As of Jan. 15, the Southern Tier is competing with seven other upstate New York regions for a $500 million grant to revitalize their economies, as part of Gov. Andrew Cuomo’s $1.5 billion Upstate New York Economic Revitalization Competition within his 2015 Opportunity Agenda.

According to his press release, this competition is designed to mimic the Buffalo Billion initiative, an initiative Cuomo introduced three years ago to kick-start the economy of the western New York region through $1 billion in grants. Since then, 3,772 jobs and 812 new firms have moved into the area and a 4 percent increase in total regional wages has occurred.

After hydraulic fracturing plans were discontinued and a casino license request was rejected this past winter, Binghamton Mayor Rich David said the Southern Tier is looking forward to the opportunity to revitalize its economy.

“First and foremost, this is a region of the state of New York that I feel has not received its fair share of state aid over the course of several decades, and we have been stagnant and suffered economically for a variety of reasons: loss of population, loss of industry, no growth in state aid,” David said.

The Southern Tier Regional Economic Development Council is a regional council that plans for economic growth of various localities in the area and contains prominent representatives. Due to competition from the Mid-Hudson, Capital Region, Mohawk Valley, Central New York, North Country and Finger Lakes Region, the Southern Tier Council’s proposals and budgets will detail how the region would best utilize the grants.

According to Binghamton University President Harvey Stenger, who serves as the council co-chair, the competition will not be easy.

“This new competition for $500M proposed by the governor will be difficult for the Southern Tier to win,” Stenger wrote via email. “We will be competing against regions with larger populations and larger cities – specifically Rochester, Albany and Syracuse.”

Because the governor’s Upstate Revitalization initiative focuses on urban centers like Binghamton, the city would be a focal point of the Southern Tier region and the prize could have a long-lasting impact.

“A $500 million investment in a multiple county area with a large portion of that money going to the cities would be game-changing, it would be catalytic, transformative and an opportunity like we have never seen before in this lifetime,” David said.

According to him, the region and city are looking to incorporate plans to address infrastructure, enhance tourism, create solar energy and new technology projects, revitalize the water front, work with private sectors to create jobs and coordinate with schools and hospitals. In Binghamton specifically, David said he is looking to pursue the creation of the Collier Street Commons project, which would consist of a new facility with commercial stores, residential housing and a parking lot.

Funding for the competition comes from more than $5 billion New York state received in bank settlements. The competition begins April 15, when the regional economic councils will present their plans to improve their respective economies.

“To be one of the three winners means our plan will have to be innovative, synergistic, and transformative,” Stenger wrote.

The competition ends July 1. A strategic Site Plan Review Committee will judge the applicants, and three winners will be announced in the fall.