The Vancouver Institute for Technology has announced it will donate $1 billion to a charity that is part of the $20 billion BC Liberals plan to build a new, large-scale research institute in the city.
The announcement comes on the heels of the province’s announcement in June that it was committing $1.5 billion to the VIT.
That announcement followed the creation of the BC Infrastructure Bank and the creation by the federal government of the new BC Infrastructure Development Bank.
The VIT will be funded through an infrastructure bond, with $1 million from the bond to be used for infrastructure projects and $500,000 to be spent on research and development.
The $1bn will go towards the construction of the Vittorio Emanuele and Joseph R. Cebrian Centennial Towers, the construction and rehabilitation of the city’s first two high-rises, the addition of an office and residential building and the redevelopment of the Civic Centre.
“The BC Liberals’ new $20-billion Vision for Vancouver’s Future includes an ambitious plan to create a world-class research and innovation hub for the world’s leading minds in a city that is already one of the world leader cities,” the university said in a statement.
“VIT is a unique facility with an unparalleled opportunity to foster innovation and build upon the world-renowned faculty and researchers who are already here and who have made a major contribution to BC’s future.”
The Vittorico Emanuel and Joseph Cebrián Centennial Buildings were built by the renowned architect Cebria and the architect Joseph R Cebrians and are one of three buildings that comprise the VITTORIA, which is a joint venture between the Vancouver City of Industry, BC Hydro and the city of Victoria.
The two buildings are part of a $10-billion plan for the new $50 billion Vancouver Global Innovation Centre.
The VIT is part the Vancouver Global Technology Hub.
The BC government says the $2-billion Vancouver Global Innovators Capital Fund will be used to build the VITS.
“We’re going to make the best use of this money,” Minister of Infrastructure and Municipal Development David Eby said in June.
“We’re not going to spend it on other things.
We’re going, for the most part, to use it on the infrastructure.”BC Liberals announce $1B donation to VITIt is the first major donation to a Canadian research university by the provincial government.
The government announced in June the $25 million VIT was a new and highly-anticipated institute.
The facility will include a new headquarters, a research facility, a laboratory, and classrooms for over 200 undergraduate students.
It will also offer students access to cutting-edge technology such as bioengineering and advanced robotics.
The $1b donation comes on top of $500m in government funding already committed by the Liberals to the institute.
The University of British Columbia’s Centre for Human and Cybernetics is also a founding member of the Vancouver Technology Alliance, which was set up to promote research and commercialization in the City of Vancouver.
The Vancouver Technology Industry Association will work with the VITE to develop a plan to support the creation and development of new technology and business opportunities in the region.