Strategic Economic Investment Plan Will Fund Key Projects in Binghamton, Johnson City and Endicott
Investment Complements "Southern Tier Soaring" - The Region's Comprehensive Strategy to Revitalize Communities and Grow the Economy
Governor Andrew M. Cuomo today announced the creation of the $20 million Greater Binghamton Fund to facilitate key economic development projects in Binghamton, Johnson City and Endicott as outlined in the Southern Tier Soaring Upstate Revitalization Initiative plan. The Greater Binghamton Fund aims to transform targeted urban centers, or "iDistricts," into communities where the next generation of workers want to live, work, and play. The fund will support innovative and creative projects, including mixed-use and mixed-income developments, private retail and commercial development, and smart growth technologies will be implemented through infrastructure and streetscape improvements.
"The Greater Binghamton Fund is a game changer for this region, providing opportunities for development and revitalization, while helping to create an environment for businesses to expand and grow," Governor Cuomo said. "This fund will increase access to the resources these communities need to attract top notch employees and support the vitality of the Southern Tier as the region continues to soar."
The Greater Binghamton Fund will support projects that fall within the geographic boundaries of the designated innovation districts. The "iDistricts" are anchored by significant economic drivers including the Southern Tier High Technology Incubator (Binghamton), the Binghamton University School of Pharmacy and Pharmaceutical Sciences (Johnson City), and the Huron Campus (Endicott), which is the site of Binghamton University's Center for Advanced Microelectronic Manufacturing (CAMM), and the recipient of a $20 million investment from New York State to conduct advanced research and development in flexible circuitry.
Empire State Development issued a Request for Proposals today from a list of pre-qualified organizations. The selected respondent will develop and implement a strategic investment plan and identify and develop detailed project profiles that will be financed through the revitalization fund.
"This fund will increase access to the resources these communities need to attract top notch employees and support the vitality of the Southern Tier as the region continues to soar."
Empire State Development President, CEO & Commissioner Howard Zemsky said, "These targeted areas have historically experienced higher rates of unemployment, poverty, and vacant or blighted properties. The Greater Binghamton Fund will build on previous investment in anchor institutions and stimulate new investment to create sustainable downtown economies."
Southern Tier Regional Economic Development Council Co-Chairs Tom Tranter, President & CEO of Corning Enterprises and Harvey Stenger, President of Binghamton University said, "The targeted investment in the so-called "i-Districts" marks another exciting chapter in the Southern Tier's economic narrative. Thanks to Governor Cuomo's vision and commitment to generating economic growth Upstate, real change is happening. Because of the innovative ideas included in the Southern Tier Soaring plan, like the Greater Binghamton Fund, this region will continue to look forward to solid economic progress for years to come."
Senator Fred Akshar said, "Economic development and job creation have been top priorities of mine since the day I was elected. I am encouraged by the Governor's investment in our community and I believe the Binghamton Fund is an important step to growing our local economy and improving the quality of life in the Southern Tier. I look forward to continuing this necessary work to bring jobs and careers to our region."
Assemblywoman Donna Lupardo said, "Revitalizing our urban core has been central to our region's economic recovery. The Greater Binghamton Fund will capitalize on the progress we've made in these areas and help bring to life the transformative ideas of the Upstate Revitalization Initiative. I sincerely appreciate the Governor's commitment to the Southern Tier's ongoing redevelopment."
County Executive Jason Garnar said, "The i-District Funding will be a big help to dramatically improve the communities of Endicott, Johnson City and Binghamton and help create much needed economic development. I greatly appreciate the attention that Governor Cuomo is putting on bringing more business to Broome County."
City of Binghamton Mayor Richard C. David said, "This latest investment in Binghamton and surrounding urban areas continues to move our region forward. This innovative plan will aid in the revitalization of Downtown Binghamton with critical investments to improve quality of life. Governor Cuomo's commitment to Upstate New York is evident and we are thankful for his efforts."
Village of Johnson City Mayor Greg Demmie said, "I am honored the Governor has recognized our region's growth potential with the launch of this $20 million Greater Binghamton Fund. This investment will help bring new businesses to Johnson City and support our efforts to continue to grow and revitalize our neighborhoods throughout our community. I look forward to working with our local and state partners to enact a plan to build a better future for Johnson City."
Village of Endicott Village John Bertoni said, "I applaud New York's commitment to revitalizing our region and want to thank Governor Cuomo for making this critical investment. The Greater Binghamton Fund will help support a brighter future for the next generation of families in our community, by growing the economy and providing new opportunities for our hard-working residents."
The Greater Binghamton Fund is a central part of the region's winning Upstate Revitalization Initiative proposal which was announced by Governor Cuomo in December of 2015. The $500 million Southern Tier Soaring plan is working to grow the Greater Binghamton Innovation Ecosystem by establishing the three "iDistricts" as a premier destination for talent, new business development and solidifying partnerships for commercialization of emerging technologies. The plan is also investing in regional strengths in advanced manufacturing, healthcare and science, technology, engineering and math (STEM) education as well as the supporting research and development capabilities of academia and industry in the region.
Accelerating Southern Tier Soaring
Today's announcement complements "Southern Tier Soaring the region's comprehensive blueprint to generate robust economic growth and community development. The State has already invested more than $3.1 billion in the region since 2012 to lay for groundwork for the plan - attracting a talented workforce, growing business and driving innovation. Today, unemployment is down to the lowest levels since before the Great Recession; personal and corporate income taxes are down; and businesses are choosing places like Binghamton, Johnson City and Corning as a destination in which to grow and invest. Now, the region is accelerating Southern Tier Soaring with a $500 million State investment through the Upstate Revitalization Initiative, announced by Governor Cuomo in December 2015. The State's $500 million investment will incentivize private business to invest well over $2.5 billion - and the region's plan, as submitted, projects up to 10,200 new jobs. More information is available here.