$56.5 Million Allocated Through the Long Island Investment Fund to Date
State Investments Leverage $122 Million in Workforce Training and Technology Advancements
Governor Kathy Hochul today announced the $350 million Long Island Investment Fund awarded its next three grants totaling $46.5 million: $30 million for Farmingdale State College to build a Center for Computer Science and Information Technology, $10 million for Long Island University to build a College of Science Applied Research and Innovation facility, and $6.5 million for Stony Brook University to construct a new Quantum Internet Test Bed. The Governor also announced that Farmingdale State College's new Center for Computer Science and Information Technology will be fully funded by the State and will use $45 million from the State University of New York Construction Fund for the project in addition to the $30 million from the LIIF. With these projects, the Long Island Investment Fund has invested $56.5 million, leveraging another $122 million in public and private dollars, to help drive economic growth on Long Island, and will create hundreds of new jobs on Long Island and support the education and training of thousands. Today's announcement further demonstrates Governor Hochul's commitment to the region's future by building the foundational infrastructure needed to support Long Island's talented workforce and continue its status as a hub of technology and innovation.
"Through the Long Island Investment Fund, my administration is committed to making Long Island our nation's premier corridor for life sciences and research innovation," Governor Hochul said. "The awards announced today will help create jobs in cutting-edge sectors, boost workforce training, and support nation-leading innovation right here in New York. As we attract and retain top talent through our investments in state-of-the-art research facilities and infrastructure, Long Island is where the future is being imagined."
Included as part of Governor Hochul's FY 2023 Enacted Budget, the Long Island Investment Fund focuses on projects that will support and grow the regional economy, enhance communities, and have lasting economic impacts across Long Island. The Long Island Investment Fund awarded its first grant of $10 million to The Feinstein Institutes for Medical Research to construct new state-of-the-art labs to support medical and infectious disease research. To date, the Fund has allocated $56.5 million to projects that will support transformative projects to strengthen Long Island's economy.
Empire State Development President, CEO and Commissioner Hope Knight said, "The latest Long Island Investment Fund projects demonstrate the potential for transformative job, higher-ed and industry growth throughout the region. Investing in workforce development and partnering with Long Island's top-tier educational institutions will help to create a tech talent pipeline that will benefit industries in one of New York State's premier life science hubs."