provide convenient and affordable campus housing for students, faculty and staff. It will rely on passive sustainable design features to reduce energy usage and further advance the campus’ sustainability goals.

Plans are also under underway for an Executive Education Center and Hotel, which will help ensure that Cornell Tech is a magnet in New York City for innovation by providing conference, executive program and academic workshop space along with a hotel and destination restaurant.

The 12-acre footprint of the Cornell Tech campus includes the site of the former Goldwater Specialty Hospital and Nursing Facility, which has been replaced by the new state-of-the art, 365-bed, $300 million Henry J. Carter Specialty Hospital in Harlem, built by NYCEDC, which is operated by the NYC Health and Hospitals Corporation and provides world-class medical care for New Yorkers in need of highly specialized, complex treatment. Former Goldwater patients were relocated to the new hospital last month. The campus footprint also includes property formerly controlled by the Roosevelt Island Operating Corporation. Cornell Tech has spent the past year working with the Roosevelt Island community on plans to minimize the impact of construction on residents, including deployment of the largest barging program in New York City to remove demolition materials from the site.

Cornell Tech classes began earlier this year in space donated by Google in Chelsea. The school now includes masters and Ph.D. students, world-class faculty and established collaborations with dozens of industry-leading organizations contributing to graduate study in areas such as Computer Science, Electrical and Computer Engineering, Information Science, Operations Research and Business. Cornell Tech also launched its commitment to partnership with New York City’s public school students earlier this year, working with numerous organizations to bring tech education to a diverse audience. A director of K-12 education for Cornell Tech will be announced early in 2014.

Beginning in January, the Joan and Irwin Jacobs Technion-Cornell Innovation Institute at Cornell Tech will welcome a number of postdoctoral students to the current campus. Later in 2014, the Jacobs Institute will launch a master’s degree program in Connective Media designed to educate the entrepreneurial engineers and technologists needed in the media sector to steward the continuing digital transformation of the industry. Students in this two-year program will receive degrees from both Technion and Cornell. Also in 2014, Cornell Tech will launch a Johnson MBA that will combine business, technology, innovation and entrepreneurship in a fast-paced, hands-on learning environment.

Cornell Tech will host entrepreneurs-in-residence, organize business competitions, provide legal support for startups, reach out to existing companies to form research partnerships and sponsor research, and establish a pre-seed financing program to support promising research. In addition, the campus will structure its on-site tech transfer office to facilitate startup formation and technology licensing. Cornell Tech will also invest $150 million that will be solely devoted to start-up businesses in the City.

In keeping with the focus on community involvement contained in the RFP, the Cornell Tech proposal outlined a number of areas in which the universities will touch the lives of New Yorkers -- the type of involvement to which both schools have been committed for many years in their primary campus communities. Plans for community involvement in New York City include the creation of education enhancement programs that will impact a minimum of 10,000 New York City students and 200 New York City teachers per year. Cornell Tech also intends to work closely with PS/IS 217 on Roosevelt Island to enrich their curricula and participate in STEM-oriented programming. They will also work to meet the goals of the City’s HireNYC employment program and develop partnerships for job placement and training. In furtherance of its community outreach goals, Cornell Tech will offer significant programming on and off its campus designed to engage with residents of Roosevelt Island and the larger City. Cornell’s campus plan will further create new public open space on the campus.

Stay tuned for more.

Transfer Of Roosevelt Island Land Controlled By RIOC For Cornell NYC Tech Campus Approved at RIOC Board Of Directors Meeting Last Night - But Contingent On NY State Signing Funding Memo

Image of Goldwater Hospital/Future Cornell NYC Tech Campus From Google Maps

As reported last evening:

...The RIOC Board of Directors unanimously approved the Cornell NYC Tech project about an hour ago.

However, that approval was made contingent upon NY State signing a memorandum agreeing that the net present value of NY State's 55 annual $1 million payments to RIOC, as outlined in the December 10 Deal Sheet Memo, will instead by fully paid by December 31, 2018. The Memorandum is anticipated to be signed within the next few days....

