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Development Group Plans To Build A Condo Project At Site Of Old Putnam St. Warehouse

Posted onJanuary 10, 2019January 11, 2019
An early rendering of the condo project planned on Putnam Street in Saratoga.
Courtesy First Fairfield of Connecticut

By Greg Hitchcock

A long-unsed lot on Putnam Street is proposed for the site of a new condominium project in Saratoga Springs.

A design concept by First Fairfield of Connecticut, the $30 million project includes a six-story condominium building and community center at 53 Putnam St., across the street from Saratoga Springs Public Library.

The company said the building will consist of mid-range apartment condominiums, with the hopes of attracting young artists and entrepreneurs.

Laura Manning vice president and COO of First Fairfield, which has an office in Saratoga Springs,  said based on findings from soil remediation of the original property—an abandoned warehouse that at one time housed a dry cleaner before C&B Sanitation used the building to store garbage trucks in the 1980s and 90s—the project had to be scaled back.

“Our original plan when we got approval from the city was to keep the existing building and develop it out,” Manning said.

Because of the age of the building and its location in a historic district, Manning said the company decided to take the whole building down and start from scratch.

“We are hoping to keep the first floor to have some type of commercial aspect to it and above would be condos,” Manning said. “We are figuring how many floors we can go up to be economically viable.”

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Business Report: To Be (A ‘C’) Or Not To Be

Posted onJanuary 10, 2019January 11, 2019
Carissa A. Conley is a senior tax manager with CMJ, LLP.

Carissa A. Conley, CPA

With the newly lowered corporate tax rate, many pass-through businesses are wondering if they should now convert to a C Corporation. The Tax Cuts and Jobs Act (TCJA) reduced the corporate tax rate from a maximum of 35 percent to a flat rate of 21 percent and eliminated the corporate AMT.

Meanwhile, income of pass-through entities is taxed at the individual taxpayer level which is still based on graduated rates up to a maximum of 37 percent. While this initially sounds like a no-brainer, in most cases, small businesses will be still pay less tax as a pass-through entity.

Even though a C Corporation is only taxed on its net income at a rate of 21 percent now, there is still the issue of double taxation when shareholders take dividend distributions. Depending on the shareholder’s tax bracket, these dividends which have already been taxed at 21 percent, are now taxed again at a rate up to 20 percent (for those in the highest tax bracket) plus another 3.8 percent for Net Investment Income tax.

This brings the effective tax rate on dividends to 39.8 percent, which is higher than the maximum individual tax rate of 37 percent. Note that this is only considering the federal tax and there would be additional tax at the state level for both the corporation and the shareholder.

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Economical Outlook 2019: Todd L. Shimkus

Posted onJanuary 10, 2019January 11, 2019
Todd Shimkus is president of the Saratoga County Chamber of Commerce.

By Todd L. Shimkus

Instead of a prognostication of what might happen, I’m going to focus on what I am reasonably certain will happen that will help our local economy to continue to succeed, grow and thrive in 2019.

In other words, here’s a few specific ACTIONS we look forward to taking in 2019:

• Cutting a ribbon to open Intrada Saratoga, a mixed-use housing development that will provide 158 units of affordable housing, near the junction of Washington Street and West Avenue in Saratoga Springs. We need workforce housing in Saratoga Springs so local employers can retain and attract employees who want to live and work in the same community.

• Breaking ground on the Flat Rock Centre project that will provide badly needed parking for the Saratoga Springs City Center, as well as downtown businesses. Beyond parking, Flat Rock Centre will include a section of the Saratoga Greenbelt Trail as well as a significant park and open space for a range of activities.

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Economical Outlook 2019: Stephen Kyne

Posted onJanuary 10, 2019January 11, 2019
Stephen Kyne, partner, Sterling Manor Financial LLC.

By Stephen Kyne

The year 2018 was an interesting year in the financial markets, to say the least. Characterized by all-time highs in stock indices, two whipsaw corrections, and a nearly 20 percent decline to cap the year off, the year was anything but boring. As it stood at close of business on Dec. 27, it looks like we’re going to end the year down, barring any last-minute surprises.

