ALBANY, N.Y. — University at Buffalo President Satish K. Tripathi today submitted a proposal to the NYSUNY 2020 Challenge Grant program in support of a $375 million plan to help revitalize Buffalo’s economy by relocating UB’s medical school to downtown Buffalo.
Under the proposal, the university will implement the next phase of the UB 2020 plan for academic excellence, spurring rapid development of Buffalo’s emerging biomedical economy — creating new jobs, spinning off new biotechnology companies and expanding educational opportunities for students.
More than 3,000 new full-time jobs will be created in Western New York by 2018 under the proposal, the university estimates:
— This includes 1,325 new jobs at UB (410 faculty and 915 staff to support clinical care, service, teaching and research)
— 1,740 new jobs resulting from UB’s research growth (based on U.S. Department of Commerce estimates)
— 200 jobs in 10 start-up companies developed from university research and partnerships
— In addition, more than 1,600 construction jobs would be created to build a new medical school for the university in downtown Buffalo
The $375 million UB proposal, to be implemented over the next seven years, will be financed by
— $35 million from the governor’s challenge grant
— $50 million to be raised in private gifts to the UB medical school
— $50 million from private partnerships
— $40 million in research grants
— $100 million from UB capital and other sources and
— $100 million from medical school program fee
The medical school project will serve as catalyst for additional development with Kaleida Health, Buffalo’s largest hospital system — and other private and public entities — making it a $655 million investment in Buffalo’s downtown medical campus, according to the proposal.
UB is asking the state legislature to approve a$200 per semester tuition increase. A financial-aid program financed by the tuition revenues will guarantee minimal increases in tuition for students and families making less than $75,000 per year:
— Tuition would not increase for families with annual incomes up to $40,000
— Tuition would increase $30 per semester for families with annual incomes between $40,000 and $60,000
— Tuition would increase $70 per semester for families with annual incomes between $60,000 and $70,000
— Tuition would increase $100 per semester for families with annual incomes between $70,000 and $75,000