BINGHAMTON — Visions Federal Credit Union will pay Broome County $60,000 annually for the naming rights to the former Floyd L. Maines Veterans Memorial Arena and Broome County Forum in downtown Binghamton. The fee will double if the county is successful in securing funding for and completing a “significant” renovation of the arena totaling more […]
BINGHAMTON — Visions Federal Credit Union will pay Broome County $60,000 annually for the naming rights to the former Floyd L. Maines Veterans Memorial Arena and Broome County Forum in downtown Binghamton.
The fee will double if the county is successful in securing funding for and completing a “significant” renovation of the arena totaling more than $20 million, Broome County said in a news release about the deal.
Under the agreement, which begins Jan. 1, 2021 and continues for 10 years, the arena will be known as the Visions Federal Credit Union Veterans Memorial Arena.
In addition to the annual fee, Visions Federal Credit Union will establish and manage a reserve account dedicated to increasing the number of live events at the Veterans Memorial Arena and Forum Theatre in the amount of $126,000 per year.
Visions — which is based in Endwell — says it secured the rights following the Aug. 13 meeting of the Broome County Legislature. The deal involves naming rights to the arena and ongoing sponsorship to the Forum. Visions is also partnering with Binghamton–based Mirabito Energy Products, which will sponsor the box offices.
The changeover from the Floyd L. Maines Veterans Memorial Arena to the new name will come at no cost to taxpayers as Visions has agreed to design, construct, and install all signage at its expense, the county said.
“Broome County has been our home since the beginning,” Ty Muse, president and CEO of Visions Federal Credit Union, said. “Partnering with the county and Mirabito furthers our investment in the community, and it’s even better knowing that we’ll have a part in drawing more people to the area. Whether they’re here for [the] LUMA [Projection Arts festival], hockey, or even a concert, they can experience all the great things that the Binghamton area has going for it.”
Chris Marion, general manager of the arena and Forum Theatre, said he’s excited about the live-event fund.
“It’s a top priority of ours to maximize use of these facilities and this partnership with Visions Federal Credit Union and Mirabito Energy Products will help us bring more frequent and diversified entertainment and sporting events to downtown Binghamton.”
Visions has also agreed to act in partnership with management to market upcoming event calendars through means “agreeable to both parties,” Broome County said.
Visions Federal Credit Union is a nonprofit financial institution that is owned by its members. Established in 1966, Visions serves more than 210,000 members in communities throughout New York, New Jersey, and Pennsylvania.