(AP) -- New York Gov. Andrew Cuomo has unveiled a $300 million plan to revamp the Erie Canal.

Cuomo's office announced the five-year project on Monday, ahead of the governor's State of the State address later this week.

The canal currently generates $2.5 million in revenue annually but costs the state more than $100 million a year. T

The initial phase of the redesign project would cost $165 million and fund economic development and flood mitigation projects. T

he New York Power Authority is expected to vote on the funding at its board meeting later this month.