The centre would focus on research and development of technology to address critical challenges facing cities, including infrastructure, tech integration, energy efficiency, transportation congestion, public safety and public health.
"Each of the academic partners of NYU and NYU-Poly - Carnegie Mellon, University of Warwick and IIT Mumba, are known for their strong applied science and engineering programmes, and each has a solid track record of research commercialisation, as well as industry collaborations and partnerships," the NYC Economic Development Corporation said in a statement here today.
IBM and Cisco would each provide a million dollars a year in financial and in-kind support. IIT Mumbai Director Devang Khakhar said the issues facing Mumbai would provide unique new insights and be a source of ideas for the work of the Center.
"The Centre presents a great new opportunity to address the challenges of megacities by the generation of new knowledge using New York City as its laboratory and by imparting education with a focus on the planning, building and managing megacities," Khakhar said in the statement.
"The work of the Centre will benefit New York City directly and will provide a template to address many issues of megacities. "We look forward to contributing actively as a consortium member of the Centre through the participation of our faculty who specialize in the fields of engineering and science related to urban studies," Khakhar added.
According to an economic impact analysis conducted by the New York City Economic Development Corporation (NYCEDC), CUSP would generate more than USD 5.5 billion in overall economic activity over the next three decades as well as USD 597 million in total tax revenue.
The campus alone would help create up to 2,200 construction jobs and up to 900 permanent jobs. It is expected to generate nearly 200 spin-off companies over the time period, projecting to create up to an additional 4,600 permanent jobs.