Saratoga Business Journal

Economic Impact Study Says Saratoga Race Course brings in $3.7M Annually To Area

August 7, 2023

Officials attend a meeting where an IDA economic impact study was unveiled.

The annual summer meet at historic Saratoga Race Course generates $371 million in economic activity and supports more than 2,900 jobs across the greater Capital Region, according to the findings of a new study by the Saratoga County Industrial Development Agency (SCIDA) highlighted today by the New York Racing Association.

The report, which was released Monday during a news conference at the Saratoga Performing Arts Center, concluded that the overall economic impact generated by the summer meet has increased by 57 percent since 2014 across the nine-county Capital Region.

The study, based on data from 2021, finds that Saratoga Race Course is responsible for contributing $7.3 million of tax revenue to New York state, nearly $2.4 million of tax revenue to Saratoga County and nearly $2.1 million to Saratoga Springs.

In addition to Saratoga Race Course, the study commissioned by the SCIDA and performed by Camoin Associates analyzed the impact of Saratoga’s major attractions including SPAC, Saratoga Casino Hotel and Saratoga National Historic Park. According to the findings, those four entities generated a total of $647 million in economic impact and 5,770 jobs.

“Horse racing is a powerful engine for the New York economy that supports families and communities in every corner of the state,” said David O’Rourke, NYRA president and CEO. “Nowhere is that more evident than here in Saratoga Springs and throughout Upstate New York, where the popularity and importance of Saratoga Race Course are at an all-time high.”

Hilltop Construction Now Headquartered In Queensbury With New Offices, Warehouses

August 7, 2023

From left, Hilltop Construction co-owners Dan Washburn, April Washburn and Tom Albrecht Jr. stand in the company’s new offices at 21 Casey Road in Queensbury.

by Christine Graf

Hilltop Construction is putting the finishing touches on a new office/warehouse headquarters at 21 Casey Road in Queensbury.

The 10,000-square-foot facility is being built on two lots located in the Airport Industrial Park.

“Our company is growing, and we needed space for expansion,” said co-owner Dan Washburn.

Warren-Washington Industrial Development Agency sold the two vacant industrial park lots to Hilltop Construction for $40,500.

Washburn’s in-laws, Tom and Cindy Albrecht founded Hilltop Construction in 1975. After the couple retired two years ago, Washburn, along with his wife April Washburn, and brother-in-law Tom Albrecht Jr., assumed control of the business.

Hilltop Construction builds custom homes that range in price from $400,000 to $5 million. The homes are located throughout the Capital Region and the Adirondacks.

“We’ve done a lot of work in Schroon Lake, Brant Lake and Lake George,” said Washburn.

On the commercial side, Hilltop has worked on projects as far west as Syracuse. Stewart’s Shops has been a consistent client over the years.

Stormwater Management Work, More Walking Paths Are Part Of Roosevelt Drive Project

August 7, 2023

The state added paths that connect the Avenue of the Pines with the Roosevelt Baths.

A $4.2 million redevelopment of Roosevelt Drive within Saratoga Spa State Park that improves transportation safety within the park is complete, state officials announced.

The project adds pedestrian and bicycling pathways adjacent to the park’s busiest stretch of roadway, which connects the Avenue of the Pines with the golf course, pools, picnic areas, and the Roosevelt Baths and Spa.

“We continue to make significant investments that enhance Saratoga Springs’ status as a world-class recreational, tourism, and historical destination,” Gov. Kathy Hochul said. “These improvements make Saratoga Spa State Park safer and more enjoyable for pedestrians and cyclists alike and will help welcome visitors for the Park’s greenspace, history, and shows for years to come.”

Officials said the roadway was moved away from the park’s classical arcades, making space for a large circular patio. It provides a new gathering place to families and friends to begin their exploration of what the park has to offer.

As part of the Park of the Arts initiative, the corridor improvements mark another major milestone in the restoration of the National Historic Landmark campus. The project also expands parking for the Spa Little Theater plus the recreational and cultural attractions of the Roosevelt Campus and provides new EV charging stations.

The new Welcome Terrace, referred to as The Arcade, sits at the entrance of the Saratoga Spa State Park’s neo-classical Roosevelt Campus. It will feature a circle of benches to create the perfect spot for park visitors to socialize, relax, and take in their surroundings, state officials said. For a limited time, people can adopt and dedicate one of these benches.

Group Proposes New Med Center Complex

August 7, 2023

A group of private physician practices are proposing a $70 million medical center and mixed-use development on Route 9 in Wilton.

