Albany – As part of his continuing efforts to support higher education institutions, New York State Senator Michael F. Nozzolio (R-Fayette) today announced that he has secured nearly $5 million dollars in capital funding for Independent Colleges and Universities in our region. The funds come from the $150 million dollar Capital Matching Grants Program included in the 2005-06 State budget.
“The key to the economic future of the Central Finger Lakes region is the utilization of our great educational institutions to bring new products to the marketplace that will help create jobs,” said Senator Nozzolio. “Providing these capital funds will help create state-of-the-art facilities and allow the schools to continue to play an increasingly significant role in high technology and biotechnology research and economic development.”
The program will provide $3,772,101 to Cornell University, $808,374 to Hobart and William Smith College, and $346,150 to Wells College.
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.