ALBANY (AP) — New York Gov. Andrew Cuomo 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, the Press & Sun-Bulletin reported.

The initial phase of the redesign project would cost $165 million, according to Cuomo’s office. Approximately $100 million would be set aside for economic development projects that would include building pedestrian bridges across the canal, a whitewater rafting course and a series of new homes along the old canal in Canastota. The other $65 million would fund flood mitigation projects.

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