New York City spends on life sciences

New York City will spend $500 million in an effort to create 16,000 jobs in the life sciences and related fields. Speaking at the Alexandria Center, a research campus that opened in 2011 in Manhattan, Mayor Bill de Blasio said the plan centers on a $100 million facility in the neighborhood or across the East River in Long Island City, Queens. It includes $50 million to expand operations at nonprofit research facilities in the city and $10 million to expand business incubators. The city is also committing $300 million in tax incentives in the hope of attracting investment in commercial lab space for life science businesses.