The proposal was put forth by OrthoNY, Albany ENT & Allergy Services, Schenectady Saratoga Gastroenterology Associates, Capital Cardiology Associates and Community Care Physicians.

Plans call for building a 116,000-square-foot medical center at 611-623 Maple Ave., just south of Minogue’s Beverage Center, along with a 130-unit apartment and commercial development across the street at 631 Maple Ave.

The practices are partnering with Rich Paulsen of Paulsen Development, Lansing Engineering and BBL Construction Services on the project.

The group presented the plans to the Wilton Town Board in July. Plans include a two-story medical center at a cost of $30 million that will feature multiple medical and surgical practices. Services ranging from complex surgery to pediatrics would be available, officials said.

The medical center would be a 116,000-square-foot structure at 611-623 Maple Ave. The 130-unit apartment and commercial development would be situated across the street at 631 Maple Ave. The residential component would include workforce housing among the 10 two-story apartment buildings. The goal is to have market-rate housing for nurses, x-ray technicians and other staff who would work at the medical center and may not be able to afford high rents elsewhere.

The board was told the development would be made up of some traditional apartments and some townhome-style units with garages.

Apartments And Retail Project Eyed In Milton

August 7, 2023

A development group is seeking to construct a four-building retail and apartment complex on 10.5 acres off Route 50 in Milton.

Geoffrey Booth and New York Development Group is seeking town approval for two structures planned for retail use—and two 37,800-square-foot apartment buildings on the west side of Route 50.

The project would be located a short distance south of Route 50 and Northline Road.

The plans submitted to town officials call for the construction of one-story retail buildings and two four-story apartment buildings with a total of 60 apartments and enough parking for 213 cars and trucks.

The developer is working on the project with Yates Scott Lansing and Lansing Engineering of Malta.

“We are proposing a mixed-use development of residential and two retail buildings,” Lansing told the board, according to documents filed with the town.

The first retail building will be approximately 5,400 square feet and is a single-story structure. The second building, a single-story structure, is on the south part of the parcel will be approximately 7,900 square feet.

AARP Study Says Voters Over 50 Can Be Pivotal In Upcoming Elections Across The U.S.

August 7, 2023

Candidates who support the issues most important to Americans ages 50-plus can improve their margin significantly in close 2024 races, according to a new AARP poll.

The poll, which surveyed likely voters from the 40 most competitive congressional districts, found caregiving to be a pivotal top issue for voters 50 and over. Americans 50 and over are the largest—and perhaps the most crucial—voting bloc, said AARP.

While the poll shows that voters 50-plus say candidates’ stances on Social Security and Medicare are very important factors impacting their vote next November (81 percent and 77 percent, respectively), 70 percent of these voters want candidates to support policies to help older adults live independently at home as they age.

Thirty-eight percent of voters are currently caregivers, a number that doubles when those who have been one in the past or expect to be one in the future are included. Democrats have an advantage over Republicans among voters 50-plus on caregiving (44 to 38 percent), but in a generic congressional ballot, more caregivers today vote Republican over Democrat (49 to 38 percent). Over two-thirds (67 percent) of voters 50-plus also rate the cost of prescription drugs as a very important issue, with Democrats leading by just three points (42-39 percent) on their perceived handling of this issue.

“Caregiving and the cost of prescription drugs could very likely be the most important issues of the upcoming election cycle,” said Nancy LeaMond, AARP executive vice president and chief advocacy and engagement officer. “Candidates can’t afford to ignore the issues that matter to the 50-plus—who will likely be the decisive voting bloc in 2024—especially in an election cycle where control of Congress and the White House are both up for grabs.”

In the 2018 and 2022 mid-term elections, the share of voters 50-plus was approximately four times that of voters under 30, (56-15 percent and 59-12 percent, respectively). In the 2020 presidential election, the share of voters 50-plus was nearly three times that of voters under 30 (53 percent-18 percent).

Business Report: Care For The Long Term

August 7, 2023

Brian M. Johnson, director, business development, Advisors Insurance Brokers. Courtesy Advisors Insurance Brokers

Brian M. Johnson, MBA, CLTC

When it comes to where and how you live, and what you do with your money, you want the freedom of choice and confidence that you’re making the right decisions.

The same is true with your long-term care strategy, helping you set the stage for the future and the legacy you have planned.

Long-term care is quite simply assistance with simple everyday tasks, even as simple as eating or getting dressed. The need for care could arise from an accident, illness, cognitive impairment, or the aging process. You may never need it.

But, the best time to start thinking about it is before the need arises and while you’re still able to take control. Many Americans work hard, save diligently for retirement, yet fail to address the single biggest risk to their portfolio and families: extended healthcare.

