NYSEG to present Binghamton University with economic development grants

2014-02-25

BINGHAMTON, NY – Mark S. Lynch, president and CEO of NYSEG and RG&E, will present Binghamton University President Harvey Stenger with two $400,000 economic development grants at 1:30 p.m. Wednesday, Feb. 26, in the lobby of the Engineering and Science Building at the Innovative Technologies Complex (ITC), 85 Murray Hill Road, Vestal.

Binghamton University applied for and received funding for two on-campus projects: the $30-million Center of Excellence building nearing completion on the ITC campus and the recently completed $33.6-million Science 5 building on the main campus. The funding, from NYSEG’s Utility Infrastructure Investment Program (UIIP), provides existing or prospective heavy use customers up to $400,000 per project to help offset the cost of electric infrastructure improvements.

"I want to thank NYSEG for being an outstanding community partner," said Stenger. "We take on these large projects because we want our campus to become bigger and better, but they are costly. Every bit of support we receive from entities like NYSEG goes a long way in helping us make these construction projects affordable to build and allow us to invest dollars normally spent on infrastructure in other strategic areas."

"Binghamton University is unquestionably one of the largest economic drivers in the Southern Tier and we are pleased to assist the University with its continued growth and the benefits it brings to our communities," said Lynch. "The NYSEG economic development grants for these projects support essential research and development that is critical to economic growth. These projects are prime examples of why we have economic development grant programs – they are proven catalysts for capital investment that protects and creates jobs in upstate New York."

Prior to 2011, universities were unable to access these grant funds. Binghamton University filed a petition with the New York State Public Service Commission (NYSPSC) requesting a modification to NYSEG’s existing economic development programs. NYSEG and New York State Assemblywoman Donna Lupardo (D-Endwell) actively supported this change and in November 2011, the PSC approved the modification.

"I’m happy I was able to help convince the Public Service Commission to modify NYSEG’s economic development program," said Lupardo. "The change allows Binghamton University to continue building the infrastructure that a leading research institution needs."

"Binghamton University is growing by the day, and NYSEG’s grants are a big help," said New York State Senator Thomas Libous (R-Binghamton). "Our whole community benefits from these investments."

NYSEG offers these incentives to entities in Upstate New York to help make the region an attractive place to do business. Stenger said, "assistance like this  helps Binghamton University complete major construction projects while keeping costs down."

Last Updated: 9/17/13