A Recovery for All Of Us: New York City Invests $1 Billion in Life Sciences
Doubles State of the City Commitment To Make New York City the Public Health Capital of the World
Editor’s note: Job development in retail and high-tech is blooming along Brooklyn’s waterfront. From Brooklyn Navy Yard to Industry City and Brooklyn Army Terminal (BAT) literally billions of dollars are being invested in job growth. This EXPLAINER from the City’s EDC in June helps set the stage for a new announcement in the news about the latest development at BAT.
Mayor de Blasio and the NYC Economic Development Corporation (NYCEDC) announced on June 9 a plan to double the City’s $500 million investment in life sciences to $1 billion as part of LifeSci NYC, a commitment launched in the Mayor’s State of the City address to create jobs and establish New York City as the global leader in life sciences. This expanded initiative is expected to generate 40,000 jobs.
Mayor de Blasio kicked off this next chapter of the city’s support for this industry by announcing a Request for Proposals (RFP) to help advance the commercial research and development of new medicines, medical devices, diagnostics, materials, and research tools. The City will provide up to $112 million in City capital to award $20 million to support one or more innovation projects. Multiple awardees can access up to $20 million each.
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