AUBURN -- Born and raised in Auburn, Jerry Bisgrove returned home for the first time in 12 years Thursday to announce his plans for what could prove to be the most important economic development initiative project in the city's history.

Bisgrove, a highly-successful real estate developer in Arizona, spoke to an enthralled crowd of nearly 400 at the Cayuga County Chamber of Commerce's 98th Annual Dinner and Silent Auction at the Holiday Inn. He spoke of his dreams for his hometown, his hopes to transform the future of Auburn, and of the values and faith that were instilled in him as a child.

With his success in real estate, Bisgrove has used his wealth to become one of the leading philanthorpists in the Southwest. He now wants to help Auburn, Cayuga County, and other regions of upstate New York.

The Stardust Foundation of Central New York plans on committing $15 million in incentives and grants to Auburn and the surrounding area over the next five to seven years for projects ranging from the arts to technology.

"Stardust makes investments that provide opportunities for the citizens of Central New York, and the citizens of Auburn in particular, that will empower them to create an environment that is safe, vibrant, healthy, and sustainable for their children and their children's children. That's why I'm here," Bisgrove said.

They have purchased, or have a current purchase offer, for most of the vacant buildings on the eastern-most end of State Street, which includes the former Kalet building. The two organizations on the Loop Road end of State Street, the Red Cross and Choices For Change, will remain.

More in Friday's Citizen