So, what happened, and where do we think the economy is headed?

First, to be absolutely clear, we do not think a recession is imminent, or even likely for at least another 12-18 months. That may seem contrary to what you are seeing on the news, but the news exists more for ratings than it does to inform Remember, nobody watches the news to see the house that didn’t burn down.

The economy is exceedingly strong, and most factors point to continued strength going into the new year.

With quarterly GDP growth in the 3-4 percent real (inflation-adjusted) range, it is generally accepted that a portion of this growth could be attributed to the effects of tax cuts, but no serious economist would attribute it all to that factor. We expect growth in 2019 sustainably in the 3 percent range. While that may not seem very high, consider that it is 50 percent higher than the roughly 2 percent annual growth we experienced from 2009-2016. The U.S. economy is strong.

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Economical Outlook 2019: Dennis Brobston

Posted onJanuary 10, 2019January 11, 2019
Dennis Brobston, president, Saratoga Economic Development Corp.

By Dennis Brobston

The year 2018 marked Saratoga Economic Development Corp.’s (SEDC) 40th year as the premier economic development organization in the region. Thoughtful collaboration is how SEDC and its partners stimulated over $2.5 billion of new investment, nearly 1,700 new and retained jobs and $50 million in employee payroll since 2014.

In 2018 SEDC produced $44 million of investment retaining and growing 139 jobs. These jobs will add almost $5 million of annual wages to area communities. SEDC continually researches and keeps its fingers on the pulse of market demands enabling us to position Saratoga County’s strengths. We have several strong projects in the pipeline for 2019.

Promoting Saratoga, retaining, and growing jobs and wages remain SEDC’s mission. Our investor members, partners at the Saratoga County IDA, Clifton Park IDA, and Mechanicville-Stillwater IDA, plus strategic engagement with local, regional and state stakeholders remain key ingredients to success. Local communities’ policies and competitive tax rates continue setting a baseline for success.

Other assets have been relatively competitive property costs, an educated workforce, and proximity to 54 percent of North American consumers. Results evident to most are the $1.25 billion in local multifamily and hospitality construction in recent years.

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Economical Outlook 2019: Pete Bardunias

Posted onJanuary 10, 2019January 11, 2019
Peter Bardunias, president/CEO, Chamber of Southern Saratoga County.

BY PETE BARDUNIAS

The recent ups and downs of the stock market and the national political discourse are, in my opinion, a symbol of the battle for our communal soul going on at every level of our society, and our economy. For example, is the “think local” or “shop local” mantra a real thing in today’s world, or is it simply a feel good mirage in the era of huge online retailers and others, such as Amazon, Etsy and eBay?

Is our society a community of neighbors, or simply a collection of disparate groups and interests all going about their business, each with a different set of needs, wants and mutually incompatible agendas?

Finally, what should our business community look like. Is the Capital Region monolithic, where a “one size fits all” approach would most efficiently serve the needs of our regional economy? Or are we still a collection of relatively small, independent neighborhoods with diverse personalities, cultures, and interests requiring a customized array of localized services and individual attention in order to reach their full potential?

Count me squarely in the latter camp. My entire career in business has focused on the way individual communities operate, and one cannot find more diversity or splendid uniqueness than in comparing places like Clifton Park, Halfmoon, Mechanicville, Charlton, Ballston, Malta, Stillwater, Schuylerville, Waterford, and Saratoga, just to name a few.

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Economical Outlook 2019: Marty Vanags, CEcD

Posted onJanuary 10, 2019January 11, 2019
Marty Vanags, president, Saratoga County Prosperity Partnership.

By Marty Vanags, CEcD

In 2018, Saratoga County continued to be one of the fastest-growing counties in New York state, and for good reason. With an educated workforce, companies from diverse industry sectors, and a vibrant quality of place, we possess all the attributes that make our community a great investment for businesses and residents.

Our future is bright, but it is important that we continue to work with the public and private sectors to promote and plan for long-term growth. This means investing in economic development infrastructure, developing our workforce, attracting talent, and encouraging our companies to innovate and invest in Saratoga County.

Laying the foundation for future growth is the key to maintaining our economic prosperity today and long into the future.

