Broome County IDA to purchase land for development park

BINGHAMTON, N.Y. — The Broome County Industrial Development Agency (IDA) board of directors voted at its October board meeting to purchase three parcels in the towns of Union and Maine.

The Agency negotiated the option to purchase the parcels, which total nearly 300 acres, from the landowner in December 2022, as it investigated sites for a new development park. It did not disclose terms of the purchase.

Broome County hasn’t seen a new multi-acreage development park since 1984. During the pandemic, the Agency undertook a number of comprehensive analyses of land, buildings, and greenfield and brownfield sites across the county to determine availability and usability.

The completed site inventory determined the county needed new large-scale development sites to remain competitive and attract new investment to the region.

“It is not only an imperative for the IDA to build new sites, it is our responsibility,” said Stacey Duncan, CEO of the Leadership Alliance, which includes The Agency and Broome County IDA. “Our mission is to serve as a partner, catalyst, and investor in new investment and development sites to create jobs and enhance the tax base for the residents of Broome County.”

With investments like Micron and Wolfspeed happening in the state, Broome County has the opportunity to be part of these new high-growth industries as part of the supply chain, officials said.

The Agency has completed preliminary engineering studies to determine the feasibility of constructing a multi-acreage development park. The hope is that once the park is completed, it could result in nearly $1 billion in annual economic activity through sales, compensation, tax revenue, and indirect business growth.

The next steps include completing the state’s environmental-review process and providing opportunities for public input.