Senator Hugh T. Farley (R-C, Schenectady) and Senate Majority Leader Joseph L. Bruno announced $9,772,048 in capital funding for Independent Colleges and Universities in the Capital Region. The funds come from the $150 million dollar Capital Matching Grants Program included in the 2005-06 state budget chapter amendment approved by the Legislature.
"Along with the state’s public colleges, our independent colleges and universities are playing an increasingly significant role in high technology and biotechnology research and economic development," said Senator Bruno. "Providing these capital funds to help create state-of-the-art facilities will enable these schools to be an even stronger partner with State government and the private sector as we strengthen our economy and create new jobs."
"As a college professor, I am especially aware of the importance of our colleges and universities in economic development and high technology programs," said Senator Farley. "These funds will enable fine local independent institutions, such as Union College, to build the structures and acquire the equipment necessary to provide their students, and our communities, with the benefits of the finest twenty-first century teaching and research."
The program will provide $2,092,231 to Rensselaer Polytechnic Institute, $781,170 to Skidmore, $979,508 to Sage Colleges, $124,299 to Samaritan Hospital School of Nursing, $806,349 to Union College, $173,904 to the Graduate College of Union University, and $113,327 to the Ellis Hospital School of Nursing. A complete list of grants to Capital Region schools is attached.
The grant funds are awarded on a formula basis, based on enrollment and TAP expenditures. Colleges and universities would be required to raise $3 in non-state funds for each dollar received under the Grant program. Eligible projects must relate to economic development, high technology, critical academic facilities and/or urban renewal and historic preservation.
According to the Commission on Independent Colleges and Universities (CICU), the program will create approximately 6,800 jobs in the construction and related service industries statewide.
The Higher Education Capital Matching Grants program for Independent Colleges and Universities is in addition to the more than $3 billion in the state budget for capital projects at SUNY and CUNY schools throughout the state.