Local Casino And Raceway Stands Ready To

Transcription

SARATOGA BUSINESS JOURNAL • AUGUST 2014 • 1
SBJ
P.O. Box 766
Saratoga
Springs, NY
12866
SARATOGA BUSINESS JOURNAL
VOL. 19 NO. 11
HH The Business Newspaper of Saratoga County HH
PRSRT
STD
U.S. POSTAGE
PAID
GLENS FALLS, NY
12801
PERMIT #600
JANUARY 2015
www.saratogabusinessjournal.com
Local Casino And Raceway Stands Ready SEDC Sees Continued Saratoga Growth,
To Compete Even With Nearby New Casino Warns Against Stagnant Development
BY R.J. DELUKE
Saratoga Harness Racing LLC, the operators of Saratoga Casino and Raceway, lost out
in December on a pair of bids to build one of
the new state-approved full-fledged casinos
that, unlike the current Saratoga facility,
include table games like poker, black jack
and roulette.
But James Featherstonhaugh, an Albany
attorney who is a partner at the Saratoga
Casino and Raceway, said the local operation,
often still referred to as the Racino, will be
ready to compete with a new casino.
It also will not stop the addition of a new
hotel at the Casino and Raceway. “We hope
to move forward with that as expeditiously
as possible,” he stated.
The local group was in the running with
two projects, one at a site on Thompson Hill
in East Greenbush, Rensselaer County, and
the other farther south in Newburgh.
But just before Christmas, the Gaming
Facilities Location Board of the state Gambling Commission issued three licenses from
among 16 competitors. The casinos, pending
more permitting and red tape, will be built
in Schenectady, on the banks of the Mohawk
River; in the town of Thompson in Sullivan
County; and in the town of Tyre, near the
Finger Lakes.
Saratoga was once considered a possibility as a site for a new casino, but plans were
withdrawn when there was significant public
opposition.
With the close proximity of the Rivers
Casino project in Schenectady to Saratoga
Springs, there is speculation that it could
have an adverse impact on Saratoga Casino
and Racing.
Rivers Casino & Resort at Mohawk Harbor
is owned by Capital Region Gaming. The
project calls for the developers to spend
$300 million on an ornate complex on the
river, viewed as integral to the revitalization
of Schenectady.
Featherstonhaugh said he has seen studies
that estimate the Racino could lose anywhere
from 30 percent up to as high as in the 40s.
He said if business takes that much of a hit
“there would be some downsizing, in terms
of employment and such,” but added “I don’t
think that anyone can tell you specifically
what will occur ... It’s a little early to say
what exactly will happen.”
Featherstonhaugh said it will be anywhere
from 18 to 30 months before the new casino
is ready to open.
“We will use that time to plan for competition, embrace it and be ready to compete
effectively,” he said.
Saratoga Harness Racing Inc. also recently
signed a definitive purchase agreement with
Churchill Downs Inc., whereby the latter will
purchase a 25 percent membership interest
in Saratoga Casino Holdings LLC (SCH)
for approximately $30.6 million. Churchill
Downs will manage the local facility when
plans are finalized.
Featherstonhaugh said the alliance
with Churchill “makes the entire business
structure much stronger, regardless of the
surrounding landscape.”
Both the purchase and management
contracts will become effective as soon as
CDI and SHRI obtain necessary licenses and
approvals in New York and Colorado. The
parties anticipate approval in the secondquarter of 2015.
SCH is a newly formed entity which
will include the following assets: Saratoga
Casino and Raceway in Saratoga Springs,
N.Y.; SHRI’s controlling interest in Saratoga
Casino Black Hawk in Black Hawk, Colo.;
and its 50 percent interest in a joint venture
with Delaware North Companies to manage
the Gideon Putnam Hotel and Resort in
Saratoga Springs.
The deal would have included its interest
in the proposed Capital View Casino & Resort
in East Greenbush; and SHRI’s interest in a
joint venture with Rush Street Gaming to
build the proposed Hudson Valley Casino
& Resort in Newburgh, had those projects
been approved.
In Its 28th Year, Stewart’s Holiday Match
Program Sets Record At Over $1.5 Million
Donations to the Stewart’s Holiday Match
program set a new record in its 28th season,
raising funds which will help support hundreds
of local children’s charities year round, company officials said.
From Thanksgiving Day through Christmas Day, Stewart’s customers donated over
$770,000 to the program, which is then doubled
to more than $1.5 million with the Stewart’s
match.
The company said the result was made
possible by the generosity of customers, many
regularly giving their spare change and others
who contributed larger gifts, as well as the hard
work of Stewart’s partners and support from
media partners.
“Each year our customers meet the challenge of raising more funds for children’s
charities,” said Stewart’s Foundation President Susan Dake. “We are so grateful to our
customers for their generosity and loyalty to
Stewart’s Shops.”
The amount raised was a 15 percent increase
in customer donations compared to the past
two years, where $1.34 million was raised. The
previous Holiday Match record was set in 2011,
with $1.39 million.
After this year’s funds have been distributed,
the Stewart’s Holiday Match program will
have allocated more than $20 million since
the program’s inception in 1986, according to
the company.
Donations are collected at all 331 Stewart’s
Shops in upstate New York and western Vermont. Stewart’s then matches all individual
customer donations. There are no administrative costs and 100 percent of the funds collected and matched benefit children’s organizations directly within the communities where
Stewart’s Shops are located.
Those funds will be allocated in March.
Children’s charities can still apply for
funding from the program. Applications are
available at all Stewart’s Shops or online at
stewartsshops.com.
Applications must be submitted or postmarked by Jan. 31 to be considered for funding.
All groups applying must be locally based, benefit
children under 18, and be a qualified, charitable
501c3 organization. A brochure listing charities
that received funding last year is available at any
shop or at stewartsshops.com.
BY DENNIS BROBSTON
Forecasting is always difficult. No matter
what you say, you’re not going to get it quite
right. The good thing about forecasting is
you’re not alone. This time of year always
brings interest about next year’s opportunities.
I’d like to remind you about Saratoga Economic Development Corporation’s mission.
SEDC’s mission is to create jobs and diversify
the tax base while improving the quality of
life for the residents of Saratoga County.
We accomplish this through the retention
of existing business, attraction of new industry and improving our product – Saratoga
County.
As the first point of contact for economic
development in the county, our focus on
manufacturing, distribution, corporate headquarters, energy, technology and large office
projects has created over 17,000 direct jobs
and over $11 billion investment in our 36 year
history. We’ve been able to do this because of
partners that believe economic development
done by a private group is essential to deal
with the confidential matters of business
growth. I’d like to thank those partners and
our members for their support.
John Naisbitt, a well-known author, educator and businessman believes “the most
reliable way to forecast the future is to try to
understand the present.” I can put my arms
around that and feel that I understand it. So
this forecast for 2015 will be about the present and how we need to adapt to make the
future bright.
Saratoga County continues to grow in
population and business investment due to
a number of factors. They include low taxes,
Dennis Brobston, president, Saratoga
Economic Development Corp.
developable land, good business climate, low
crime rate and good schools.
There are other reasons but these stand
out as we get feedback from site selectors
and relocating families. For Saratoga County
to sustain this growth, we must pay attention
to some pitfalls that can trap us and bring
us down.
Anytime you have growth, whether in housing or commercial/industrial development,
people get nervous. They become afraid because the world is changing and their town,
city or neighborhood is in the path of change.
Continued On Page 10
Muratori Of Saratoga Bridges Will Lead
Saratoga County Chamber Board In 2015
Valerie Muratori, executive director of
Saratoga Bridges, is the 2015 chairwoman of
the board of directors of the Saratoga County
Chamber of Commerce.
Muratori will take office at the Chamber’s 97th
annual dinner on Thursday, Jan. 29 at Saratoga
City Center, 522 Broadway, Saratoga Springs.
The event will kickoff with a cocktail reception 6-7 p.m., followed by dinner and program
7-8:30 p.m. and a dessert reception, 8:30-9:30 p.m.