Throughout 2018, the Saratoga Partnership marketed Saratoga County to businesses and site selectors throughout the world. We met with more than 75 companies and 60 site selectors to educate them on why Saratoga County is the ideal location for expansion. The Saratoga Partnership is why Saratoga County was successful in siting New York state’s largest battery storage project, Key Capture Energy project in Stillwater.

Through assistance by the Partnership, Proctors-Universal Preservation Hall is transforming a former church in Saratoga Springs into a year-round, world-class arts and cultural venue in downtown Saratoga.

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Economical Outlook 2019: Mark Shaw

Posted onJanuary 10, 2019January 11, 2019
Mark Shaw, president and CEO of Stored Technology Solutions Inc. (StoredTech).

By Mark Shaw

Last year we spoke about everything as a service. That is absolutely the case today. From phone systems to access control you can truly have access to all the latest technology in a monthly service fee.

This eliminates the need to purchase anything. Your business can gain access to the same technology used by the Fortune 500 without any major capital outlay.  This model will continue for the foreseeable future and if you have not already been reaping those benefits, talk to your technology department or company today.

In 2019 the focus is going to be hyper-active around security—security at every level in your business. From physically on the doors and entry points backed up by cameras, to your data on every device. We have been bombarded by news of firms being hacked, held at ransom, or even shut down due to breaches.

The government is taking notice and the same GDPR (rules for personal data use and security in the EU) are being considered here. New York is starting to crack down on vendors selling and installing security and camera systems. It is not often known, but to even touch a camera in a business workplace, the vendor must be licensed to do so. Combine this with talks about a New York State version of the EU rules for data privacy and you have a tornado of new laws set to make security the focus.

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Economic Outlook 2019: Mayor Meg Kelly and Commissioner of Finance Michele Madigan

Posted onJanuary 10, 2019January 11, 2019
Meg Kelly is the mayor of the city of Saratoga Springs.

By Mayor Meg Kelly and Commissioner of Finance Michele Madigan

We are encouraged that 2019 will build off the economic successes of 2018, due not only the traditional economic indicators that reflect the dynamic economy of our city, but also the specific steps taken by Saratoga Springs City Council to drive future prosperity.

As of mid-December, the city had generated 10.1 percent more sales tax than during the same period last year. Moreover, 2018 is trending to be the best year of sales tax in city history, potentially exceeding $13 million.

Occupancy tax that was generated through the first three quarters of 2018 has also been at a record pace, a fact made more impressive given that it does not include units rented through sites like AirBNB.

The city is exploring ways to bring these rental units in line with traditional lodging establishments to ensure both a level playing field and the safety of renters, though accomplishing this requires the cooperation of the county and/or state, which is taking longer than expected.

One economic indicator that has lagged is mortgage tax, which is expected to fall roughly 20 percent below what was budgeted for 2018. This is largely driven by factors outside the city’s control such as rising interest rates and low inventory.

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Business Marketing Plans Should Include Strong Website Content And Social Media

Posted onJanuary 10, 2019January 11, 2019

By Christine Graf

Kim Hickok, left, owner of Marketing Kangaroo,
poses with employee Tim Howland.
©2019 Saratoga Photographer.com

Business planning involves many things. Budgets, staffing equipment and much more go into the process.

Marketing, to grow business and build a brand, is an important part of the process.

Asked what trends he sees for clients in 2019, Christopher Ryan, president of SIX Marketing said, “Everything today is based online. People are going to research you before they even do business with you,” he said. “Your web site is one of the most important tools. Make sure it is saying what you deliver. Make sure it’s clearly representative of your business.”

Marketing Kangaroo’s Kim Hickok, a brand strategist with decades of experience, said the first step is to develop a brand strategy. It defines what a business stands for, as well as the image it conveys. It also establishes long-term plans designed to achieve specific goals.

“It means knowing who you are as a business and having a story about your business. It’s about asking ‘Who are you? What’s your story? Who are you talking to?’ The brand strategy should be shared in a way that connects with an objective,” she said.

Ryan said his company doesn’t  recommend canned language on a website.

Read More

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