Eight things you need to know about Saratoga County's economy.
8 @ 8 is a newsletter filled with eight things you need to know on topics related to the economy in Saratoga County, New York. You can expect to see 8 @ 8 in your inbox twice a month. If you have content you'd like us to share or have a topic you'd like to see more of, let us know and we'll work to include it in a future edition! - The Saratoga Partnership Team
1. Victory Mills Project Awarded Tax Breaks by Saratoga County IDA - Cleanup and renovation of historic mill about to start
Victory Mill apartment conversion project in Saratoga County’s Village of Victory awarded tax breaks from the Saratoga County Industrial Development Agency. The Saratoga Partnership ushered Regan Development through this process and is excited to see them begin construction on the $68 million project later this summer.
Larry Regan of Regan Development Corp. wants to transform the abandoned five-story stone building into a mix of 186 market-rate and affordable apartments.The Saratoga County Industrial Development Agency unanimously approved $1.58 million in sales tax breaks and a $40.3 million property tax reduction over 30 years.
2. Federal COVID relief bill contains millions for Capital Region cities, counties, towns
New York stand to gain billions under the $1.9 trillion federal stimulus package recently approved by the U.S. Senate. Counties, cities, and towns across the country are expecting to receive funding from the American Rescue Plan. At the current estimate, Saratoga County could see upwards of $44.58 million from the stimulus. Click here for an article by the News10 which provides a list of estimates for all towns and cities in Saratoga County.
Eligible Uses of Funds by state and local governments:
  • Costs associated with responding to the COVID-19 public health emergency or its negative economic impacts, including but not limited to, assistance to households, small businesses, and nonprofits or aid to impacted industries such as tourism, travel, and hospitality.
  • To support workers performing essential work during the COVID-19 public health emergency by providing premium pay to eligible workers or by providing grants to eligible employers that have eligible workers who perform essential work.
  • To cover revenue losses caused by the COVID-19 public health emergency.
  • To make necessary investments in water, sewer, or broadband infrastructure.
3. Reskilling the Workforce; Resetting the Economy presented by HVCC Office of Workforce Development
As we look past a pandemic that has upended businesses, careers, and lives, how can our education and training leaders work with regional businesses to help position the Capital Region economy for recovery and growth? Despite rising salaries, the skilled-labor shortage is getting worse, regionally and nationally, and as thousands of unemployed workers try to re-enter the job market, how can we effectively balance their career needs with the needs of local business and industry partners? On Tuesday, March 23, 2021 between 10:00am –11:15am, the Albany Business Review will be hosting a panel discussion presented by HVCC Office of Workforce Development and moderated by Saratoga Partnership Chair Penny Hill, Dean, Economic Development and Workforce Initiatives at HVCC. Click here to register for this free and informative webinar.
4. COVID-19 offers remote workers and small communities big economic opportunities
Among the many lasting effects of COVID-19 — one that has received little attention — is its potential to disrupt economic development. The pandemic introduced the world to remote work almost overnight.Remote workers are novel because they bring their jobs with them. In economic development terms, they are a “two-for.” They add a person to the population, and they add a job to the overall job base. In essence, the economic value — and therefore the power — of the job they hold has shifted from their employer to themselves. The worker controls where that job goes. This means that talent-first economic development is finally a practical reality. Think of this as the advent of retail economic development. Click here to read more from USA Today and
5. Scannell project could bring up to 3.5 million square feet of construction to Luther Forest
Scannell Properties wants to develop up to 3.5 million square feet of manufacturing, warehouse and lab space on the Luther Forest Technology Campus in Saratoga County. The Indianapolis real estate developer is asking the towns of Malta and Stillwater to allow a mix of uses on the 1,440-acre campus that could include manufacturing, packaging, research hubs and distribution centers. Click here to read coverage from Albany Business Review. News that GlobalFoundries plans to invest $1.4 billion into fab expansion amid the current rise in chip demand is also dominating headlines due to a global shortage of semiconductors. GlobalFoundries said the $1.4 billion will be divided evenly among its fabs in Dresden, Germany, Malta, New York and Singapore, and will see increased output through 2022, producing chips from 12 to 90 nanometers.
6. New York State Department of Labor Workforce Needs Survey
The New York State Department of Labor and The Business Council of New York State are partnering to conduct a statewide business workforce survey. Their goals are to understand the current and anticipated future needs of the business community, specifically as they relate to hiring needs, skills gaps and training and to better outline where and how to position resources related to training and hiring programs and initiatives.
Click here to take the survey. It is estimated this survey will take 20-25 minutes to complete and questions are divided into five sections. We are trying to collect all responses before March 19. If you have multiple locations in the state, you may complete this survey representing all locations (i.e. if you have a centralized human resource department) or have each location respond to the survey separately..
7. Low-Interest Business Loans for Local Businesses Impacted by COVID-19
The Capital Region Advancement Fund provides low-interest loans to local businesses which have been impacted by the COVID-19 pandemic. Businesses demonstrating adverse COVID-related impacts such as reduction of revenues, employee layoffs, change in capital expenditures or disruption to expansion/growth plans are encouraged to apply. Funding can be used to retain employees, cover expenses, support operations and make necessary adjustments for a sustainable future. The Capital Region Advancement Fund is not an income replacement program or a grant program. It is available to for-profit businesses located in Albany, Columbia, Greene, Rensselaer, Saratoga and Schenectady counties. Please see below for eligibility requirements.
8. MaltaWorks $20.21 Campaign - Shop Local - Enter to Win
The Saratoga County Prosperity Partnership, Saratoga County Chamber of Commerce and the Town of Malta Economic Development Committee today launched the MaltaWorks $20.21 promotion to drive traffic to small businesses in the Town of Malta that have been fighting to keep their operations open after battling the economic impacts of COVID-19 for the past year. Thanks to a grant awarded to the Saratoga County Prosperity Partnership by the Globalfoundries and Town of Malta Foundation, small businesses will be getting an added boost between March 1 and May 2. You can enter to win weekly giveaways by simply spending at least $20.21 at a small business in the Town of Malta, then emailing a copy of their receipt to info@saratoga.org. Each week, MaltaWorks $20.21 will randomly choose the winners of a $100 and $50 gift certificates. At the end of nine weeks, all participants will be entered into a drawing to win the grand prize of a $500 gift certificate at a business of their choice in the Town of Malta. Congratulations to Week 1 winners: Brian Heid and Rebecca Quenelle!
Courses on Managing Priorities and Event Planning
SUNY Adirondack Continuing Education is offering various workforce development courses in March via Zoom, including "Managing Priorities and Time" on Tuesday, March 23 (part of the New & Emerging Supervisors & Managers Series) and "The Art of Event Planning - Tools For Success" on Tuesday, March 30. View course details under Professional Development in our Continuing Education catalog. Pre-registration is required using the online registration request form.