Category Archives: Business News

By Susan E. Campbell

Saratoga Springs is reinvesting in the community by making $150,000 available to three different housing and restoration projects in the city, according to Commissioner of Finance Michele Madigan.

“We were at the high end of our fund balance and several economic development projects had come forward,” she said. “The City Council decided to break the reserves into three equal funding grants of $50,000 each.”

The recipients of the grants are the Saratoga Springs Housing Authority, the developers of a mixed use project on South Broadway, and reonovation  of the historic Universal Preservation Hall.

Receipt of these funds is contingent on each recipient obtaining grants or tax incentives from the state to move forward on the respective projects.

“We have the unique opportunity to increase the likelihood that multiple-million-dollar projects occur within the city with only a modest contribution [from the city],” said Madigan.

Saratoga Housing will construct a new workforce housing project behind Stonequist Apartments on South Federal Street.

More than 57 years after Saratoga’s Caffé Lena opened for business, the now world-famous acoustic music venue is celebrating its first birthday all over again.

With the help of a long list of donors, including a philanthropic partnership with Bonacio Construction, Inc, the nonprofit Caffé Lena was transformed from timeworn loft space to state-of-the-art venue and community center.

The renovations, started in 2016 and completed over the course of 2017, stabilized the late-Victorian building, increased occupancy, made the second floor performance space handicap-accessible, and created a home for the venue for decades to come.

Officials said since reopening 12 months ago, Caffé Lena has seen a surge of new life. Now open nearly every night, the schedule includes concerts, open mics, theatrical performances, musical workshops, community forums, children’s concerts, and more.

Brian Straughter, president of the Turf Hotels, is the new chairman of the board of directors of the Saratoga County Chamber of Commerce for 2018.

He will be recognized at the Chamber’s 100th anniversary dinner 6-9:30 p.m. on Thursday, Jan. 25, at the Saratoga City Center, 522 Broadway, Saratoga Springs. The presenting sponsor of the event is the Adirondack Trust Co.

The Chamber was founded in 1918 and organized its first dinner on June 7 of that year.

Nearly 1,000 people are expected to attend the event. Besides recognizing Straughter, the attendees will honor David Collins, of D.A. Collins Companies, who served as the chairman in 2017 and will continue to serve on the Executive Board as the immediate past chair.

Looking forward to 2018, Straughter said the Chamber wants to both celebrate 100 years of success and to get things done to move Saratoga County forward as well. Given his company’s ownership of two hotels in Saratoga Springs—the Hampton Inn & Suites and the Homewood Suites—Straughter will make use of his expertise to create a new research and development task force with members from the Chamber and the Saratoga Convention and Tourism Bureau to help evaluate new markets and potential new amenities that will be required to increase group and leisure trips to Saratoga County to ensure demand for hotel rooms continues to grow.

By Rachel Phillips

In the months since a fire destroyed the Wilton Branch of the Adirondack Trust Co., the firm has been working to redesign and rebuild on the site.

The company has now finalized the design and will begin construction in the spring.

The fire, which occurred in 2017 amidst inclement weather conditions, was not put out in time to salvage the building. Almost immediately, the Adirondack Trust Co. went to work preparing to rebuild, officials said.

“We are working diligently to ensure that our customers are taken care of and that we design the branch to be as customer friendly as possible,” said Charles V. Wait Jr., bank executive vice president. “This design complements the recent launch of our new logo and website, and it reflects the continual evolution of our brand.”

Saratoga Economic Development Corp. (SEDC) is working with Precision Valve & Automation (PVA) of Latham and its founder, Tony Hynes, to obtain Mechanicville-Stillwater IDA incentives to re-purpose the recently closed DiSiena Furniture headquarters and warehouse in Mechanicville.

PVA’s investment would re-purpose the building as an entrepreneur space, providing prototyping machinery, software, professional technical support, as well as health and child-care benefits for accepted early stage companies, according to SEDC.

SEDC said it is focused on local business innovation and acceleration by fostering professional mentors and resources supporting product research, market analysis, and access to potential capital. Site acquisition is expected in 2018 with a total initial investment of $3.9 million. Three early stage companies expected to locate at the facility in Mechanicville will initially provide 12 jobs.

SEDC is asking the Mechanicville-Stillwater IDA for incentives valued at $600,000 in the form of a 10-year PILOT (payment in lieu of taxes) and sales tax abatements.

KeyBank’s Capital Region Business Banking team was recently presented with the 2017 Large Commercial Lender of the Year Award by Bernard J. Paprocki, director of the Syracuse Small Business Association District.

In fiscal year 2017, KeyBank approved 32 loans at a Capital Region, leading value of $19.9 million, according to the SBA.

“SBA lending is critical to helping communities thrive, because it ensures that creditworthy businesses have access to the capital they need to start, expand and ultimately bolster the local economy and workforce,” said Greg Novitsky, senior SBA relationship manager, Capital Region, KeyBank. “We’re a proud SBA lending partner and excited the 2017 rankings reflect our commitment to help local businesses.”

In addition to leading in the Capital Region, KeyBank topped all banks in the SBA’s Syracuse District, representing 15.8 percent of the district’s total dollars approved, the organization said.

By Jennifer Farnsworth

The growth of G&G LED Lighting was reflected this year through their move from Albany to Halfmoon.

The company, which makes special LED lighting systems, moved into a 12,000-square-foot space. Cory Baright, vice president of operations, said the new location has served them well over the past two months, allowing them to continue to grow their lighting business.

Baright said the property at 10 Corporate Drive is double the size of their prior Albany location. It was purchased in September for $1 million, an investment the company made after undergoing a year of what he called substantial growth. He said the property was a perfect match for what they were looking for.