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2021 26th Edition: August 23 - August 27 |
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Not Fake News
In this era of “alternative facts” and “fake news” it is sometimes extremely difficult to debate a point even when you have “facts” on your side.
Back in the day of newsman like Walter Cronkite, Chet Huntley, David Brinkley and Harry Reasoner, appeared on the network news each night just giving us the news, without sharing their comments or opinions. As you know, my job is to promote economic development. With those broadcasting icons in mind I will try to present an unbiased look at four major corporate investment projects and their bottom line impacts on the Orange County economy.
In the world of economic development where we are charged with the mission to enhance the economy with the creation of new jobs, the best vehicle to help convince stakeholders of a project’s true benefit is to calculate the capital investment of companies that contribute to our tax base and the multiplier that ripples through our local business community.
The easiest way to quantify the value attached when companies choose to expand in our county/local municipalities and school districts, is to simply look at the numbers.
LEGOLAND New York
There were many debates over the LEGOLAND project and the public always had a seat at the table as they voiced concerns during the approval process. We have a democratic system that works and when all was considered, the economic impact numbers made a powerful statement that convinced town officials this project would be a benefit now and, in the years, to come.
The project will involve a total capital investment of $500 million and will create more than 1,000 jobs. The resort and hotel development will attract 1.5 million to 2.5 million tourists per year and will generate $46.75 million in taxes during the 20-year PILOT and $4.27 million each year after the PILOT expires.
In addition, Merlin Entertainments, the parent company of LEGOLAND, will pay hundreds of thousands of dollars in negotiated community benefits each year.
McKesson Corporation
The San Francisco-based pharmaceutical firm opened its 340,000-square-foot distribution facility in Hamptonburgh four years ago. The $80-million project created 164 good-paying jobs.
The firm negotiated a 15-year PILOT that will generate $10.6 million in taxes during the life of the agreement and another $1.4 million each year once the PILOT expires.
Medline Industries Inc.
The Northfield, IL health care services firm is building a 1.3-million square-foot distribution facility in the Town of Montgomery. The firm will relocate from its facility in Wawayanda to the larger complex that involves a $120-million investment. Medline will also relocate its workforce of 340 and plans to add 250 new positions in coming years. The project has created another 300 construction jobs.
During the duration of the 10-year term under 485-b, Medline will be paying approximately $22.9 million in taxes and another $3.17 million each year in taxes once the 485-b has expired.
Amazon
Online consumer giant Amazon is spending $75 million to build a more than 1-million-square-foot distribution facility in the Town of Montgomery. The project will create a total of 1,100 jobs, including 300 construction jobs and 800 full-time employees once operational. The community benefits include $22.5 million during its 15-year PILOT and an estimated $2.735 million each year once the PILOT agreement ends.
What if these firms never came? The combined reduction in school taxes alone would equal approximately $40 million in the next 10 years.
Economic Development Produces Results
The COVID pandemic caused significant harm to the economy of the Hudson Valley. Since the shutdown ended, thanks to projects such as those profiled above, the jobs market has been steadily improving.
On August 19, the New York State Department of Labor released the latest employment statistics for the Hudson Valley that proves our efforts are paying off, but also indicates that there is much more work to be done.
Private sector jobs in the Hudson Valley increased by 54,800 or 7.8%, to 761,300 in the 12 months ending July 2021. Gains were largest in leisure and hospitality (+25,500), trade, transportation and utilities (+11,100), educational and health services (+9,500), professional and business services (+7,200), other services (+2,300), manufacturing (+1,300), natural resources, mining and construction (+400) and information (+300). Employment losses were greatest in financial activities (-2,800).
While the region’s private sector employment has regained a large portion of the jobs lost, it remains 66,700, or 8.1% below the pre-pandemic levels of July 2019.
In conclusion, the Orange County Partnership, with a stellar reputation for over 35 years in business, will continue to advocate for beneficial projects that produce well-paying jobs that will allow our residents to enjoy the quality of life we, our children, and our grandchildren have come to cherish here.
My very best,
Maureen Halahan
President & CEO
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Stock photo of apartments
Photo Credit: Shutterstock
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Mall Operators Turn to Housing to Generate More Traffic |
Few businesses have undergone as many seismic changes in recent years as the enclosed mall industry. Where "big box" stores once stood, developers have created a mix of retail, dining, entertainment and other options. Many have also added apartments to their properties to create built-in traffic generators. As of August 2021, for example, a growing number of retail developers around the country have or are currently building residential housing alongside their existing malls.
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Position Paper: NY Scrambles to Meet Lofty Energy and Climate Goals |
There’s no shortage of challenging news these days. The unprecedented pandemic and the continual impact it has on our business community, schools, workplaces and neighbors can understandably feel all-consuming.
