New York City is on its way to becoming the "world's capital of technological innovation" with the selection of Cornell University and its partner Technion-Israel Institute of Technology to build a state-of-the-art applied sciences campus, says NYC Mayor Michael Bloomberg. The Cornell-Technion team's proposal for an 11-acre, $2-billion-plus campus on Roosevelt Island beat out several other proposals under the mayor's Applied Sciences NYC initiative, which aims to boost the city's global technological competitiveness, create jobs and generate revenue.
"By adding a new state-of-the-art institution to our landscape, we will educate tomorrow's entrepreneurs and create the jobs of the future," the mayor said in announcing the winning bid on Dec. 19, 2011.