Muratori began her volunteer leadership on
the board of directors in 2011 and she served as
the chairperson-elect in 2014. Muratori follows
Steve von Schenk, the president of Adirondack
Trust Co., who was the chairman in 2014, and who
will serve on the Chamber’s executive committee
as the immediate past-chair.
“The one thing I’ve seen by serving on the
Chamber’s board of directors since 2011 is that
we all benefit from the Chamber’s work to grow
Saratoga County’s economy and to protect and
enhance our quality of life,” said Muratori.
“Every great community has a great chamber of
commerce and the Saratoga County Chamber
of Commerce has a long history of success as
well as a vision for the future that is strong and
sustainable.”
She added, “We’ve tried to include as many
diverse voices as possible on the board. We’ve
elected and appointed volunteers who will speak
out at board meetings and use their voice to guide
our decisions. Our board meetings include lively
discussions and debate as we work together to
figure out what new programs and initiatives
the Chamber should champion for the benefit of
Chamber Board President Valerie Muratori
is executive director of Saratoga Bridges.
Courtesy of Saratoga Bridges
Saratoga County and all of us who are fortunate
to live and work here.”
Joining Muratori and von Schenk on the executive committee are Matt Jones, of the Jones
Firm as chairman-elect for 2016; David Collins,
of DA Collins and Brian Straughter of the Turf
Hotels as vice chairmen; Theresa Agresta of Allegory Studios as treasurer; and Nafeesa Koslik
of the Hampton Inn – Clifton Park as secretary.
Continued On Page 6
2 • SARATOGA BUSINESS JOURNAL • JANUARY 2015
Personnel Briefs
•
•
Saratoga National
Bank and Trust Co.
appointed Perry
Foster to assistant
vice president and
Clifton Park branch
manager.
Foster will oversee operations at the
Clifton Park office.
He joins Saratoga National with eight years of banking experience
in the Capital Region.
Foster is studying business management at
Empire State College and has FINRA Series
6 and 63 security licenses, as well as life/
accident/health insurance licenses for New
York state. Active in the community, he is
vice president of the Tre Foundation, which
provides financial and legal education services
to start-up nonprofit organizations.
Economic Development Grants Bring In
$1.1 Million For Saratoga County Projects
***
Managing Partner
of SaxBST’s Valuation,
Forensic and Litigation Group, John R.
Johnson, CPA/ABV,
CFF, CBA, CVA, DABFA, was admitted as a
charter member of the
American Academy of
Matrimonial Lawyers
(AAML) Foundation’s
forensic and business valuation division.
The group of 28 members across the Unites
States is selected based on national merits in
litigation support, forensic accounting, business valuation, and their history of serving
AAML members and their clients in complex
financial matters during divorce proceedings,
and their commitment to integrity throughout
the process.
Johnson has participated in over 2,000 litigation cases as a consulting and/or testifying
expert. He has performed thousands of valuations of closely-held businesses, professional
practices, and conducted numerous forensic
analyses and economic damage studies for a
wide range of civil litigation matters, which include matrimonial litigation. He is a member
of the New York State Society and American
Institute of Certified Public Accountants,
Estate Planning Council of Eastern New
York, The Institute of Business Appraisers,
National Association of Certified Valuators
and Analysts, National Association of Forensic
Economics and the Executive Committee of
the Family Law Section of the New York Bar
Association.
***
Jennifer Drautz, an assistant principal at
Maple Avenue Middle School,was selected as
the 2015 New York State Secondary Assistant
Principal of the Year by the School Administrators Association of New York State (SAANYS).
The award is given annually by SAANYS and
the National Association of Secondary School
Principals (NASSP) to an assistant principal
who has set the pace, character, and quality of
education for the students in his or her school.
Nominated by a team of teachers at Maple
Avenue, Drautz is recognized for her “impeccable” work ethic, deep connection and
working relationship with teachers, and an
unwavering commitment to students.
She will be honored for her accomplishments at a May awards ceremony in Albany.
She is now a candidate for the award of National Secondary Assistant Principal of the
Year, an award sponsored by NASSP and Virco.
A forum and awards ceremony sponsored by
NASSP and Virco will be held in Washington,
D.C. in April.
***
Alliance Worldwide Investigative Group,
Inc. in Clifton Park recently added Janna
Herchenroder to its Investigative/Insurance
Division as an investigative case manager.
Herchenroder serves as the liaison between
field investigators and clients, providing comprehensive oral and written progress reports
and acting as the main point of contact. In
addition, she conducts research, assigns cases
and maintains database documentation.
She holds a bachelor of arts degree in
English from Le Moyne College and attended
SUNY Cobleskill as an environmental science
major. Prior to her job with Alliance, she
worked in the Alumni Office at Le Moyne College and as an intern at the Darling Law Firm
and the Law Offices of Kurt Mausert.
The Saratoga Springs area will receive more
than $1.1 million in economic and community
development funding awarded through Round
IV of the Regional Economic Development
Council (REDC) initiative.
State officials announced on Dec. 11 that
$709.2 million will be distributed statewide.
The Regional Councils were established
in 2011 to transform the state’s approach
to economic development from a top-down
model to one that is community-based and
performance-driven. The initiative empowers community, business, and academic
leaders, as well as members of the public in
each region of the state, to develop strategic
plans specifically tailored to their region’s
unique strengths and resources in order to
create jobs, improve quality of life and grow
the economy.
“Four years ago we decided to take a different approach on economic development
– emphasizing cooperation and investing in
local assets instead of continuing the State’s
old and ineffective top-down mentality,” Gov.
Andrew Cuomo said. “That’s what the Regional
Councils are all about, and today is proof that
they are continuing to drive an economic renaissance in every region of the state. Each
council presented bold ideas for how to create
jobs and new opportunities in their communities, and I am proud to work with all of them
to continue moving New York forward.”
“The work taking place in each region
across the state is so important because it lays
the groundwork that will continue to drive
the economy – not just today and tomorrow,
but for years to come,” Lieutenant Governor
Robert J. Duffy, chairman of the Regional
Economic Development Councils, said.
Senate Co-Leader Dean Skelos said the investments “will enable businesses to grow and
create new private sector jobs so young people
can stay here and enjoy the careers of their
choice. The best hope for a bright future for
every region of our great state begins and ends
with the ability to strengthen our economy and
give everyone the opportunity to succeed.”
The first three rounds of the Regional Council process awarded more than $2 billion to
more than 2,200 job creation and community
development projects across the state, supporting the creation or retention of more than
130,000 jobs, officials said.
On April 28, Cuomo kicked off Round IV
and introduced several new components to
the initiative, including developing regional
Global NY strategies, promoting Veterans’
participation in the workforce, and supporting NY Rising Community Reconstruction
plan projects.
“Our economies throughout New York are
as diverse as our residents, and thus it is
imperative that we take a comprehensive
approach through these Regional Economic
Development Councils to spur job creation
and sustained growth. Since its inception
in 2011, the governor has delivered on his
promise to remake our economic landscape
through greater collaboration and publicprivate partnerships,” Senate Co-Leader Jeff
Klein said. “Without question, this strategy
has paid enormous dividends, launching new
development projects and putting people
back to work. I applaud today’s winners and
beneficiaries and look forward to continuing
to support this vital program.”
During Round IV, members from the 10
Regional Councils traveled to Albany to make
in-person presentations of their proposals to
the Strategic Implementation Assessment
Team. Over the course of two days, the SIAT,
which is composed of State agency commissioners and policy experts, heard from each
of the Regional Councils directly, reviewed
the progress being made on projects that
have previously received state funding, and
assessed the regions’ strategic plan implementations and proposals for funding in 2014.
Other projects in the Saratoga area include:
• Roosevelt Baths Green Parking Lot Retrofit, $212,000. The project will incorporate
porous pavement into two parking lots which
currently drain directly into Geyser Creek.
This will reduce erosion and pollution entering a DEC-designated trout stream.
