From the NY Times:
Mayor Michael R. Bloomberg raised his offer on Tuesday to universities interested in setting up a school of engineering and applied sciences in New York City: along with practically free use of a swath of land, the city will contribute as much as $100 million.
Mr. Bloomberg publicly presented an invitation to universities to bid on the chance to create a campus, either on one of three city-owned properties or elsewhere in the city. Issuing the request for proposals is the latest step officials have taken to try to make New York more competitive with Silicon Valley as a hub for technology-based businesses.
City officials say the school could prompt as much as $6 billion in economic activity by creating 30,000 temporary and permanent jobs and, more important, by fostering innovations that could become big businesses. They argue that the city’s financial contribution, which would come from its capital budget over several years, would pay off in increased tax revenue and economic growth.