At a mid-morning press conference on The Commons, President Hunter R. Rawlings III and Ithaca Mayor Alan Cohen ’81 announced that the University and the City of Ithaca have reached an agreement to construct a new $17 million, multi-story office building that in 2004 will provide space for approximately 300 Cornell employees.
Although neither the University nor the City has settled on a site as of yet, University officials said this morning that their “preferred location” is the current site of the Tompkins County Trust Company. To underscore their preference for the location, the University and City held the joint press conference in front of the bank branch.
Cornell would not own the building under the current agreement so that the complex would be on the tax rolls for the City of Ithaca, according to Rawlings. The University would instead be the major tenant of the proposed 130,000-square-foot building. A private developer would own the property and be responsible for leasing out the parts of the building not occupied by Cornell, which the University estimates would include 10,000 square feet of retail space and 50,000 square feet of other office space.
Under the proposal, the University has agreed to lease their 70,000-square-foot portion of the downtown complex for at least 20 years.
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Archived article by Sun Staff