Gov. announces $760M for New York

By Matt Porter

Governor Andrew Cuomo announces $760 million will be available in funding and tax credits for third year of economic development program.

May 15, 2013 Updated May 15, 2013 at 11:32 PM EDT

Albany, NY (WBNG Binghamton) Gov. Andrew Cuomo announces $760 million will be available in funding and tax credits for the third year of his economic development program.

The money is part of the governor's regional economic development program that employs 10 councils to help target investment across the state.

The Southern Tier Regional Economic Development Council (STREDC) has been awarded $140.5 million for 120 individual projects in the past two years.

A total of $7 million went to help the Binghamton Small Business Incubator now under construction.

Binghamton University president and co-chairman of the STREDC Dr. Harvey Stenger said the council's investments will help create real jobs.

"As the incubator matures and companies graduate from incubators," said Dr. Harvey Stenger, "We believe in the next three to six years we could have 300 more jobs created in the Southern Tier."

The governor encourages universities to team up with entrepreneurs.

New York colleges only attract 4 percent of the nation's venture capital whereas California attracts 47 percent.

"And we talk about entrepreneurial academics and people say that's an oxymoron, no it's not. It's really not," Cuomo said, "You can be a great academic, and you can also be entrepreneurial."

Five of the 10 zones identified as "Top Performers" will be awarded $25 million each.

The other five zones will compete for another $25 million.

Applications for projects will be available on June 3.

All applications must be submitted by Sept. 24.