• Town of Stillwater Historic Saratoga
Battlefield Champlain Canal Connector Trail,
$98,943. The Historic Saratoga Battlefield
Champlain Canal Connector Project represents the connection of a comprehensive
trail network by Stillwater, supported by the
Stillwater Trail Feasibility Study, Saratoga
National Historic Park, the Open Space Institute and Saratoga County. This 1.13-mile trail
segment connects the Stillwater’s trail system
to the south, with the Battlefield Park trail
system to the west, and the Old Champlain
Canal trail system.
• Stillwater Historic Saratoga Battlefield
Champlain Canal Connector Trail, $98,942.
This 1.13-mile trail segment will connect
Stillwater’s trail system to the south, with the
Battlefield Park trail system to the west, and
the Old Champlain Canal trail system to the
north. The trail begins at the Phillips Road
entrance in the park and continues northward
along a grass-covered, poorly maintained,
earthen trail known as the Old Champlain
Canal Towpath. The current trail route needs
to be safer for multi-purpose non-motorized
use, constructed in similar fashion to the trail
systems it will connect.
• Waterford Canal Harbor Visitor Center
Rehabilitation Project Phase II, $71,400 to
provide the center with upgrades.
The Village of South Glens Falls will complete an engineering report to identify sources
of inflow and infiltration in the village’s sanitary sewer system, $30,000.
Yankee Distillers LLC in the Town of
Saratoga, $35,000. The new craft distillery
will be developed through the renovation
of an existing facility and machinery and
equipment to establish a new craft distillery
producing aged spirits from 100 percent local
farm products.
The Village of Corinth will use $600,000
in NYS CDBG funds to replace 8,450 linear
feet of failing sewers, manholes along three
residential streets. The total project cost
is $790,000 and includes $190,000 in local
funds.
SARATOGA BUSINESS JOURNAL • JANUARY 2015 • 3
‘Compliments To The Chef’ Moves Into Venture Capital Fund Established To Help
Larger Space In The Fresh Market Plaza Companies Go From Research to Market
John Reardon, owner of Compliments to the Chef, a kitchenware and cookware shop,
moved to a site he says is bigger, brighter and has more plentiful parking.
Stock Studios Photography
BY JILL NAGY
On Black Friday, a troop of neighbors
and friends helped owner John Reardon
move Compliments to the Chef, an upscale
kitchenware shop, to its new home at 46
Marion Ave., Saratoga Springs, in the
Fresh Market plaza.
The new location provides more space,
on-site parking, and a congenial neighbor.
“Foodies shop at the Fresh Market and
we have the toys for the foodies,” Reardon
said. For the soft opening, there was no
advertising beforehand, not even a sign to
let people know he was there. But, there
was no turning back.
Reardon is excited about the new space.
“There is room to linger,” he said, as the
store is brighter, and the stock is more
spread out and easier to see. The availability of parking is also a big plus.
“Some things, like a complete set of
All-Clad cookware, are not conducive to
walking four blocks” to street parking,
he noted.
Reardon has been with the shop for 12
years, 11 as the owner. It is a family business. His son, John, and daughter-in-law,
Audrey, are also involved and his wife,
a business professor at the SUNY Delhi
satellite campus at Schenectady County
Community College, helps out part time.
There are six part-time employees but
Reardon hopes it translates into some
full-time positions.”
Before taking on the shop, Reardon was
in the restaurant business most of his life.
His accountant introduced him to the previous owners, Andrea and Dave LeFrance,
and the rest is history.
“This had all the things I love about
cooking but I don’t have to cook,” he said.
The store sells a variety of items, both
American-made and imported, including
All-Clad pots and pans, made in the USA;
LeCreuset French ovenware; Emile Henri
clay bakeware, also from France; Wusthof
and Zwilling-J.A.Henkels German knives;
and Shun knives from Japan. In addition,
they stock their own brand of spices and
sea salts, Sundae’s Best hot fudge sauce,
and wooden cutting boards made by local
artisan Adam Zielinski.
Compliments to the Chef is open seven
days a week from 10 a.m. to 8 p.m. Further
information is available at SaratogaChef.
com, or by calling 226-4477.
Gov. Andrew M. Cuomo in December
launched the state Innovation Venture
Capital Fund to support entrepreneurs
making the transition from research to
marketplace, and incentivize them to stay
and grow their businesses in New York.
According to Cuomo, the fund will provide seed funding for the development
of early-stage companies in high growth
areas to create jobs and help launch, as
well as attract new businesses to New
York state.
He said the $50 million fund is expected to leverage at least $100 million
in private capital to support high growth
areas including advanced materials, clean
technology, life sciences/biotechnology
and information technology.
“New York is home to some of the brightest minds in the world – and by launching
this fund, we’re helping these budding
entrepreneurs bring their ideas to market
right here in the Empire State,” Cuomo
said. “With this action, we’re continuing
New York’s legacy of innovation, as well
as making another solid investment in this
state’s future.”
The fund will be comprised of two
distinct segments. The Technology Commercialization Segment will facilitate
the commercialization efforts of start-up
companies associated with New York’s
universities and make small pre-seed
stage investments of up to $100,000, officials said.
The Seed and Early Stage Co-Investment Segment will invest directly in seed
and/or early stage companies, with an
emphasis on strategic industries such as
information technology and life sciences/
biotech, as well as relatively under-served
areas of the state, with investments ranging from $100,000 to $5 million, the governor’s office said.
Empire State Development will review
each and approve all of the fund’s invest-
ments.
The fund is part of Cuomo’s broader
commercialization agenda in order to
encourage innovation and drive economic
growth in communities across the state.
It is being coordinated with the state’s
existing business resources and innovation
investments, including the START-UP NY
program, Innovation Hot Spots, the Regional Economic Development Councils,
the Centers of Advanced Technology and
Centers of Excellence networks and the
SUNY 2020 Initiative.
The fund will be administered by Empire
State Development (ESD) and managed
by ESD’s new Innovation Venture Capital
Fund Managing Director, Brian Keil.
Keil previously served as vice president
of strategy and corporate development
at Nielsen Audio. Prior to this role, he
was a managing director and founding
member of a $250 million venture capital
fund sponsored by NBC Universal and GE
Capital, where he sourced, executed and
managed venture capital investments in
the digital media sector.
ESD President, CEO and Commissioner
Kenneth Adams said, the fund complements New York’s existing business tools
“and helps connect the various components of the state’s innovation pipeline.
We are excited Brian Keil has joined our
team, helping to ensure the most promising startups get the support they need in
early stage development and that New York
State better competes for private-sector
venture investment.”
Cuomo also said the fund will benefit
from the knowledge and expertise of a volunteer Investment Committee, an advisory
group comprised of experienced private
investment professionals from around New
York State. The committee will be chaired
by Howard Morgan, a prominent venture
capitalist and angel investor.
Continued On Page 7
Mexican Connection Owners Strive To
Keep Atmosphere The Same As Years Past
Mexican Connection at 41 Nelson Ave., Saratoga Springs, came under new owners Joe
Parisi and Brad Smith in 2014, the former serving as executive chef.
BY LIZ WITBECK
Joe Parisi and Brad Smith were best
friends growing up, going to Saratoga
Springs High School and getting jobs bartending together at Mexican Connection.
After attending separate colleges and receiving degrees in the hospitality and hotel
management industries, both men went to
work at restaurants. When opportunities
for ownership of Mexican Connection in
Saratoga Springs came up, Parisi and Smith
knew they were the ones to take over.
“We couldn’t imagine a better place to
work than Mexican Connection,” said Smith.
“We both loved working here. It was our
favorite place to work.”
Parisi and Smith became the new owners
of the 41 Nelson Ave. establishment in 2014.
The restaurant has been in Saratoga Springs
for 30 years, with the previous owners operating the establishment for 14 years.
The two men take a hands-on approach
to the business, and are there every day to
oversee operations. Smith is head of the
front of the house and helps manage the bar.
Parisi is the executive chef of the kitchen.
For Parisi and Smith, owning Mexican
Connection is about making sure that the
restaurant they loved as teenagers stays
the same.
“It’s like a family in this place,” said
Smith. “A lot of this is due to the support
we have from the community and we really
appreciate that ... it’s still the same place
they remember, and we’re getting better
each day.”
