Hofstra University will receive $ 120 million in tax-free bonds to build a new science and innovation center.
The Hempstead Local Development Corporation approved the bonds on April 22 to finance the construction by Hofstra of a 75,000 square foot center for nursing and science programs. The city has approved the bonds which will be repaid with long-term financing by Hofstra at no cost to taxpayers
The $ 76.8 million science center will be partially funded by a $ 25 million state engineering grant received in 2016 and a $ 2 million 2019 grant from the Empire State Regional Council for the nursing equipment, according to Hofstra’s request to the development company Hempstead.
“Our new Science and Innovation Center is part of Hofstra’s continued commitment to educating the next generation of scientists, engineers and healthcare professionals who will serve our community and advance scientific research for decades to come. come, ”said Stuart Rabinowitz, president of Hofstra. “With the launch of our new undergraduate nursing program and several new engineering programs, the university is investing in Long Island’s future as an economic force in research, technology and healthcare. “
The new building will include classrooms, laboratories, offices and student study areas with laboratory equipment for the nursing and engineering departments. The building was needed for accreditation of the new Northwell School of Nursing and Physician Assistant Studies, which currently serves 590 graduate students, officials said.
Hofstra plans to add 45 new full-time jobs over the next three years once the center is built, according to its app. The university plans to add mainly teaching positions paying around $ 100,000 in annual salary.
The university said 66% of its 11,000 students are from New York State, including 44% from Long Island. The campus is accepting its first undergraduate nursing class in the fall, which will eventually reach 400 students, officials said. Hofstra’s 845 engineering students need additional lab space. Part of the new building will be dedicated to two labs that work with Long Island employers and startups to provide a real-life experience.
Hempstead Town Supervisor Don Clavin said the town is building on its commitment to the Zucker Hofstra School of Medicine.
“If there’s one thing we know now, it’s in high demand jobs. It’s a victory for Hofstra and for the future of the region,” said Clavin. “This is an incredible opportunity for the community. I think this will be the boost that Hofstra and Hempstead need and we should be looking for those opportunities.”
Construction of the new science center is expected to begin in June and be completed by winter 2023.
The Hempstead Development Corporation offers low-interest bonds to nonprofits, hospitals and colleges. Hofstra is also refinancing $ 61.8 million in development corporate bonds from 2011 across the city at lower interest rates.
“The city is not obligated to pay these obligations. It is totally an obligation of the university and Hofstra is in great shape to pay,” said the CEO of the development company, Fred Parola. “Hofstra is a leading educational institution in our region. The fact that we are building and developing areas where they can accommodate students is extremely appealing. There is nothing more important that we can do than help with education.
Hofstra Science Center
- New 75,000 square foot building for nursing and engineering programs
- Project funded by $ 120 million tax-free bonds from the Hempstead Local Development Corporation
- Construction begins in June and will be completed in winter 2023