Southern Tier region receives $91.1 million in Regional Economic Development Council Funding
High-Tech Incubator project in downtown Binghamton will move forward
Binghamton, NY -- Governor Andrew Cuomo announced the second annual Regional Economic Development Council Awards from the Hart Theatre in the Empire State Plaza in Albany. The Southern Tier Regional Economic Development Council was awarded $91.1 million and will use the funding to pursue the projects it proposed.
“We’re thrilled that Gov. Andrew Cuomo and his team have recognized the value of the projects put forward by the Southern Tier REDC,” Binghamton University President Harvey Stenger said. “The governor’s confidence in our plans matches ours, and we are anxious to launch these worthy projects that will bring renewed energy, jobs and an improved economic base to the Southern Tier. I want to express my personal thanks to Tom Tranter and David Skorton for contributing to this success.”
Among the priority projects is the Southern Tier High-Tech Incubator to be built on Hawley St. in Binghamton. The incubator will provide strategic resources for up to 10 new businesses at a time, including cutting-edge laboratories, business development services, core user facilities, interns and cooperative educational opportunities, as well as access to technology transfer and commercialization expertise at Binghamton University.
The high technology incubator facility will be funded with $7 million from the REDC award, which will be leveraged with Broome County Industrial Development Agency and federal grants.
Endicott Interconnect Technologies, Inc. (EI) and The Small Scale Systems Integration and Packaging Center (S3IP), a New York State Center of Excellence Center at Binghamton University will purchase additional roll-to-roll processing equipment and conduct research to further develop the Center for Advanced Microelectronics Manufacturing (CAMM).
In addition, $2.1 million in REDC funding will support the Next Generation Energy Efficiency Technology. This collaboration between BAE Systems (BAE) and Binghamton University will advance BAE's hybrid-electric propulsion system product lines. BAE will invest $2.9 million and create 40 new jobs.
For more information on the 62 projects that will be funded with the $91.1 million REDC award, visit the governor’s website at http://www.governor.ny.gov/press/12192012Regional-Councils.
Cuomo and his Strategic Assessment Team visited the Southern Tier on Dec. 5, for updates on projects funded in the first round of REDC awards. At that time, he announced Stenger’s appointment as STREDC co-chair, replacing Cornell University President David Skorton in the role.