Hofstra to launch nursing school, expand engineering program with $120M in bonds 

Hofstra University will receive $120 million in tax free bonds to build a new science and innovation center.

The Hempstead Local Development Corporation approved the bonds April 22 to fund Hofstra's construction of a 75,000-square-foot center for nursing and science programs. The town approved the bonds that will be repaid through long-term financing by Hofstra at no taxpayer expense

The $76.8 million science center will be partially funded with a $25 million engineering state grant received in 2016 and a $2 million 2019 Empire State Regional Council grant for nursing equipment, according to Hofstra’s application to the Hempstead development corporation.

"Our new Science and Innovation Center is part of Hofstra’s continuing commitment to training the next generation of scientists, engineers and health care professionals who will serve our community and advance scientific research for decades to come," said Stuart Rabinowitz, Hofstra president. "With the launch of our new undergraduate nursing program, and of several new engineering programs, the university is investing in Long Island’s future as an economic force in research, technology and health care."

The new building will include classrooms, laboratories, offices and student study areas with lab equipment for the nursing and engineering departments. The building was needed for accreditation of the new Northwell School of Nursing and Physician Assistant Studies, which currently serves 590 graduate students, officials said.

Hofstra plans to add 45 new full-time jobs during the next three years once the center is built, according to its application. The university plans to add mostly instructional positions paying about $100,000 in annual salary.

The university said 66% of its 11,000 students were from New York State, including 44% from Long Island. The campus is accepting its inaugural undergraduate nursing class in the fall, which will eventually grow to 400 students, officials said. Hofstra's 845 engineering students need additional lab space. A portion of the new building will be dedicated to two labs that work with Long Island employers and startups to provide real life experience.

Hempstead Town Supervisor Don Clavin said the town was building on its commitment to Hofstra’s Zucker School of Medicine.

"If there’s one thing we know right now, these are jobs in high demand. It’s a win for Hofstra and for the future of the region," Clavin said. "It’s an amazing opportunity for the community. I think it will be the shot in the arm Hofstra and Hempstead needs and we should be looking for these opportunities."

Construction on the new science center is scheduled to begin in June and is expected to be completed by winter 2023.

The Hempstead development corporation offers low-interest bonds to nonprofits, hospitals and colleges. Hofstra also is refinancing $61.8 million in development corporation bonds from 2011 through the town at lower interest rates.

"The town is not on the hook for these bonds. It’s totally an obligation of the university and Hofstra is in great shape to pay it off," said development corporation CEO Fred Parola said. "Hofstra is a leading education institution in our region. The fact we’re building and expanding in areas where they can provide for students is extremely attractive. There’s nothing more important we can do than to assist in education."

By John Asbury

john.asbury@newsday.comJohnAsbury

John Asbury is a breaking news and general assignment reporter. He has been with Newsday since 2014 and previously worked at The Press-Enterprise in Riverside, California.