Here's what happened.

It began with a presentation by Empire State Development Corp (ESDC) attorney Lisa Lim describing the terms for the RIOC controlled land to be transferred for the Roosevelt Island Cornell NYC Tech campus



followed by a discussion of the environmental impact of project on Roosevelt Island. garbage, air quality, noise, parking, transportation etc as well as monitoring Cornell's compliance with the agreement by RIOC and NY State.



Then a discussion of the funding issues which was the stumbling block for approval by the RIOC Board. It was resolved by NY State agreeing at the last minute to make the full net present value payment of its contribution to RIOC by December 31 2018 instead of making 55 annual $1 million payments. Although NY State agreed to make full payment by 2018, they were unable to get the funding agreement signed before the RIOC Board vote which is the reason why the RIOC Board approval is contingent.



Not sure what the total value of the NY State payment is yet. 

In addition to the payment by NY State, Cornell will also annually pay RIOC Four Hundred Thousand Dollars ($400,000) for 55 years, the term remaining on RIOC's lease with NYC which expires in 2068.

Finally, RIOC President Charlene Indelicato thanked the RIOC Staff, Governor's office, Ms. Lim and the volunteer RIOC Board Members for their hard work and looked to the future with Cornell as a good neighbor.



Cornell

Credit: Kilograph via Cornell NYC Tech

issued the following statement after the vote:

This agreement is a result of a very positive collaboration between RIOC, the State, the City and Cornell. It reflects the widespread recognition of the importance of this project to Roosevelt Island, New York City and New York State. We are grateful to the RIOC board for their support of the campus, and we look forward to a long and beneficial relationship with RIOC as well as with all those who reside on Roosevelt Island. We are excited to move forward to begin construction early next year and to welcome everyone to the campus beginning in 2017.

This was a fantastic job by Ms. Indelicato, her staff and the RIOC Board against great odds and very powerful interests. They deserve the thanks of the entire Roosevelt Island community for their work which resulted in an outcome much better than I or anyone else hoped or expected.

Still more to come on this. Remember it is a contingent approval until the funding is signed off by NY State.

UPDATE 12/17 - The funding memorandum was signed by both NY State and RIOC on Monday December 16.

The Roosevelt Island Community Coalition (RICC), composed of Roosevelt Island organizations comment:

RICC was delighted with the significant contribution to our community that resulted from RIOC's negotiations with NY State and Cornell. There remain many aspects of demolition and construction that will continue to require negotiation and monitoring; however, the recognition of responsibility for the tremendous impact that Cornell's campus will have on the Island and its residents validated RICC's long advocacy.

We were honored that so many Roosevelt Islanders put their faith in us.

We are incredibly pleased with the efforts that RIOC's President, Charlene Indelicato, made to champion our community's needs. We also owe the RIOC Board members and staff a sincere debt of gratitude for their hard work and efforts. We believe this result clearly shows how much can be accomplished when we all work together for the common good.

BREAKING NEWS - RIOC Agrees To Terms With Cornell NYC Tech For Roosevelt Island Campus Subject To Board Of Directors Approval At December 12 Meeting

Image of Goldwater Hospital/Future Cornell NYC Tech Campus From Google Maps

Reported earlier today:

The Roosevelt Island Operating Corp (RIOC) Real Estate Advisory Committee is meeting for the second time in less than a week for an update on the negotiations with Cornell for the land controlled by RIOC which is part of the planned Cornell NYC Tech campus....

and:

... All reports are that the RIOC Directors and staff are battling hard to protect the interests of Roosevelt Island in these negotiations with Cornell...

 Credit: Kilograph via Cornell NYC Tech

It looks like an agreement has been reached between Cornell and RIOC subject to approval of the RIOC Board at the December 12 Directors Meeting.

Just received this Amended Agenda for Thursday's RIOC Board Of Directors Meeting which includes this addition:

... 7. Authorization to Enter into an Amendment of the Master Lease with the City of New York and to Take Related Actions in Connection with the Cornell Tech Campus Development, Including Making Environmental Findings and Entering Into a Development Agreement and Other Related Agreements (Board Action Required)...