The previous executive chef helped train
Parisi to make many of the dishes that
Mexican Connection is known for. One of
his favorite dishes to make is chilaquiles, a
Mexican lasagna casserole made with layers
of corn tortillas, shredded chicken, cheese
and sour cream baked in a tomatillo sauce.
The menu at Mexican Connection has
remained the same, along with prices, the
new owners said.
Renovations included painting the walls
and renovating the bar. The owners and their
families did the renovations themselves.
New to the restaurant are tequila tasting
dinners. Guests can come in for a four- or
five-course meal, where each dish is strategically paired with a Mexican tequila.
Parisi and Smith use the event to show off
their passion for great tequila and Mexican
cuisine.
Mexican Connection is open Monday
through Thursday, 4-9 p.m.; Friday, 4-10
p.m.; Saturday at 11:30 a.m. to 10 p.m.; and
Sunday from 11:30 a.m. to 9 p.m. For more
information, call 584-4466 or visit www.
mexconx.com
Washington County
New Business Registrations
DECEMBER
Sara Kelly Graphics and Design
8 Myrtle Ave.
P.O. Box 523
Camrbidge, NY 12816
DD Flooring Installations
64 Ottenburge Rd.
Dresden, NY 12819
1458 Photography By A. West
10566 State Route 149
Fort Ann, NY 12827
Joseph M. Macura, LMHC
88 Mettowee St., 1st Floor
Granville, NY 12832
SaraHill Farm
399 Ryan Rd.
Greenwich, NY 12834
NY SEO Domination & Supremacy
121 Main St., Apt. 11
Hudson Falls, NY 12839
A. A. Tuit Transport
91 New Swamp Rd.
Adirondack Outdoor Services
26 Poverty Way Rd.
Lex And Cleo, In Saratoga Marketplace, NYRA Adds Top Stakes Races On Travers
Carries Gifts For Babies And Youngsters Day For 147th Meet That Starts On July 24
Lucy Moran is co-owner of Lex & Cleo, in the Saratoga Marketplace, downtown Saratoga
Springs, which offers clothing, blankets and toys made in super-soft materials for babies.
Lex & Cleo is a new store in the Saratoga
Marketplace, 454 Broadway, Saratoga
Springs, dedicated to gifts for babies and
young children.
The new boutique, opened by Elizabeth
Straus and her daughter, Lucy Moran, both
of Saratoga Springs, offers clothing, blankets and toys made in super-soft, natural
materials. There are books for parents and
children, and a wide range of heirloomquality gifts.
The store is named for the children of
Straus’ son, Saratoga Springs native Alexander Straus, who now lives in California
with his wife, Hillary, and children Lex
and Cleo.
The owners said they felt choices within
walking distance to the downtown for finding appropriate baby gifts was “frustratingly
limited” and decided to open a store to
make the search simpler, more convenient
and much more fun.
The store opened its doors in October.
Straus said the focus is “on beautifully
crafted products created by artisans locally
and from around the world.”
Straus is also owner, for the past seven
years, of gift boutique Pangea, across the
hall from Lex & Cleo, in Saratoga Marketplace. Her history as a merchant on Broadway includes owning long-time downtown
store Mabou, with her husband, Mark, from
1971 until 2005.
Moran has owned Lucia, a specialty
clothing and jewelry shop, also in the
Marketplace, for the last eight years. The
Marketplace’s family affair further extends
to the building’s lower level, where Moran’s
husband, Rory, owns and operates a café,
Comfort Kitchen.
“Lex & Cleo is proud to join the locally owned and globally minded group
of 12 stores and services operating in the
Saratoga Marketplace,” said Moran.
The store is open Monday through Sunday, 11 a.m. to 6 p.m., and closed Tuesdays.
Its website is www.lexandcleo.com and
its phone number is 587-0809.
Two of the biggest days in North American
racing will highlight the historic 147th meet at
Saratoga Race Course this summer, with the
Grade 1, $1.25 million Travers the centerpiece
of a supercharged Travers Day and the Grade 1,
$1.25 million Whitney anchoring five stakes on
Whitney Festival Day, Saturday, Aug. 8, the New
York Racing Association (NYRA) announced in
December.
The 40-day meet, which includes 69 stakes
worth a record $18.7 million in purses, will
run from Friday, July 24, through Labor Day,
Monday, Sept. 7. After opening weekend, racing
will be conducted six days a week, Wednesdays
through Mondays, NYRA officials said.
“We have made improvements to Travers Day
to keep in line with the creation of our ‘must-see’
events,” said Martin Panza, NYRA senior vice
president of racing operations. “We are developing Travers Day into a national event—a mini
Breeders’ Cup—by increasing the purses for the
Personal Ensign and the Forego. By including
the Sword Dancer and raising the purse to $1
million we hope to create international involvement in that race.”
Joining the 146th running of the Travers
for 3-year-olds on Saturday, Aug. 29 will be five
other Grade 1 stakes, including the 1 ½-mile
Sword Dancer Invitational on the turf, whose
purse has been enhanced to $1 million. Also
added to the card and receiving purse hikes
are the $750,000, 1 1/8-mile Personal Ensign
for fillies and mares and the $700,000 Forego
at seven furlongs.
Rounding out the card are the $500,000 Ballerina for fillies and mares and the $500,000 King’s
Bishop, both at seven furlongs, and the Grade 2,
$400,000 Ballston Spa for turf fillies and mares.
Officials said the prestigious 1 1/8-mile
Whitney will pair with the Grade 1, $500,000
Test for 3-year-old fillies atop the festival card,
which also offers the Grade 3, $200,000 FasigTipton Waya for turf fillies and mares going 1
1/2 miles. Also on August 8 are two additional
turf stakes: the $100,000 Lure at 1 1/16 miles
and the $100,000 Fasig-Tipton De La Rose at a
mile for fillies and mares.
The traditional local prep for the Travers,
the Grade 2, $600,000 Jim Dandy, will be held
on Saturday, Aug. 1.
Additions to the Spa stakes schedule include
the Grade 2, $250,000 Bowling Green at 1 3/8
miles on the turf on Saturday, Aug. 1, which will
serve as a prep for the Sword Dancer, and two
new juvenile turf stakes at 5 1/2 furlongs: the
$100,000 Bolton Landing for fillies on Wednesday, August 19, and the $100,000 Schenectady
on Friday, Aug. 21.
“Both of these 2-year-old turf stakes were
created with a look ahead to the Breeders’ Cup,”
said Panza.
A prelude to the Travers will be New York
Breeders’ Showcase Day, which will be moved
to Friday, Aug. 28, instead of on Sunday. The
popular state-bred card will include six stakes,
highlighted by the $250,000 Albany for 3-yearolds going 1 1/8 miles.
Opening Day will kick off with a pair of graded stakes: the Grade 3, $150,000 Schuylerville
for 2-year-old fillies and the Grade 3, $200,000
Lake George for 3-year-old turf fillies. Continuing the traditional juvenile dirt stakes are the
Grade 3, $150,000 Sanford on Saturday, July 25;
the Grade 2, $200,000 Toyota Saratoga Special
on Sunday, Aug. 16 and the Grade 1, $350,000
Hopeful on Monday, Sept. 7, along with their
sister races: the Grade 2, $200,000 Adirondack
on Saturday, Aug. 15 and the Grade 1, $350,000
Spinaway on Saturday, Sept. 5.
Grade 1 action commences with the $500,000
TVG Diana for turf fillies and mares on Saturday, July 25, and the $300,000 Coaching Club
American Oaks for 3-year-old fillies on Sunday,
July 26. Continuing the world-class Grade 1
offerings are the $350,000 Alfred G. Vanderbilt
Handicap for sprinters on Saturday, Aug. 1; the
Grade 1, $600,000 Alabama on Saturday, Aug.
22, and the Travers, Sword Dancer, Personal
Ensign, Forego, Ballerina and King’s Bishop on
Saturday, Aug. 29.
Stored Technology Solutions Inc. Grows,
Acquires A Security Solutions Company
S t o re d Te c h n o l o g y S o l u t i o n s I n c .
