The campus is expected to generate nearly 600 spin-off companies over the 99-year projection period, which are expected to create up to an additional 30,000 permanent jobs.

New York City’s Roosevelt Island will be home to a $2bn university built by Technion, the Israel Institute of Technology, and US-based Cornell University with a $150m revolving credit line to help incubate high-tech start-ups.

The partnership won the Applied Sciences NYC initiative against competition from Stanford University, which dropped out at the last minute, Columbia University and groups led by Carnegie Mellon University and New York University. This is the first selection announcement for the Applied Sciences NYC initiative with additional science and engineering partnerships expected.

In addition to the Roosevelt Island site 99-year lease, New York City will also provide $100m to assist with site infrastructure, construction, and related costs.

Prior to commencement of construction on Roosevelt Island, Cornell/Technion plans to open in an off-site location in 2012, with the first phase of their permanent Roosevelt Island home expected to open by no later than 2017. By…

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