Outside of these large events that often consume our daily lives, significant and profound regulatory developments are occurring in Albany that will have long-lasting implications for the energy security, reliability, and affordability for the Orange County region and all New Yorkers.
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NYSERDA to Green Light 1,500 MW of Renewable Energy Projects in the Fall |
Earlier this year the New York State Energy Research & Development Authority (NYSERDA) issued Request for Proposals for its Tier 4 large scale energy renewal program that will specifically look to deliver up to 1,500 megawatts of renewable wind and solar energy into New York City.
These projects are seen as critical, particularly with the shutdown of the last reactor at the Indian Point Energy Center in Buchanan, NY in April.
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A map of the 180-mile Excelsior Connect underground power line project. |
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Stock aerial view of large warehouse.
Photo credit: Shutterstock
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Commercial Brokerage Firms Agree that Industrial and Logistics Markets are Primed for Growth |
In separate reports, commercial brokerage firms Transwestern and JLL each predicted that the industrial real estate and the logistics sectors will continue to outperform other real estate markets in the United States.
The U.S. industrial market continues to prosper during the pandemic, posting 102.2 million square feet of positive net absorption during the second quarter of 2021, the third consecutive quarter occupancy growth exceeded 100 million square feet, according to Transwestern’s recently released second quarter U.S. industrial market report. Markets leading net absorption both in the second quarter and year over year include Atlanta, Chicago, Dallas-Fort Worth and the Inland Empire.
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U.S. Office Markets Showing Some Improvement |
Second quarter job growth and a rise in tour activity signal that the U.S. office market may be moving toward stabilization, according to brokerage firm Transwestern’s most recent report. Despite the overall vacancy rate inching up to 12.6% and more than half of tracked markets increasing sublease inventory, the average asking rent increased to $25.39 per square foot in the second quarter, reflecting annual growth of 1.9%.
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Generic corporate modern office building
Photo credit: Shutterstock
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Orange County Bancorp, Inc. Announces
NASDAQ Capital Market Listing
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Orange County Bancorp, Inc. (the “Company”), parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. (“HVIA”), today announced that its application to list the Company’s common stock on the NASDAQ Capital Market has been approved by The NASDAQ Stock Market LLC and the Company’s common stock is now trading under the ticker symbol “OBT”. Companies seeking inclusion on the NASDAQ Capital Market must meet stringent financial, liquidity and corporate governance requirements, both initially and on an ongoing basis.
“This public listing is a significant milestone for Orange, perhaps the biggest in our corporate history,” said Michael Gilfeather, Orange Bank President and CEO “It is also an accomplishment for the entire company and tribute to our employees. I couldn’t be prouder of their efforts, particularly in the face of extraordinarily challenging recent circumstances.”
In celebration of the transition, employees and members of the Company’s Board of Directors visited the NASDAQ MarketSite, where they were presented with the listing certificate and enjoyed a tour of the facility and celebratory lunch.
“We are excited to have our stock begin trading on NASDAQ,” added Gilfeather. “We view the listing as a natural progression of our growth strategy, which will help improve trading liquidity, capital access, and investor attention to further unlock the value we have been creating for our shareholders.”
This announcement directly follows the Company’s pricing of its initial public offering. The Company intends to use net proceeds from the offering to support the growth of Orange Bank & Trust Company and HVIA, including providing capital to support growth of their operations, such as the expansion of lending and wealth management activities, to finance strategic acquisitions to the extent opportunities arise, and for other general corporate purposes. The Company has no current plans, arrangements or understandings relating to any specific acquisition or similar transaction.
About Orange County Bancorp, Inc.
Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through ongoing innovation and an unwavering commitment to its community and business clientele to more than $2.0 billion in total assets. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and was acquired by the Company in 2012.
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Orange County Bancorp, Inc. Rings the Nasdaq Closing Bell
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Garnet Health Medical Center Celebrates Milestone Anniversary at Middletown Location |
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Ten years ago this month, a new hospital opened in Middletown, revolutionizing the delivery of local healthcare by bringing a state-of-the-art facility and specialized services to the community. At the time, it was the first new hospital built in New York State in nearly 25 years. Over this past decade, Garnet Health Medical Center, formerly Orange Regional Medical Center, has amassed an impressive track record that includes national rankings, specialty designations, and the addition of new services; all of which are testament to its unwavering commitment to excellence and community well-being.
“Garnet Health’s Middletown campus transformed healthcare in our region when it opened, and it continues to set the standard for excellence today,” said Brian Tew, Chief Executive Officer, Garnet Health Medical Center. “Our community can count on us to provide exceptional care conveniently close to home, in a safe, comfortable and welcoming environment.”
The seven-story, 383-bed medical center, accredited by DNV GL – Healthcare, opened at 707 East Main Street on August 5, 2011 when it merged and transformed the operations of two outdated hospitals in Goshen and Middletown.
