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In just one week, we will reach the City's deadline for academic institutions to submit their final proposals for Applied Sciences NYC, a groundbreaking initiative that has the potential to permanently impact the future of our local economy and create thousands of new jobs.
Last December, we launched Applied Sciences NYC with a Request for Expressions of Interest in which we received 18 responses from 27 top-tier science and engineering institutions around the world. In July, we began the next phase of the project with the issuance of a final Request for Proposals (RFP). This RFP seeks a university, institution or consortium to develop and operate a new or expanded applied sciences and engineering campus in New York City.
So far, we have been encouraged by the tremendous enthusiasm displayed by a number of top-tier institutions; a vote of confidence in New York City and the future of our science, technology, and research sectors. We are now eager to review the final proposals and the creative vision they will provide for our City's economic future. The selection of our partner institution will be made by the end of 2011, and the opening of the first phase of the project is presently anticipated for 2015.
In the early 19th Century, at a time when New York was competing with cities such as Philadelphia and Boston to become the dominant East Coast port, New York Governor DeWitt Clinton made a significant investment in a public project that ultimately came to be known as the Erie Canal. Though the project faced opposition—including criticism from such notable figures as Thomas Jefferson—the project was eventually completed, and with its completion New York quickly emerged as the dominant center of shipping for the East Coast, as well as the nation's center of business, finance and communication—a position we have held ever since.
Today, we face another "Erie Canal moment"—an opportunity to change the City’s economic trajectory, further diversify our economy and secure our place as a capital of innovation for years to come. This facility will have a transformative effect on our local economy, generating $6 billion in economic activity over the coming decades, spinning out hundreds of new businesses, and creating more than 30,000 new jobs in diverse fields.
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We look forward to your support.