TOWN OF UNION, N.Y. (WIVT/WBGH) – The Broome County Industrial Development Agency is one step closer to establishing a new business park in Greater Binghamton.

The Agency Board voted at its meeting last week to purchase three parcels of land in the Towns of Union and Maine along the airport corridor.

The Agency agreed to pay $1.4 million for the nearly 300 acres of land, using funds it received from the sale of another property.

The organization says the last time a large development park was created in Broome County was 1984, and space is needed to accommodate additional industrial growth in the area.

The Agency believes that a new park could generate as much as a billion dollars a year in economic activity.

The site must now go through an environmental review.