(StoredTech), a technology solution provider,
has acquired a commercial security solutions
firm allowing them to now offer security and
access systems and services.
StoredTech officials said the company will
launch a new business unit that will focus on
the provision, installation, management and
integration of business security systems including alarm systems, camera systems and access
control systems, all offered as managed services.
“To us, it was just a natural progression to offer security and access systems as a compliment
to the other business technology solutions that
we already provide to our clients,” said Mark
Shaw, StoredTech president and CEO.
“The synergies are obvious. Today’s sophisticated security systems are networked solutions
that lend themselves perfectly to the managed
services model and there are two things that
StoredTech knows better than anyone; computer
networks and how to manage services for our
clients,” he said. “So, this is just another way that
we can use our expertise to serve our clients’
every business technology need.”
The new Security Systems Division of
StoredTech will offer the following products and
services: alarm systems; access control systems
and camera systems.
Christopher Chiovoloni joins the StoredTech
team to lead the new division as sales engineer.
He brings over 20 years of experience in all
aspects of enterprise-level security systems
including sales, design, project management,
installation and service.
“I’m thrilled to join the StoredTech team and
to launch our new Security Systems Division,”
said Chiovoloni. “Modern security and access
control systems require the IT expertise of
companies like StoredTech in order to ensure
that they are adopted as part of an organization’s
integrated and holistic approach to business
security and communications.”
The announcement came at the end of a
record growth year for StoredTech, which is
expected to close 2014 with a an 80 percent
growth from 2013, Shaw said.
StoredTech specializes in integrated solutions to help businesses take advantage of
the newest technologies available in the everchanging telecommunications and information
technology landscape.
Muratori Leads Chamber Board
Continued From Page 1
2002 Business Of The Year
The Chamber of Southern Saratoga County
P.O. Box 766 • Saratoga Springs, New York 12866
(518) 581-0600 • Fax: (518) 430-3020 • www.saratogabusinessjournal.com
Editorial: [email protected]
Advertising: [email protected]
Publisher & Editor
Harry Weinhagen
Associate Editor
R.J. DeLuke
Editor Emeritus
Rod Bacon
Sales and Customer Service
Harry Weinhagen
Production Manager
Graphic Precision
Photographer
Contributing Writers
Susan Campbell Barbara Brewer LaMere Jill Nagy Liz Witbeck
Jennifer Farnsworth Barbara Pinckney Dave Windsheimer
Saratoga Business Journal is published monthly, the second week of each month, by Weinhagen Associates, LLC
and mailed to business and professional people in Saratoga county.
Saratoga Business Journal is independently owned and is a registered tradename of Weinhagen Associates, LLC, P.O.
Box 766, Saratoga Springs, New York 12866 (518) 581-0600. Saratoga Business Journal is a registered tradename
in New York.
Saratoga Business Journal has been founded to promote business in Saratoga county and to provide a forum that
will increase the awareness of issues and activities that are of interest to the business community. Subscription
price is $25.00 per year. Third class postage paid at Glens Falls, New York.
Rights to editorial content and layouts of advertising placed with Saratoga Business Journal which are the creative
effort of its contractors, and printing materials supplied by Saratoga Business Journal are the property of Saratoga
Business Journal and may not be reproduced by photographic or similar methods, or otherwise, without the specific
authorization of Saratoga Business Journal.
Newly elected to their first three-year terms
on the board of directors are Beth Alexander of
Hatties restaurant; Rochelle Calhoun, Skidmore
College; David Cummings, The Run at Saratoga;
Adam Favro, Turning Point Chiropractic; Art
Johnson, supervisor, town of Wilton; and Dan
Wagner, State Farm Insurance.
Those remaining on the 2015 board include
Patricia Mangino, Mangino-Buick GMC; Ian
Murray, Brookside Nursery; Jessica Petraccione,
First National Bank of Scotia; David DeMarco, of
Saratoga National Bank & Trust Co.; Marianne
Barker, Impressions of Saratoga; Raj Ghoshal,
Polyset; Travis Bullard, GlobalFoundries; Steve
Springer, Atlantic-British; Cassie Fox, N. Fox
Jewelers; Peter Goutos, CA Smith, LLC; Kevin
Hedley, Hedley & Co., CPA.
The board includes three new members appointed by Muratori to serve a one-year term.
They are Shelly Amato, of the Wesley Community,
Daryl Glass of Target Distribution Center and
Christianne Smith of Designsmith Studios. Phil
Klein of the Adirondack Trust Insurance Co., was
appointed by Muratori to serve a one-year term
as a past-chairman of the board.
At the annual dinner, von Schenk will be
recognized for his leadership and efforts in 2014.
There will be recognition of volunteers, members
of the board of directors and members who have
been in good standing for 25 years.
The cost is $100. Those interested in sponsoring the event can contact Denise Romeo at
[email protected]. To make a reservation,
contact Bridget DeVaney at bvevaney@saratoga.
org or call 584-3255.
The Saratoga County Chamber of Commerce
has more than 2,500 members across Saratoga
County and the Capital Region.
Saratoga Casino And Raceway Donates Castle & McLennan Insurance Agency In
$100,000 At It’s ‘Make A Difference’ Event Ballston Spa Acquired By Albany Firm
Saratoga Casino and Raceway officials recently presented a $10,000 check to SUNY Adirondack
officials, part of the $100,000 the racing and gaming facility donated to local groups.
Courtesy Saratoga Casino and Raceway
Sixteen local charitable organizations
received donations totaling $100,000 at the
Saratoga Casino and Raceway’s 10th annual
Make a Difference event in December.
The donations bring the casino’s total support
to Capital Region charities to $240,000 in 2014,
officials said.
Since its inception in 2005, the annual Make
a Difference event has presented over $1 million
to local organizations, according to the casino.
More than $2 million in monetary and in-kind
donations have been made by Saratoga Casino
and Raceway since opening in 2004.
“It is truly an honor to highlight so many outstanding organizations in our community,” said
Mike Vild, general manager of Saratoga Casino
and Raceway. “This is about the amazing work
they do every day, and we are proud to be able
to assist them in furthering their missions and
improving the quality of life here in the Capital
Region.”
“The staff and management of Saratoga Casino and Raceway truly values and appreciates
the contribution of the many not-for-profit organizations in our community,” said Skip Carlson,
vice president of external affairs at Saratoga
Casino and Raceway. “The positive and lasting
impression these organizations make on the
lives of the people they serve goes a long way
in improving the character of our community.”
Liz Bishop of CBS6 hosted the event. She
presented the checks to each organization,
beginning with two organizations she has been
championing for years, Empire State Youth
Orchestra at Proctors, which received $2,000
and The Melodies Center for Childhood Cancer
and Blood Disorders at Albany Med., which
received $3,000.
Other recipients were:
Rebuilding Together, Saratoga County,
Inc.; Saratoga Hospital Foundation; SUNY
Adirondack Foundation, $10,000 each.
Franklin Community Center, Inc.; Jake’s Help
From Heaven; Shelters of Saratoga; and To Life!,
$7,500 each.
Agricultural Stewardship Association; AIM
Services, Inc.; Capital Roots; Guardian House;
Nathan Littauer Foundation, Inc.; Wellspring;
and The Wesley Foundation, $5,000 each.
“We are thrilled to accept this generous gift on
behalf of SUNY Adirondack,” said Rachel Patten,
executive director of development, alumni relations, SUNY Adirondack Foundation. “We plan to
use the funds to establish new partnerships with
our students, local residents, and our agriculture
community — an important economic driver in
our region — through the development of an online farmers market. We are most appreciative
of Saratoga Casino and Raceway’s commitment
to the future vitality of our region.”
HMS Agency, Inc., a full-service insurance
agency in Albany, has acquired Castle & McLennan Insurance Agency, based in Ballston Spa.
The purchase of Castle & McLennan, increases HMS’ market share and expands its
geographic footprint in the Capital Region, the
company said.
