New York City released details on Monday of its financial pre-development arrangement with Cornell University that allows the university to jumpstart its $2-billion-plus applied sciences campus on Roosevelt Island. Under the deal, Cornell’s first deadline is Jan. 17 for payment of a $5 million pre-development deposit and a $5 million security deposit.
The university’s obligations include submission of its Uniform Land Use Review Procedure application by Nov. 10, or it must pay a penalty fee of $1,000 a day for the first two months, increasing by an additional $1,000 a day every two months after that. The university must also deliver an update on Phase 1 development schematics to the New York City Economic Development Corp. including site and floor plans, as well as a schematic cost estimate by early 2016. If Cornell fails to deliver the requested information on time, it must pay $1 million dollars.