ALBANY – Holiday wishes came true for three economic development regions in the state, each receiving half a billion dollars on Thursday to kick-start projects that promote economic growth.
The Southern Tier was one of those regions. The Southern Tier – composed of Chenango, Broome, Tioga, Delaware, Chemung, Schuyler, Steuben, and Tompkins counties – will receive $500 million dolled out over the next five years through the Upstate Revitalization Initiative (URI), a program aimed at systematically revitalizing the economy of Upstate New York.
URI funds have also been awarded to the Central and Finger Lakes regions.
The Southern Tier has already leveraged more than $303 million awarded through the Regional Economic Development Council (REDC) initiative since 2011. The Southern Tier council says its URI plan will bolster more than $2.5 billion in private investment, create more than 10,200 jobs, and have an overall economic impact of $3.4 billion over the next five years.
A total 61 projects made the short list in the Southern Tier’s URI plan. They include a $3.5 million health education complex in Corning, a $3.5 million mixed-use residential and commercial facility in Binghamton, and a $2 million innovation park in Binghamton.
In Chenango County, the Southern Tier executive committee short-listed five projects which are ready to go. Barring unfortunate circumstances at the state level, all five of those projects will be funded through the URI, according to Commerce Chenango President and CEO Steve Craig.