A five-story outpatient building was added after the Garnet Health Medical Center opened which offers primary care and specialty physicians from Garnet Health Doctors, urgent care, plus outpatient surgical and diagnostic services. Presently, the hospital is building a parking garage and has plans to expand the emergency department.
“Nothing is more important to us than serving the needs of our patients,” said Garnet Health President & Chief Executive Officer, Scott Batulis. “Amongst many other benefits, our Middletown Campus has improved access to additional care and outpatient services for our patients by conveniently offering them at a centralized location.”
Garnet Health Medical Center has been recognized as a national leader in healthcare, earning the Healthgrades “250 Best Hospitals” distinction for the past three years. This places it in the top 5 percent of nearly 4,500 hospitals assessed nationwide. It also has achieved Magnet status, the highest and most prestigious distinction a hospital can earn for nursing excellence and high-quality patient care. It’s Peter Frommer, M.D. Heart Center was named by Healthgrades one of America’s 100 Best for Coronary Intervention and the Rowley Family Birthing Center is a past recipient of the Labor and Delivery Excellence Award. Garnet Health Medical Center’s Cancer Program is accredited by the American College of Surgeons’ Commission on Cancer. Garnet Health Medical Center also is an academic affiliate of the Touro College of Osteopathic Medicine and offers six graduate medical education residency programs. In 2007, the medical center was named America’s Most Beautiful Hospital. Other advanced care centers include a, Level II Neonatal Intensive Care Unit, a Bariatric Center of Excellence, a specialized Pediatric Emergency Department, a Level 2 Trauma Center, and New York State-designated Stroke Center.
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Lakeland Bank Named to America’s
Best-In-State Banks 2021 List
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Forbes and Statista recognize nationwide banks with prestige award
Thomas J. Shara, president and CEO of Lakeland Bancorp, is pleased to announce Lakeland Bank has been named to the Forbes list of America’s Best-In-State Banks 2021 and was ranked #1 in New Jersey. This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider.
“It is truly an honor for Lakeland Bank to be recognized for the third consecutive year on the Forbes list of America’s Best-In-State-Banks,” said Shara. “Based on the results of the study, we are extremely proud to be named among the most respected banks in the nation and are grateful for the opportunity to serve our communities as we continuously strive to exceed the expectations of our customers, associates, and shareholders."
Forbes and Statista identified America’s Best-In-State Banks 2021 based on an independent survey of approximately 25,000 U.S. consumers who were asked to rate banks at which they have or previously have had checking accounts. Participants made recommendations regarding overall satisfaction; they also assessed banks in the following areas: Trust, Terms & Conditions, Branch Services, Digital Services, Customer Service, and Financial Advice.
The America’s Best-In-State Banks list was announced on June 24, 2021 and can currently be viewed on the Forbes website.
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The VMJR Companies, LLC.
named a leading contractor
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Qualified Remodeler Magazine has released its 2021 list of the 500 leading renovation contractors. The Glens Falls, NY-based, VMJR Companies, LLC., a Capital Region leader in historic restoration is again one of the Top 500 renovators in the United States. Qualified Remodeler Magazine tracks construction activity across the nation.
“We are extremely honored and pleased to again be recognized by Qualified Remodeler Magazine as a leading provider of renovation and restoration construction services”, said Victor Macri, Jr, President/CEO. “This award speaks to the depth of services offered by The VMJR Companies though more importantly, acknowledges the skills and capabilities of our talented and dedicated staff.”
The VMJR Companies are experts at fostering teamwork and communication between all disciplines on any given project via its trademark “Collaborative Construction Service™.” It is through that collaborative process VMJR will bring a project’s vision to fruition. As a leader in various construction delivery systems (Program Management, Construction Management (CM) at Risk, and Design/Build), the VMJR team provides their services in a collaborative and fostering environment for all types of construction including: commercial; institutional; heath care; retail; historic preservation; facade refacing; heavy civil; industrial; custom fabrications and residential kitchen and bath remodeling. VMJR additionally provides counseling services in all aspects of construction including; Site Selection; Design Development; Financial Feasibility; Selection of Professional Services; Cost Consulting; Value Engineering and Constructability.
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SPECIAL THANKS TO OUR MEDIA SPONSOR: |
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Looking for a new career opportunity? |
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The Galleria at Crystal Run is excited to announce an in-person job fair will be held on Wednesday, September 15th from 11:00 a.m. until 3:00 p.m. on the lower level near center court.
The Get Hired Job Fair is a convenient opportunity for local employers to interview, hire workers, and to help job seekers connect with businesses who need their skills. Employers from a variety of industries will be in attendance looking for candidates at all skill levels.
Employers Hiring to Date:
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Are you an Investor in the Orange County Partnership and have available job openings that you would like us to share?
Contact our Marketing Director, Sarah Brosnan:
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