The Massachusetts Institute of Technology says the new Media Lab Europe in the heart of Dublin has the potential to become the "premier digital research centre" in Europe.
It says it will give Ireland a chance to pioneer innovative ideas which will eventually have major commercial potential. The centre will be the hub for the Government's new multimedia village to be constructed in the Liberties area of Dublin.
According to documents released under the Freedom of Information Act by the Department of the Taoiseach, MIT "requested" £28 million, plus up to £15 million for a building for the centre.
In the documents, MIT points to previous innovations it has developed. It says its centre in the US produces about 350 inventions a year. In its proposal to the Government, MIT says the Irish facility "offers an exciting opportunity to re-create the special magic" of the US institution.
It says its students "will be the next generation of leaders and entrepreneurs". The Government, the documents show, agreed to pay MIT £28 million, plus funds towards a building. The breakdown of the £28 million is disclosed. More than £10 million will go in the first year, £7 million in the second and smaller amounts in the subsequent five years.
MIT admits £20 million will be needed each year in corporate sponsorship on top of the Government funds to make the lab work. Its proposal states: "With the jump-start from industry, the Media Lab will be able to attract major financial support from industry and will soon dominate Europe in the rapidly growing areas of information and communications technologies".
The documents also refer to Irish supporters of the project.
"These advocates believed that the creation of a world-class education and research laboratory in Ireland was not only feasible, but that it would significantly enhance the goals of the island of Ireland for the next century".