When it comes to long-term care, do not be swayed by common misconceptions such as:

• “It won’t happen to me.”

People unrealistically downplay their personal risk. Seventy-nine percent of people put off discussions about long-term care, but 98 percent of financial professionals say they have clients who have needed it. In fact, being healthy presents even a higher risk of needing long-term care services than someone who is managing chronic a condition.

• “Medicare or Medicaid will cover me.”

Business Report: Are You On Path To Retirement Readiness?

August 7, 2023

Nathan Gage, retirement plan advisor, Capital Bank.

By Nathan gage

One of the highlights of my role as a retirement plan advisor is also one of the most challenging—helping to make sense of the very abstract retirement planning process.

There is a seemingly endless list of obstacles standing in the way of figuring out if you are on the path to retirement readiness. When will you retire? How long will your retirement last? What will your monthly budget in retirement be? How will your tax rate in retirement compare to today? How will your investments fair over the next couple of months, years, or decades?

The list of unknown variables could go on and, if you are not careful, may stand in the way of making wise decisions. In fact, for some, the uncertainty can lead to the worst possible decision—inaction.

Realizing that complexity can be paralyzing, simplifying the retirement planning process encourages savers to take the steps needed to get on the right track.

One way to help frame the process is in terms of the three main decision points that savers face as they save for retirement. First is how much to save. Next is how to make those contributions, choosing between pre-tax and Roth. The final decision is how to invest their retirement savings. Armed with an understanding of the key questions, we can take a closer look at the main decision points.

How much should you save for retirement? On the surface, this seems like a simple question. In practice, though, getting an accurate answer to this question is quite complex. There are some widely used rules of thumb. One is to set aside 15% of your pay for retirement.

Business Report: Still Fighting The Fed

August 7, 2023

Kenneth J. Entenmann, chief investment officer at NBT Wealth Management.

by Kenneth J. Entenmann, CFA

One of the oldest Wall Street adages is “Don’t Fight the Fed.”

In general, it means when the Fed is raising interest rates, accept that they are and adjust accordingly. The most of the first half of 2023, the markets have not followed that guidance, constantly rejecting the Fed’s every move. The market convinced itself that the Fed’s rate hikes would cause a recession, unemployment would spike, and inflation would come crashing down. The Fed would have to capitulate on its tightening policy activity.

Money flowed into money market and fixed income funds. Money market funds with 5 percent annual yields were attractive and bonds were back. Everyone loved bonds. Yet, year-to-date, the aggregate bond index is up only 2.46 percent. That would be considered good if a recession did in fact occur, but it did not, at least not yet. Equities are supposed to be toxic heading into a recession and most of Wall Street entered 2023 significantly underweight. Six months into the year, the S&P 500 index was up 9.65 percent and the NASDAQ was up over 30 percent. So much for the hated asset class.

The economy continues to lumber on. No recession, but languishing growth. Manufacturing is clearly in recession. Housing is coming to life; the housing shortage is overwhelming higher mortgage rates; the consumer sector remains on fire. A mixed bag, but not a recession.

The employment market continues to be dysfunctional. In June, the unemployment rate was 3.6 percent. The non-farm payrolls were 209,000, less than the 240,000. Importantly, the average hourly earnings were 0.4 percent, higher than expected. It is good news that the payroll numbers have returned to a more sustainable level around 200,000.

Chick-fil-A In Clifton Park Opens To Large Crowds; Operator Eager To Help Community

August 7, 2023

This Chick-fil-A restaurant opened in Clifton Park, the first in Saratoga County. In celebration the company donated $25,000 to the Regional Food Bank of Northeastern New York.

By Ann Donnelly

Saratoga County’s first Chick-fil-A restaurant opened on July 20 in Clifton Park Center, with long lines going out the door.

Before this, fans could only get the iconic chicken sandwich if they were flying out of Albany Airport or traveling to Massachusetts or other parts of New York state.

Chick-fil-A, Inc. selected Scott Payne as the independent franchised owner/operator of Chick-fil-A Clifton Park Center, 304 Clifton Park Center Road.

“After serving in the Marine Corps for nearly two decades, I was looking to continue serving in a purpose-driven role,” said Payne. “So I pursued the path of becoming a Chick-fil-A operator. From 2015 to 2022, I had the honor of serving as the operator of Chick-fil-A Purcellville in Loudoun County, Va. During this time, I learned the ins-and-outs of the business from a great group of seasoned operators while also discovering the many ways in which Chick-fil-A supports its local community.”

Payne is looking forward to living and doing business in the area.