“We’re very excited to augment our commercial and personal lines business with the
acquisition of Castle & McLennan,” said HMS
Agency partner Stephen Mather, noting that
the investment provides an important strategic
opportunity to grow the agency throughout
the Capital Region. “We’re looking forward to
long-term relationships with our new clients.”
Castle & McLennan will remain in its current
location at 48 Milton Ave., Ballston Spa. The
phone number is 885-5858.
The name will change to HMSAgency, Inc.
in the upcoming year, Mather said.
HMS is a family-owned business, certified as
a Women Business Enterprise (WBE) by the
New York State Economic Development Corp.
For additional information, call-690-0360 or
visit www.hmsagency.com.
The partners of HMS Agency, Inc. stand in
front of their new office in Ballston Spa.
Courtesy HMS Agemcy
NYS Initiatives
Dr. Morgan currently serves as a partner
with First Round Capital in New York and
Philadelphia; director of Idealab, the Pasadena, Calif.-based creator and operator of
internet companies where he was first a
founding investor in 1996 and later served
as president of Idealab! New York; and a
member of the New York Angels. He is also
a respected author and contributing writer
for Business Insider.
Morgan said there are “great opportunities throughout New York state that will
benefit from the additional capital and
support that the new fund can provide. I
am hoping that many of the top venture
firms will value the added impetus that
the Innovation Venture Capital Fund
brings to areas that are currently under
supported and have had less visibility from
traditional venture sources.”
For more information on the program,
please visit http://esd.ny.gov/BusinessPrograms/NYSInnovationVentureCapitalFund.
html.
Michael Lapolla
Exercise Physiologist
Saratoga Health & Wellness
Reads
Business Briefs
REGIONAL STOCKWATCH
Stock Name
Closing Price
12/5/2014
Closing Price Closing Price Closing Price
12/12/2014 12/19/2014 12/26/2014
Albany Int’l
37.46
35.81
35.89
37.64
Arrow
26.12
26.25
26.67
27.17
AT & T
33.94
32.16
33.54
34.17
Ball
69.44
66.46
68.61
69.50
Ballston Spa
National Bank
35.00
34.36
34.36
34.36
Bank of America
17.68
17.13
17.62
17.98
Barnes & Noble
22.63
22.63
22.88
23.49
Best Buy
35.63
36.85
39.01
39.14
Citizens Bank
25.15
24.46
25.00
25.31
Espey
24.06
24.15
23.89
23.63
First Niagara Financial 8.30
8.06
8.34
8.37
General Electric
26.01
24.89
25.62
25.78
Hilton
26.42
25.87
26.18
26.28
Home Depot
99.64
99.78
101.93
103.75
Int’l Paper
55.07
53.15
53.98
54.28
Key Corp
13.78
13.30
13.80
14.00
Lowe’s
64.86
64.87
66.90
67.50
Martin Marietta
117.98
107.41
119.26
111.49
M&T Bank
128.03
121.85
125.11
126.74
McDonald’s
96.31
90.62
93.22
94.78
National Grid
72.53
68.92
71.40
72.41
NBT Bancorp Inc.
25.20
24.55
25.88
26.10
Panera Bread
162.35
164.89
165.60
173.25
Plug Power
3.60
2.93
3.05
3.08
Quad Graphics
21.47
20.75
22.11
23.01
Staples
14.38
16.47
17.55
17.98
Starbucks
83.57
83.25
79.44
81.83
Sysco
39.93
39.33
40.47
40.59
Target
73.66
72.40
73.95
75.06
Time Warner
84.26
82.12
84.93
86.71
Trans World
3.30
3.25
3.21
3.29
Trustco Bank
6.96
6.70
7.06
7.10
Verizon
48.61
45.58
47.02
47.86
Walmart
84.12
83.81
85.16
86.91
This list of quotations is provided through the courtesy of Robert M. Schermerhorn,
CFP®, Saratoga Financial Services, Securities offered through LPL Financial /Member
FINRA & SIPC, located in Saratoga Springs, NY.
www.SaratogaRetire.com
•
•
The New York Retired Volunteer Firefighters Association (NYRVFA) is seeking
current and retired volunteer firefighters to join
the association.
Located on 36 Osborne Road in Colonie, the
organization attracts individuals from across the
state who share a common goal of maintaining
their connection with the companies and fire
fighters who together served their fellow New
Yorkers.
Founded this year, NYRVFA aims to inform
the public about fire prevention and emergency
relief through education, legislation, community
service, and verbal and written communication.
Yearly membership dues are $25.
For more information about membership, call
459-6332 or visit www.NYRVFA. com
***
Saratoga Hospital recently completed renovations to its third-floor medical-surgical unit to
improve the patient and visitor experience. The
newly renovated unit has four private and eight
semi-private rooms, for a total of 20 inpatient
beds, officials said.
All rooms received a face-lift, including fresh
paint, new furnishings, and computer equipment that enables most nursing tasks to be
completed closer to the bedside. Private rooms
also were outfitted with flat-screen TVs. Other
renovations include new patient showers, new
restrooms for visitors, a new reception area, and
a new nourishment station.
Work began earlier this year and was done in
phases to minimize the disruption to patients
and their families.
***
G.A. Bove Fuels recently became the newest partner of the Clean Technologies & Sustainable Industries Early College High School
(ECHS), a state Pathways in Technology Early
College High School (NYS P-TECH).
The program was developed by the Ballston
Spa Central School District in partnership with
Hudson Valley Community College (HVCC) and
NYSERDA. Joining the program at the $5,000
silver sponsorship level, G.A Bove Fuels’ support
will provide scholarships for the students enrolling in the Clean Technologies & Sustainable
Industries ECHS.
The Clean Tech ECHS has grown regionally from originally serving 25 students in two
school districts in 2011, to now serving over 200
students from across 21 school districts in eight
counties. Juniors and seniors in the program
earn up to 24 college credits from Hudson Valley
Community College in this ECHS model that was
established in 2011.
***
Spring class registration at the Academy
for Lifelong Learning (A.L.L.) starts Jan.
26. Twenty-three classes, including two speaker
series, begin the week of April 6 and run through
June 4.
Classes cover a wide range of genre including
history, art, media, health, religion, writing and
economics. Volunteer-led classes typically meet
for two hours once a week for eight weeks. Most
classes are held in SUNY Empire State College
classrooms at 111 and 113 West Ave. in Saratoga
Springs with several on-site offerings at a variety
of local outdoor venues.
The two speaker series meet for two hours
once a week for eight weeks and feature a different subject each week.
The new spring term class registration and
membership application packet in area libraries,
the Academy office at 111 West Ave. or on the
website at www.esc.edu/all. Registration forms
are being accepting starting Jan. 26 by mail only.
***
Rueckert Advertising and Public Relations Inc. was recently selected by SUNY Delhi
to provide marketing materials in support of the
university’s recruitment efforts.
To date, the agency has provided overview
brochures for the school’s six academic divisions: Applied Sciences & Building Technologies, Business & Hospitality, Liberal Arts
& Sciences, School of Nursing and Veterinary
Science Technology, as well as viewbooks, travel
pieces, and other recruitment tools. Rueckert
Advertising also created postcards and posters
in support of Delhi’s open-house events and
tabletop displays.
The agency has also provided marketing and
public relations services for Albany Law School,
SUNY Cobleskill, Union College, Brighter Choice
Charter Schools, Brighter Choice Foundation,
Brown School, Higher Education Services
Corporation, Mildred Elley, and Schenectady
Christian Academy.
***
Animal Health Center in Clifton Park has
achieved the highest level of veterinary excellence following a thorough evaluation by the
American Animal Hospital Association (AAHA).
AAHA reviewed the hospital’s practice protocols, medical equipment, facility and client
service. Unlike human hospitals, not all animal
hospitals are required to be accredited. Accredited hospitals choose to be evaluated on
approximately 900 quality standards that go
beyond basic state regulations, ranging from
patient care and pain management to staff training and advanced diagnostic services.
***
Norfolk Southern and the Delaware &
Hudson Railway (D&H), a subsidiary of
Canadian Pacific, is in negotiations to acquire
282.55 miles of D&H rail line between Sunbury,
Pa., and Schenectady.
