At present the cooler synchrotron COSY, a synchrotron and storage ring for medium energy physics is bult at Ju¨lich. The cooler ring will deliver protons and light ions in the momentum range of 275 to 3300 MeV/c. To increase the phase space density of the circulating protons electron and stochastic cooling will be used. The cooled beams will be used for experiments with interal and after slow extraction with external targets.The facility consists of different ion sources, the cyclotron JULIC as injector, the 100 m long injection beam line, the ring with a cicumference of 184 m and the extraction beam lines to the external areas. The start of the users operations is provided to be in autumn 1992. A short overview of the machine, beam parameters and the status is given. Special emphasis is given to the polarized beam facility.