Seeking official confirmation from RIOC and will update when more information becomes available.

Here is the full RIOC Agenda for December 12 Board of Directors Meeting.

AMENDED AGENDA

DECEMBER 12, 2013 MEETING OF

THE ROOSEVELT ISLAND OPERATING CORPORATION BOARD OF DIRECTORS

THE MANHATTAN PARK COMMUNITY CENTER,

8 RIVER ROAD, ROOSEVELT ISLAND, NEW YORK

5:30 P.M.[1]


I. Call to Order

II. Roll Call

III. Approval of Minutes

1. November 7, 2013 Board Meeting (Board Action Required)

IV. Old Business

V. New Business

1. Approval of the Proposed RIOC Budget for Fiscal Year 2014-15 (Board Action Required)

2. 2014 Meetings of the Roosevelt Island Operating Corporation Board of Directors (Board Action Required)

3. Ratification of Amendment of Contract with Hill International, Inc. for Owner's Representative Services (Senior Project Manager) (Board Action Required)

4. Authorization to Enter into Amendment of Contract with Guidepost Solutions, LLC for Public Safety Department Management Services (Board Action Required)

5. Ratification of Waiver of Notice Period, Consent to Riverwalk Place LLC and Riverwalk Landing LLC Leasehold Interests Refinancing, and Related Actions Taken (Board Action Required)

6. Authorization to Enter into Contract for Purchase of a Conventional Dump Truck (Board Action Required)

7. Authorization to Enter into an Amendment of the Master Lease with the City of New York and to Take Related Actions in Connection with the Cornell Tech Campus Development, Including Making Environmental Findings and Entering Into a Development Agreement and Other Related Agreements (Board Action Required)

8. President’s Report

9. Committee Reports

a. Audit Committee

b. Governance Committee

c. Operations Advisory Committee

d. Real Estate Development Advisory Committee

10. Public Safety Report

VI. Adjournment

[1] The RIOC Board Meeting will commence following a public comment period. The public comment period is not part of the meeting.

RIOC Real Estate Committee Meeting Today For Update On Roosevelt Island Cornell NYC Tech Project - In Executive Session Closed To The Public

Image Of Goldwater Hospital Campus Future Home Of Cornell NYC Tech From Google Maps

According to the Roosevelt Island Operating Corp (RIOC)

PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Friday, October 4, 2013 at 3:15 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.

Agenda:

1. Chair's Motion for Executive Session for Update on Current Negotiations Regarding Cornell NYC;

2. Any Other Committee Business That May be Brought Before the Committee

More on Cornell RIOC negotiations at this earlier post.

When will RIOC update the Roosevelt Island community on negotiations with Cornell?

Update On Cornell NYC Tech Negotiations With RIOC Subject Of Today's Roosevelt Island Operating Corp Real Estate Advisory Committee Meeting - Meeting Is In Executive Session, Closed To Public

Image From Cornell NYC Tech (credit Kilograph)

According to the Roosevelt Island Operating Corp (RIOC)

PLEASE TAKE NOTICE that a meeting of the Real Estate Development Advisory Committee of the RIOC Board of Directors will be held on Thursday, June 27, 2013 at 3:00 p.m. at the RIOC administrative office, 591 Main Street, Roosevelt Island, New York.

Agenda:

1. Chair's Motion for Executive Session for Update on Current Negotiations Regarding Cornell NYC;

2. Any Other Committee Business That May be Brought Before the Committee

As previously reported, NYC has approved the project and transfer of Goldwater campus land NYC controls to Cornell but Cornell must still reach an agreement with RIOC for the Goldwater campus land controlled by RIOC:

... Many issues still need to be resolved before Cornell NYC Tech can take possession, begin demolition of the existing Goldwater Hospital and start construction of the new applied sciences and engineering school. Among the issues still to be negotiated with the Roosevelt Island Operating Corp (RIOC) are an agreement with RIOC for land controlled by RIOC that is part of the proposed Cornell campus, the use of barging and temporary concrete plant during the construction process, air and noise pollution monitoring and much more....

