Schumer Adds Help to High-Tech Incubator

By Matt Porter

January 17, 2013 Updated Jan 17, 2013 at 7:36 PM EDT

Binghamton, NY (WBNG Binghamton) Sen. Charles Schumer (D-NY) visited Binghamton with a federal officer to discuss funding for Binghamton's high-tech Incubator.

Schumer brought a representative from the Federal Economic Development Administration.

"This new incubator in my judgment will create hundreds and hundreds of good paying jobs," said Schumer, "Scores of new companies, some of them who could be lord knows, the next IBM."

The EDA has the authority to provide some of the needed funding to begin construction this spring.

The project is slated to cost $22 million.

$9 million of which has already been raised by the state and county.

$7 million provided through a grant from the Southern Tier Regional Economic Development Council and $2 million by the Broome County Industrial Development Agency.

The project is a collaboration between Broome County and Binghamton University.

BU President Dr. Harvey Stenger was with the senator and applauded his help.

"We've been talking about this project for a long time, now we need to do the project," said Stenger, "And with his support, and the economic development agency's support, I think we've got it."

Broome County Executive Debbie Preston (R) was also at the press conference.

"As this project continues to build momentum funding and support," said Preston, "It is clear that Broome County is ripe for a true economic comeback."

The incubator would provide space for 12 start-up companies to work and develop their products.