U.S. Senator Charles Schumer of New York says federal funding for the Southern Tier High Technology Incubator in Binghamton has been finalized.

Schumer says the $2 million award from the U.S. Economic Development Administration was secured after the agency completed its review process.

The $22 million incubator project is planned to connect the University research arm with budding businesses in the region.

The project is due to occupy 40,000 square feet in Downtown Binghamton.

In addition to the two million dollar award from the EDA, the project has seen $7 million committed from the Regional Economic Development Council while the Broome County Industrial Development Agency has pledged another $2 million.

University officials had projected a spring groundbreaking but now say a more realistic target may be for breaking ground in 2015.