Below is an aerial view of the existing Goldwater Hospital campus that is scheduled to be demolished in early 2014 to make way for the Cornell NYC Tech campus. NYC controls the land that is beneath the hospital buildings and extending a perimeter of 5 feet from the buildings. RIOC controls all the other land on the Goldwater campus site between the roads on the outside of the campus (East and West Channel Roads).

Image From Google Maps

More here on latest Cornell NYC Tech developments including selection of Forest City Ratner as corporate co-location building and Master Plan developer

and this video in which

Dan Huttenlocher, Founding Dean of Cornell Tech, and Provost Kent Fuchs provide insight into the latest developments of the newly established Cornell NYC Tech Campus.

If you are interested in the Cornell NYC Tech project,  I recommend watching the whole hour long video.

Today's RIOC Real Estate Committee meeting on the Cornell negotiations is in executive session which means it is closed to the public.

Cornell NYC Tech Announces Forest City Ratner As Corporate Co-Location Building and Master Plan Developer For New Roosevelt Island Campus But Financial And Other Terms Not Yet Finalized - Agreement Must Still Be Reached With Roosevelt Island Operating Corp On Land Conveyance, Barging And Other Issues

Image From Cornell NYC Tech (credit Kilograph)

Received the following Press Release from Cornell NYC Tech this morning:

Cornell NYC Tech today announced a major advancement in its effort to bring industry and academia together on its Roosevelt Island campus with plans to develop its first “corporate co-location” building. This building will house a mix of companies at the heart of the campus, facilitating the interaction between academia and industry that is central to Cornell Tech’s mission. On Thursday, Cornell University’s Board of Trustees approved the plan to move forward with Forest City Ratner Companies as the developer of this building, subject to finalizing plans and terms. Forest City Ratner would also act as master developer, overseeing development of the first academic building, the open space and related infrastructure for the first phase of the campus.

“This level of private sector investment in the campus, and, upon completion of our finalizing the details, the participation of a great partner in Forest City Ratner, validates the campus’ enormous economic development potential for New York and ensures that we will have a vibrant mix of activities when the campus opens in 2017,” said Cathy Dove, Vice President of Cornell Tech. “We expect that leading-edge companies large and small will be drawn to the innovation and energy of Cornell Tech, helping to accelerate the already rapid growth of New York’s tech sector.”

“Cornell Tech is radically re-thinking how industry can collaborate with faculty, students and researchers, and corporate co-location is vital to making that a success,” said Cornell Tech Dean Dan Huttenlocher. “It was so exciting to launch our academic program this year and it’s equally exciting to see the physical campus coming together in a way that will advance our mission moving forward.”

"Forest City Ratner is thrilled to partner with Cornell Tech on the creation of a world class innovative campus that will drive the growth of New York's tech sector and economic development in the city for years to come," said Forest City Ratner Companies President and CEO MaryAnne Gilmartin. "From Metro Tech to Times Square to Barclays Center and Atlantic Yards, Forest City Ratner has always bet on the growth of our great city and we couldn't be more excited to play a part in this next exciting chapter. With the corporate co-location building Cornell Tech is charting new territory, and we look forward to exceeding expectations with an iconic architectural design by WEISS/MANFREDI.”

The award-winning architecture, landscape and urbanism firm, WEISS / MANFREDI will be the architect of the co-location building, which together with Cornell Tech's flagship academic building, designed by Pritzker Prize-winning architect Thom Mayne of Morphosis, will launch the Cornell Tech campus.

“We're excited to partner with Forest City Ratner Companies and Cornell to create a new architectural paradigm that fosters innovation and collaboration,” said Marion Weiss and Michael Manfredi.

Cornell Tech offers a distinctive model of graduate tech education that fuses scientific excellence with real-world applications and entrepreneurship, rooted in the latest academic research. Students, faculty and industry experts learn and work together to develop ideas and create new ventures that have globalimpact.

