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ALBANY - Alain Kaloyeros, who is indicted in an investigation of the state’s “Buffalo Billion” economic development project, has resigned as president of the State University of New York Polytechnic Institute, state officials said Tuesday.

“We accept Dr. Alain E. Kaloyeros’ resignation as president of SUNY Poly, and we are evaluating his request to return to his faculty position,” SUNY Chairman H. Carl McCall and Chancellor Nancy L. Zimpher said in a joint statement.

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Kaloyeros said his “continued leadership would pose a distraction from SUNY Poly continuing its good work,” according to the statement.

Kaloyeros had been a physics professor when he began to persuade governors back to George Pataki to invest billions of dollars in tax breaks and resources to make New York a leading home of nanotechnology.

In recent years, Kaloyeros has earned as much as $800,000 a year from SUNY and the SUNY Research Foundation.

Last month, Kaloyeros was charged in an 80-page criminal complaint with a former top aide to Gov. Andrew M. Cuomo, Joseph Percoco, and a lobbyist, Todd Howe, who has worked with Andrew Cuomo since the administration of Gov. Mario Cuomo.

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Prosecutors argue that in one scheme Howe funneled more than $320,000 in bribes to Percoco to give favored treatment to lobbying clients. In another, Howe allegedly worked as a consultant to Kaloyeros and rigged bids on nearly $1 billion in projects.

Kaloyeros and Percocco have pleaded not guilty. Howe has pleaded guilty to extortion and is cooperating with prosecutors.

“While Dr. Kaloyeros’ service as president has ended, his practices and actions are under our ongoing review,” McCall and Zimpher stated. “In addition, we will continue to cooperate with federal and state prosecutors as their respective investigations continue.”