As part of the transaction, NS would retain
and modify overhead trackage rights on the
line between Schenectady, Crescent and
Mechanicville, and Saratoga Springs. D&H
would retain local access to serve customers in
Schenectady and would maintain its access to
shippers in Buffalo.
The $217-million is subject to the approval by
the U.S. Surface Transportation Board.
SPECIAL SECTION
Health & Fitness
‘Fitness Professionals On Demand’ Brings Plans Underway To Build A Surgery And
Programs To Companies, Schools, More Pain Center Close To Exit 9 In Clifton Park
This fitness program staged in a gymnasium by Fitness Professionals On Demand is one
of the services it provides for businesses, bringing the programs to clients.
Courtesy Fitness Professionals On Demand
BY JILL NAGY
Judith Cox and a group of 35 independent
contractors are bringing fitness programs and
services to some 800 clients in Saratoga and seven
other counties, helping them lose weight, reduce
stress and get fit.
Her company, called Fitness Professionals on
Demand, has been operating for about four years.
Classes meet in the town of Clifton Park, at
Adirondack and Hudson Valley Community Colleges, at some 15 area schools, and in corporate
conference rooms. About half the clientele come
from Blue Shield of Northeastern New York, she
said.
In addition to the in-person programs, online
programs are aimed at busy executives “or any
busy person who needs a structure,” Cox said.
Participants meet three times with a personal
trainer and then work at home (or office) and
communicate by email. After six weeks, there
is another personal meeting to check progress.
She is also proud of a 10-week nutrition and
exercise program the company offers. Called Fit
Friendly, it is patterned on the television show
“Biggest Loser,” with prizes for superior weight
loss.
“The competition is great. People really like
it,” she noted.
The program emphasizes healthy eating, and
includes education about food and how to make
good choices. The staff includes four registered
dieticians among its fitness professionals.
For corporations, Fitness Professionals on
Demand will assess employee needs and design
programs to meet them. They may help with the
selection of exercise machines or the design of
walking paths, provide diet workshops, or organize other classes.
The company is affiliated with six gyms in the
area, where they may provide personal trainers,
exercise classes, and other services.
She said there are two major advantages to
the services provided by Fitness Professionals
on Demand.
“Everything is custom designed around the
person,” she said, and her company can bring
the program to the client.
Cox has a master’s degree in clinical psychology. Previously, she worked with people with
mental illness and was a director with the New
York State Office of Mental Health.
When she got to the stage of “having to watch
what I put in my body and my fitness,” she decided
to change careers and got into the fitness business. She is a certified expert in weight management and in stress management.
“I really enjoy this. It’s a fun program,” she said.
The company has no fixed base. Cox or her
manager, Leigh-Anne Scarincio, can be reached
at 505-2669.
BY BARBARA PINCKNEY
Physicians from two Saratoga County medical
practices are teaming up to build the Northway
Surgery and Pain Center in Clifton Park.
According to documents filed with the state
Department of Health, which has given preliminary approval for the project, the ambulatory surgery center, which would focus on pain
management, would be built on vacant land at
1596 Route 9, south of Northway Exit 9.
Costs to construct and equip the 9,400 squarefoot building are estimated at about $1 million,
according to the documents.
Northway Surgery will be 95 percent owned
by an entity called NSPC Holdings LLC, a joint
venture between the partners in the Albany &
Saratoga Centers for Pain Management—Dr.
Edward Apicella and Dr. Martin Ferrillo—and
the partners in New York Pain Management
PLLC—Dr. Charles Gordon and Dr. Quenton
Phung.
According to the filing, Apicella and Ferrillo
each own 35 percent of NSPC Holdings and Gordon and Phung each own 15 percent. Apicella will
be medical director of Northway Surgery.
The remaining 5 percent is owned by Heritage
Ambulatory Surgery Center LLC., a new company
formed to provide consulting and administrative
services to Northway Surgery. The partners in
Heritage are Dr. Robert Tiso, Joseph Cantino, Dr.
Eric Tallarico and Dr. Nameer Haider.
Although a Certificate of Need filing put the
projected start-up date on Dec. 31, it is not clear
when Northway Surgery will open. Tom Pascarella, practice administrator for the Albany &
Saratoga Centers for Pain Management, said an
update should be available in mid-2015.
Apicella and Ferrillo currently practice interventional pain management, using minimally
invasive techniques, in Saratoga Springs and
Albany. Gordon and Phung have practice locations in Clifton Park and Glens Falls. In 2012,
the most recent year cited in the application,
the four physicians did a combined total of 9,700
office-based procedures.
They told the state they expect to do about
8,200 procedures at Northway Surgery in its first
year of operation—because some surgeries will
remain office-based—and as many as 10,000 in
year three. The partners estimated an average
cost per visit of $378 in year one.
The center’s primary service area would cover
Saratoga, Albany, Schenectady, Rensselaer, Warren and Washington counties, with the majority
of patients coming on referral from primary care
physicians. Using National Center for Health
Statistics estimates of chronic pain prevalence in
the adult population, the partners estimated that
about 182,000 people in this six-county region
would benefit from their services.
The ambulatory surgery center would have
four procedure rooms, and employ about 22
people. Emergency support would be provided
by either Saratoga Hospital or Ellis Medicine
in Schenectady, both of which are about 20
minutes away.
According to the application, the partners
expect revenue of $6.3 million in their first year
of operation, with expenses of about $3.1 million. This would put net income at about $3.2
million. By year three, revenue is projected at
$7.6 million, and net income at $4 million.
Working capital requirements, estimated
at just under $600,000, will be covered by the
partner’s personal assets and a bank loan. A
bank loan also is expected to finance most of
the $1 million project cost, according to the
documents.
SEDC Sees Growth
In many instances, we have heard people say
no to new development simply because they
have a “not in my backyard” mentality.
The acronym is NIMBY. As Saratoga County
continues to grow, this attitude may grow
as well.
I mentioned a number of factors that
have allowed Saratoga County’s growth to
continue. I would like to discuss three of
those in greater detail.
First, low taxes. Saratoga County has the
lowest county tax in the state of New York.
There are many towns here that also do not
have a town tax. Although the recession of
2009 caused difficulty in their budgeting
processes, the municipalities have been
successful in their efforts to rein-in spending, thereby keeping taxes under control.
As long as the global economy continues to
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grow, Saratoga County will continue to have
low taxes.
Many of us wish our school taxes would be
lower, but we understand that is a much more
difficult situation. The way New York state
funds education will be difficult to change
and politically challenging to our elected
officials. More than likely, the school tax
formula will not vary much in the near future.
Many companies coming to us looking for
a site to locate are surprised by the cost of
education here. As a result, those companies expect incentive programs to offset the
higher school taxes in our state compared
to other states. Our industrial development
agencies are a vital tool in leveling the playing field between our sites and those outside
our state.
Another factor is availability of developable land. As Saratoga County grew, most
of the easy-to-develop parcels were utilized
for growth. We have fewer zoned acres in
the industrial/manufacturing classification
than what is required for sustainable growth.
For growth in 2015 and beyond to occur, our
municipalities must consider expanding their
portfolio of zoned properties for businesses.
Newly zoned land will also need planning
for roads, electricity, natural gas, water,
sewer, communications and other required
items for these lands to be marketable. It is
vitally important that our municipalities partner with land owners, economic development
groups, government agencies and any other
possible collaborators to prepare for growth
to take place. Just zoning property will not
make us marketable.
Once we know what the infrastructure
needs are for our newly zoned sites, a plan
to install and pay for the infrastructure is
necessary.
Saratoga County created a water authority
that allowed GlobalFoundries in Malta to be
confident adequate water supply would be
available for their manufacturing processes.
Without that water, GlobalFoundries would
not be here. Together we need to plan how
to expand infrastructure so we can continue
to take advantage of business growth in the
near future.
The third to discuss is a good business
climate. Many things determine what a good
business climate consists of. It is always
important that a municipality communicates its desire for business growth to take
place. That being said, it is also important
that communities understand how they are
perceived by the construction and land development businesses they deal with.
