Putting the finishing touches on a $7.8 billion capital program to rejuvenate New York City, Gov. Mario M. Cuomo last week unveiled the funding package for an $80 million technology and information center in Manhattan.
The Science, Industry, and Business Library, which is scheduled to open in 1995 on the Fifth Avenue site of the old B. Altman's department store, will contain more than 2 million volumes in such fields as advertising and marketing, banking, insurance, real estate, communications, robotics, artificial intelligence, and engineering.
About $55 million of the funding will come from a bond sale by the New York State Dormitory Authority. The authority is now structuring the deal and probably will do it as variable-rate, long-term bonds. It could sell the offering in early 1992.
The New York Public Library will be responsible for paying off the principal and interest on the debt. It plans to do so by raising $30 million from 30 corporations and tapping its own resources for $25 million.
Another $26 million will come from a variety of government sources, with Uncle Sam pitching in $1 million, the state adding $7.5 million, the Port Authority of New York and New Jersey's regional development bank ponying up $7.5 million, and New York City kicking in $10 million.