(BINGHAMTON, NY) –Broome County Executive Jason Garnar and Chairman of the Broome County Legislature Daniel J. Reynolds joined Visions Federal Credit Union CEO Tyrone Muse and Mirabito Energy Products CEO Joe Mirabito on Friday to announce that Visions Federal Credit Union has been awarded the naming rights to the Broome County Veterans Memorial Arena for 2021-2030.
Earlier this year, a request for proposals was issued for the Arena naming rights. Visions Federal Credit Union submitted a proposal to acquire the Arena naming rights and the box offices naming rights to both the Arena and Forum Theater.
“We are extremely excited about this partnership,” said Broome County Executive Jason Garnar. “Visions FCU and Mirabito are two great community partners and we look forward to continuing to work with them and see the amazing things they bring to Broome County.”
Broome County will receive $60,000 per year for the duration of the 10-year agreement which can be extended for an additional 5 years. The fee will double if the county is successful in securing funding for and completing a significant renovation of the Arena totaling more than $20,000,000 (twenty million dollars).
“Broome County has been our home since the beginning,” said Ty Muse, Visions’ President/CEO. “Partnering with the county 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 LUMA, hockey, or even a concert, they can experience all the great things that the Binghamton area has going for it.”
In addition to Visions Federal Credit Union being awarded the naming rights to the Arena, Mirabito Energy Products was announced as the new sponsor of the box offices at the Arena and Forum Theatre.
“We look forward to partnering with Visions on this exciting new project,” said Joe Mirabito, CEO, Mirabito Energy Products, “By working together, we will be able to better support the Arena and its efforts to enhance the quality of life in our community.”
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.
“The live-event fund is something we are really excited about,” said Chris Marion, General Manager of the Arena and Forum Theatre. “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 Federal Credit Union has also agreed to act in partnership with management to market upcoming event calendars through means agreeable to both parties.
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 their expense.
The agreement was approved by the Broome County Legislature Thursday.