Governor Andrew M. Cuomo announced today that Columbia University issued $50 million in Green Bonds through the Dormitory Authority of the State of New York to fund construction of the Jerome L. Greene Science Center on the University's Manhattanville campus. Green Bonds provide investors with the opportunity to directly support projects that Columbia University has identified as environmentally sustainable. The Dormitory Authority sold low-interest, tax-exempt bonds on Columbia's behalf.
"The Jerome L. Greene Science Center will play a key role in the futures of both Columbia University and the State of New York," Governor Cuomo said. "Not only will this facility help strengthen New York as a hub for cutting edge research, but also its construction demonstrates how the public and private sectors can work together to promote a cleaner and greener tomorrow."
"By issuing Green Bonds, Columbia University and DASNY are tying private sector support and low-interest financing together to finance and build a more sustainable future for New York," said Gerrard P. Bushell, DASNY President and CEO. "A greener New York strengthens our economy and resiliency."
"Columbia is proud to add green bond issuance to its already broad commitment to sustainability activities, from research to operations," said Anne Sullivan, Executive Vice President of Finance and IT for the University. "DASNY is a long-time partner and this offering is both timely and a reflection of the ongoing public concern for the environment."
The nine-story, 450,000 square-foot Jerome L. Greene Science Center will house the Mortimer B. Zuckerman Mind Brain Behavior Institute which will build on the University's distinguished history in the study and treatment of the brain as well as form the hub of an even larger collaborative network of academics stretching across all disciplines—including the arts, economics, law, and medicine.
The facility will feature chilled beam technology that will significantly reduce the building’s cooling load requirements, a highly efficient radiant floor heating system located at perimeter areas that will significantly reduce building heating loads, and a curtain wall of a double skin metal and glass façade that will act as an insulation blanket, among other elements. The project has also engaged in reducing the environmental impacts associated with the transport of materials and resources by maximizing the selection of products from local and regional manufacturers within 500 miles of the project site.
The University is also planning to pursue Leadership in Energy and Environmental Design (LEED) certification for the Science Center. Columbia's Manhattanville campus has already earned LEED Neighborhood Development Platinum, the U.S. Green Building Council’s highest designation and was the first project to receive it in New York City.
Founded in 1944, DASNY – the Dormitory Authority of the State of New York -- finances and builds the health care and education institutions that anchor New York’s communities and keep the state competitive. It is one of the largest issuers of tax-exempt bonds in the nation with an outstanding bond portfolio of approximately $48.1 billion as of December 31, 2015. DASNY is also a major public builder in New York with a pipeline of more than 1,000 projects valued at almost $6 billion.