The Empire State Development Corp. gave final approval to a controversial plan to expand Columbia University's campus in Manhattan at its monthly board meeting yesterday. The plan is almost certain to wind up in the courts as property owners in the area fight the use of eminent domain.
Nick Sprayregen, who owns four buildings as part of a storage business, has vowed to fight the seizure and is represented by civil rights lawyer Norman Siegel.
The ESDC said it would not seize property on behalf of the university, which owns most of the property on the 17-acre site, before 2018.
Yesterday's vote followed public hearings and the approval of a preliminary plan in July. The $6.28 billion expansion plan assumes that about 45% of the project would be financed through debt and 55% would be funded through gifts and operating balances.
The university has been a frequent borrower through the Dormitory Authority of the State of New York and has indicated in documents that it could use DASNY again for this project, which is expected to be built out over 25 years.
The ESDC also adopted the recommendations of the state task force on minority- and women-owned business enterprises for underwriting.
The recommendations were designed to increase participation by minority- and women-owned firms on deals sold by the ESDC, New York State Thruway Authority, DASNY, Environmental Facilities Corp., and the New York State Housing Finance Agency.
Only the Thruway Authority has yet to approve the recommendations, which it is expected to do next month.
