MediaLabEurope, MLE, the third level research and development educational facility established in partnership with the Massachusetts Institute of Technology is the subject of formal agreements between the Government and the Massachusetts Institute of Technology, MIT, and MediaLabEurope.
The Government, for its part, has agreed funding of IR£28 million over four years plus the cost of a suitable premises which will be let to MLE at a nominal rent. In return, MIT/MLE have agreed commitments in regard to the following: involvement of MIT personnel; attraction of high calibre research projects, researchers and students to MediaLabEurope; recognition of time spent in MediaLabEurope, by Irish and foreign students for degree granting purposes; achievement of sponsorship targets and financial reporting. A reporting framework has been put in place to ensure that commitments agreed are adhered to.
The Government also approved IR£1 million per annum over seven years to fund collaborative research projects between MLE and the Irish universities. The funding is being managed by the Higher Education Authority and a reporting framework in regard to this expenditure has been put in place.
In April of this year, the Government approved funding for the Digital Hub project. A total of IR£61 million has been allocated in capital funding for property purchase, including purchase of a premises for MediaLabEurope, with IR£42 million to be spent this year and the balance, that is, IR£19 million arising next year. Property purchase is being undertaken by the Office of Public Works and the property will be vested in the State.