The corporate co-location building will include up to 200,000 square feet of flexible office space, with a diverse mix of tenants including both start-ups and established companies. There will be a balance of incubator space, research and development labs, corporate innovation centers for bigger companies and rotating space for regional companies to spend time in New York City. The building will include flexible, open floor plans with common spaces to facilitate meetings and serendipitous, informal interactions between students and companies. Cornell Tech will also lease 50,000 square feet in the building, further cementing the connection between academics and industry on campus.

This is another major milestone for the campus. Cornell Tech’s “beta” class of computer science masters students completed its first semester in May in space donated by Google in Chelsea. Cornell Tech is rapidly rolling out new academic programs, recruiting star faculty, developing a distinctive new model of tech entrepreneurship, and designing its permanent campus on Roosevelt Island, which will break ground early next year. In April, Dr. Irwin Mark Jacobs, Founding Chairman and CEO Emeritus of Qualcomm, and his wife Joan Klein Jacobs, donated a $133-million gift to Cornell University and the Technion-Israel Institute of Technology to create the Joan and Irwin Jacobs Technion-Cornell Innovation Institute (JTCII). The JTCII is a key component of Cornell Tech. The funds will help support curriculum initiatives, faculty and graduate students, and industry interactions in a two-year graduate program.

The City's Applied Sciences NYC initiative was designed to capitalize on the considerable growth presently occurring within the science, technology and research fields in New York, and builds on the Bloomberg Administration’s dedication to creating a more diversified and competitive economy for the future. In December 2011, the Cornell and Technion partnership was selected by the City as the first winner of the Applied Sciences competition. When completed, the Roosevelt Island campus will house approximately 2,000 full-time graduate students.

In response to my inquiry about the agreement between Cornell NYC Tech and Forest City Ratner (FCRC), a Cornell NYC Tech Press Spokesperson added:

Financial terms are being finalized ...

FCRC would own the corporate co-location building and be responsible for leasing the space, with Cornell committing to be an anchor tenant essentially.

On the rest of the first phase FCRC would have a fee developer relationship, overseeing development of the first academic building, open space and infrastructure.

What is not widely known about the Cornell NYC Tech project is that it is not yet a done deal. Although NYC has approved the Cornell NYC Tech ULURP application, Cornell NYC Tech must still reach an agreement with the Roosevelt Island Operating Corp (RIOC).  As previously reported:

... Many issues still need to be resolved before Cornell NYC Tech can take possession, begin demolition of the existing Goldwater Hospital and start construction of the new applied sciences and engineering school. Among the issues still to be negotiated with the Roosevelt Island Operating Corp (RIOC) are an agreement with RIOC for land controlled by RIOC that is part of the proposed Cornell campus, the use of barging and temporary concrete plant during the construction process, air and noise pollution monitoring and much more....

Below is an aerial view of the existing Goldwater Hospital campus that is scheduled to be demolished in early 2014 to make way for the Cornell NYC Tech campus. NYC controls the land that is beneath the hospital buildings and extending a perimeter of 5 feet from the buildings. RIOC controls all the other land on the Goldwater campus site between the roads on the outside of the campus (East and West Channel Roads).

Image From Google Maps

Click here for a satellite view of the area.

NYC is giving away for free the land they control to Cornell NYC. RIOC, whose Board of Directors have fiduciary obligations to maintain the financial stability of Roosevelt Island, hopes to receive fair compensation for the land they control which Cornell NYC Tech desires to be part of their campus.

Roosevelt Island's NYC Council Member Jessica Lappin and Cornell NYC Tech VP Cathy Dove addressed this issue during May 8 press conference announcing Cornell's ULURP Application approval. Here's what they had to say.



RIOC has a new President, Charlene Indelicato, who has the backing of NY State Governor Cuomo. She is reportedly a tough, resourceful, experienced and competent real estate negotiator. We will soon know if Ms. Indelicato and the RIOC Board are able to protect the interests of Roosevelt Island as they negotiate with Cornell NYC Tech.