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.”
Empire State Development Board Chairman Kevin Law said, “Long Island is home to pioneering institutions that catalyze innovative technology and strengthen the region’s workforce. Today’s announcement will support initiatives to improve communication technology and help the region’s top schools train the talent for careers in growing tech industries, ultimately creating good-paying jobs while meeting business demand.”
Long Island Regional Economic Development Council Co-Chair Linda Armyn, Chief Strategy and Marketing Officer at Bethpage Federal Credit Union said, “With these latest awards, the Long Island Investment Fund is boosting the region’s innovation economy by building on and strengthening our already exceptional education and technology assets. These strategic LIIF-fueled partnerships are working to create jobs and opportunity, both today and for Long Island’s future.”
President and CEO of the Long Island Association Matt Cohen said, “Innovation will drive our economy forward and these investments in high-tech facilities will further solidify the Long Island region as a hub for scientific discovery and job creation. I applaud the Governor’s focus on our region’s research assets.”
Farmingdale State College – Center for Computer Science and Information Technology
Awarded $30 million from the LIIF, Farmingdale State College will construct a $75 million, 40,000 square foot Center for Computer Science and Information Technology on its campus, also leveraging $45 million from the SUNY Construction Fund. The new building will house seven programs that form the academic Division of Computing as well as modernized classrooms, a student engagement space, and innovation labs. It will also include space for regional business engagement, for workforce IT training for Long Island nonprofits to train unemployed and underemployed individuals. Each space will be equipped with the latest digital collaboration technology designed to encourage creativity and to provide students and local business owners with the opportunity to come together to innovate and share ideas.
These educational and training activities will produce a new generation of employees poised for sustainable, well-paying jobs, supporting the growth of the region and state’s future workforce.
Long Island University – College of Science Applied Research and Innovation
Awarded $10 million from the LIIF, Long Island University will construct a new $40 million College of Science Applied Research and Innovation facility on LIU’s Post campus in Brookville. The 40,000 square foot College of Science will house new majors in cutting-edge fields including artificial intelligence, digital engineering, and drug discovery and production. The new building will also support groundbreaking life sciences research and will include incubator and accelerator space to house start up technology businesses who will commercialize innovation and discovery generated in the building, as well as leverage research from LIU’s School of Pharmacy and Veterinary medicine.