DICKINSON, N.Y. — The Agency on Wednesday formally opened FIVE South College Drive, a 17,500-square-foot, newly constructed economic and business-development center in the town of Dickinson.
The Agency describes itself as the lead economic development organization for Broome County. It is the rebranded name of the Broome County Industrial Development Agency (IDA). The organization rebranded in April 2015. The Agency’s board of directors oversees both the IDA and the Broome County Local Development Corporation (LDC).
State and local officials, along with additional building tenants, joined the Agency for the event, the organization said in a news release issued Thursday.
The additional building tenants include the Alliance for Manufacturing and Technology, the Greater Binghamton Chamber of Commerce, the National Development Council, the New York Business Development Corporation, and Visions Federal Credit Union.
The Agency, which is the owner and anchor tenant of the building, moved to the building last September with the additional tenants “following shortly after.”
The building
FIVE South College Drive is the first building to be constructed in Broome County for the purpose of co-locating business and economic-development organizations, the Agency said. It is located on the south end of the SUNY Broome Community College campus.
Binghamton–based Fahs Construction Group built the two-story structure, while Endwell–based Delta Engineers, Architects, & Land Surveyors handled the design work on the project.
The Agency “fully” paid for the project using a $4.35 million New York Economic Development Assistance Program grant that the late New York State Senator Thomas Libous secured.
The building includes the Senator Thomas W. Libous Community Room, a shared meeting space on the building’s first floor. Nick Libous, son of Fran and Tom Libous, attended the event on behalf of the family, the Agency said.
Purpose
FIVE South College Drive is going to “enhance” the organization’s efforts to “drive economic growth” in Broome County, Kevin McLaughlin, executive director of the Agency, said in the release.
“It will foster partnerships among the organizations located here and will be a central hub of activity surrounding business and economic development. It will also be a central location for businesses or developers looking to invest in Broome County. This has been a critical need in our community for a long time,” he said.
“Today’s grand opening represents years of work by many in this community to coalesce our economic development professionals and resources,” Terry Kane, chair of the Agency’s board of directors, said in the organization’s news release. “Together we can accomplish so much more and in a much more efficient manner. The Board looks forward to the many successes that will result.”
Discussion on a “one-stop” facility is “not new” to Broome County and “in the past, there have been many attempts to create a single location for economic and business development in Broome County, but none have gone so far as to construct a brick and mortar facility,” according to the Agency.
Visions Federal Credit Union is “excited” about being part of this “economic hub for business development,” Tyrone Muse, president & CEO of Visions Federal Credit Union, said in the release.
“The partnerships that can be formed with the organizations currently in and potentially in this facility are immeasurable. We are already finding additional benefits with the proximity of the SUNY Broome campus in acquiring talent, providing financial literacy and working with students to provide advisory roles to make us a better organization. We are hoping the energy we see in this facility continues to spread across the community and work in tandem with all the great works being provided by so many local organizations,” said Muse.
Contact Reinhardt at ereinhardt@cnybj.com