NEW YORK CITY-The DUMBO Incubator, the latest in a series of workspace locations and training programs designed to draw tech business to the city, was announced yesterday.

Mayor Michael Bloomberg, Brooklyn Borough president Marty Markowitz were joined at an event signaling the incubator's arrival by officials from the New York City Economic Development Corp., the Polytechnic Institute of New York University and Two Trees Management.

The site is expected to be up and running by the fall. In addition to workspace, the firms chosen will receive access to training and networking opportunities. Two Trees is providing subsidized rent in the 6,440-square-foot space at a rate of $3.50 per square foot and will gift 6 months of free rent for the project. NYU-Poly will pay the Two Trees rent and receive rent on a per-desk basis from the firms. The rate participants will pay “will be determined in the coming months,” according to a spokesman for the NYCEDC, which provided a $250,000 grant to establish this latest incubator.