Hofstra Secures Bond To Build New Science And Innovation Center

UNIONDALE, NY — The Town of Hempstead's Industrial Development Agency (IDA) recently approved a $120 million tax-exempt bond sale for Hofstra University, which will allow the school to build a new Science and Innovation Center, refinance its existing bonds and pay for campus maintenance.

According to the IDA, Hofstra will use $53 million to build a 75,000-square-foot Science and Inovation Center, which will be the home of the school's engineering and nursing programs. The center will have classrooms, laboratories, faculty offices and student spaces. Hofstra says it needs the new building to win accreditation for its nursing program.

"Our new Science and Innovation Center is part of Hofstra’s continuing commitment to training the next generation of scientists, engineers and health care professionals who will serve our community and advance scientific research for decades to come," said college president Stuart Rabinowitz in a statement. "With the launch of our new undergraduate nursing program, and of several new engineering programs, the University is investing in Long Island’s future as economic force in research, technology and health care."

Additionally, $61.8 million of the bond will be used to refinance high-interest bonds that the school was issued in 2011. The remaining $5.2 million will be used to pay for deferred maintenance on the campus.

Hofstra, which currently has 1,662 full-time employees, plans to hire 45 more within three years of the completion of construction, which, pending permits, will begin in June and be completed in 2023. Hofstra will use a $25 million state grant to assist with the building.