NYSEG to give Binghamton University $400K in economic-development grants Wednesday

VESTAL —  Binghamton University on Wednesday will formally accept $400,000 in grants from the power company NYSEG to offset electric-infrastructure costs for two major on-campus expansion projects.

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., in the lobby of the Engineering and Science Building at the Innovative Technologies Complex (ITC) at 85 Murray Hill Road in Vestal, according to a university news release.

Binghamton University applied for and received funding for 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 (or UIIP) — provides existing or prospective heavy-use energy customers up to $400,000 per project to help offset the cost of electric-infrastructure improvements, according to the news release.

Stenger said assistance like this  helps Binghamton University complete major construction projects while keeping costs down. “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,” Stenger said in a news release.

Before 2011, universities were unable to access these grant funds. Binghamton University said it filed a petition with the New York State Public Service Commission (PSC) 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, according to the release.

NYSEG says it offers these incentives to businesses and organizations in Upstate to help make the region an attractive place to do business.

“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,” Lynch said in the release.

Contact Rombel at arombel@cnybj.com