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BROOME COUNTY, N.Y. -- Governor Cuomo is once again using the model of competitive funding to distribute more than $60 million to SUNY schools across the state.

The New York SUNY 2020 plan was announced Wednesday and joining the Governor and SUNY Chancellor were representatives from Binghamton University.

BU's president Dr. Harvey Stenger presented BU's proposal to build a $70 million Smart Energy Research and Development facility. The building is expected to be an enhancement to both the campus and the regional economy.

BU leaders predict it would create more than 840 permanent jobs in Broome and Tioga County and translate into $77 million in additional annual revenue for the region.

"It will be kind of the capstone of that campus, probably fill that campus to its capacity in the amount of space and the amount of people that can be handled in the campus at one time," said Stenger.

"Regional economic development is very important to us, so we are going to return the favor. We understand our academic responsibility, but we were in search of a way to implement what we think is the full power of SUNY as an economic engine and enhancing the quality of every New Yorker," said SUNY Chancellor Nancy Zimpher.

If approved for the state grant, BU would also expand enrollment by adding another 2,000 students to its campus as well as new facility and support staff.