We have municipalities that do a great job
in working with developers, contractors and
construction people. Their staff understands
that time is money and getting through
approval processes quickly and efficiently
is best for all sides. However, we do have
municipalities that are struggling in these
areas. Long approval processes, inadequate
staffing, unreasonable fees and even poor customer service will quickly erode the ability to
attract and retain companies. We encourage
our elected officials to critique their building
and planning departments in order to better
serve the public in the business community.
Saratoga County will continue to prosper
if we consider these factors. Growing our tax
base as well as our population will enable us
to afford the necessary requirements for a
good quality of life. We must remember that a
stagnant economy, or stagnant development,
will deter financial growth required for a
sustainable future. SEDC will focus on these
issues along with our members and partners
so 2015 and beyond will have the potential
for growth.
SPECIAL SECTION
Economic Outlook 2015
BY JAMES TOWNE
The coming 12 months for the legal profession
in the Capital Region should mirror the previous
12, showing further improvement in the legal
landscape locally.
While some sectors of the legal practice, such
as real estate, are down, based on stated real
estate closings, for the most part the area’s 4.7
percent unemployment rate has permitted the
local legal profession to realize proportionally
less constriction than other regions.
Having a stable local economy does buoy the
economy for all in comparison. That is not to
say that there are not areas of concern—some
one-sided and some double-edged for the profession at large.
While normally an educational institution
should be a bell weather of where a profession
or trade is headed, many law schools over the
past decade chose to feast on temporary fortune
rather than responsibly foresee a future need.
These decisions were made at the expense of
three years of a young person’s life and at a staggering cost well in excess of $100,000.
In response to the economic realities of the
legal profession suffering from too many law
schools, shrinking job prospects and too many
graduates, while flooding the market during a
recession, most law schools have finally started
acting in a responsible manner by reducing
student enrollment.
One of the law schools leading the way in aggressive and responsible enrollment reduction
has been Albany Law School. President and former Dean Penelope Andrews has succeeded in
slashing enrollment by 34.2 percent for incoming
freshman. That is a remarkable and responsible
approach to a too-long neglected issue.
Year-on-year enrollment in New York law
schools is down 4.7 percent and total enrollment
in New York law schools is down 28 percent
since the peak of 2010, according to the New
York Law Journal.
And while a few New York schools show a
trending increase in enrollment, those numbers
are not sustainable unless there is a reduction
in the total number of law schools. That may
happen as some schools teeter on the brink of
closing entirely. Several multi-campus schools
have already chosen the option of consolidation.
Nationwide, in 2014 first year enrollment at
James T. Towne, Esq., principal at Towne
Ryan & Partners PC, Saratoga.
ABA-approved law schools plummeted to the
lowest level since 1973. All the more remarkable
is that in 31 years there has been an increase
in law schools to the current number of 204,
compared to 1973 levels when there were only
151 ABA-accredited law schools.
Overall, the total number of enrolled law
students has sharply declined to 1987 levels
when there were only 175 ABA-accredited law
schools. The prospect of studying for three years
to obtain a juris doctorate degree at a cost of
nearly $150,000 while earning no income during
those years has become an unrealistic dream to
many. It is no secret that the hours required to
create and build a practice make alternatives
all the more attractive.
Enrollment of freshman students fell from
an all time high of 52,488 students in 2010 to
the current enrollment totals of 37,924. Total
enrolled students in the three-year degree
program dropped to 119,775 students, a 17.5
percent decline from the peak in 2010 of 145,157
students. With ever dwindling enrollment of
freshman law students, the enrollment figure
will continue to plummet in the near term, if
not become the new norm. Clearly a 27 percent
reduction in freshman enrollment in a mere
four years is the story of the profession’s future.
Also equally clear is that the reduction in
enrollment will further stabilize the econom-
ics of the practice for those already working,
especially in light of the aging of Baby Boomers
into retirement or semi-retirement.
The place of minorities and women in the
profession remains problematic, both in the
Capital District as well as nationally. The National Association of Women Lawyers’ annual
survey of the state of women in the nation’s 200
largest law firms reveals some sadly disturbing
news that equality in the profession is sorely
lacking, a bit of an absurdity in a profession
grounded upon equality.
Since the mid-1980s, more than 40 percent of
graduates have been women. Yet only 17 percent
of equity partners in those firms are women. In
30 years those numbers should be far closer.
But—and this is the silver lining—Gov.
Cuomo has increased the goal/mandate from 20
percent to 30 percent for outside state, county
and local contacts, including those for legal
services, to be awarded to minority and women
owned businesses. For law firms whose practice
areas include the ability to provide legal services
to these entities and who are a certified MWBE,
the future looks bright indeed.
Our firm’s experience as the largest statecertified MWBE law firm in 57 of the state’s
62 counties has been extremely positive. So
perhaps the increased opportunities afforded by
this state mandate will bolster the move toward
true equality in the profession.
BY DEANNA DERWAY
At the close of each year, we analyze the
changes that have occurred in our key economic sectors during the past year, and evaluate the
opportunities and challenges that will shape
the overall economy in the upcoming year.
At the Washington County Local Development Corp., we have seen a year of steady
progress ending with a strong finish approving
seven loans totaling almost $500,000. This is
significant to our prognosis of the economy
as it represents approximately a 50 percent
increase in activity from the previous year.
Other positive economic indicators we saw
in 2014 include increased business investments, stronger balance sheets and further
Deanna Derway, president, Washington
County Local Development Corp.
recovery of real estate prices. To some extent,
the economic uncertainty that persisted following the recession seems to have subsided,
leaving increasing consumer confidence and a
willingness to invest in its wake.
Overall, we forecast a stronger local economy for 2015 that is likely to make further positive progress throughout the upcoming year.
The New Year brings with it new opportunity
and trends are looking positive for the economic climate in our region. The steady progress
in the job market along with falling gasoline
prices seems to have brightened consumer’s
spirits. In the coming year, we predict continued job growth and falling unemployment
rates for Washington County and the Capital
Region as a whole.
Meanwhile, businesses are poised to expand
as the economy performs better providing opportunities to invest in equipment, facilities
and for an increased work force. Employers
in the U.S. are creating jobs at the fastest rate
since the 1990s and the economy finally looks
ready to expand at a healthy rate. Looking
ahead, consumers will see greater discretionary income, and the resulting increases in
consumer spending will be an integral part of
the recovery.
One prevalent trend that will continue to
Derway continued On Page 14
SPECIAL SECTION
Corporate Tax / Business Planning
•
Business Report
Tax Act ‘Extenders’ Can Help
BY KEVIN M. HEDLEY, MS, CPA, PFS
“The farther backward you can look, the
farther forward you are likely to see.” Winston Churchill once said.
We do not need to look to far back in history to see what was going to transpire in
December 2014 with regard to the tax law.
But not looking too far back does not allow
us to see too far forward either. Starting in
early December and finally being resolved
in mid December, the House, the Senate and
the President came together and enacted
the Tax Increase Prevention Act of 2014.
This law in many ways makes 2014 a tax
based rehash of 2013 but unfortunately the
law only lasted until Dec. 31.
The Tax Increase Prevention Act of 2014
has extended a series of expired or expiring
individual, business, and energy provisions
known as “extenders.” The extenders are a
varied assortment of more than 50 individual and business tax deductions, tax credits,
and other tax-saving laws that have been on
the books in one way or another for years,
but are technically temporary because they
have a specific end date.
Congress many times has temporarily
extended the tax breaks for periods of one
•
Kevin Hedley is a partner with Hedley &
Co., PLLC, in Clifton Park.
Courtesy Hedley & Co. PLLC
or two years, colloquially referred to as
“extenders.”
The law, as eventually passed and signed
in December, retroactively reinstated these
tax breaks. Unfortunately, the law was
passed too late in the year to fully plan for
it and allow businesses to fully utilize the
benefits provided. Despite it being around
for only two weeks in 2014, your business is
likely eligible to benefit from the tax provisions of the law.
The extended business credits and
special depreciation and expensing rules
include:
The research credit, the temporary minimum low-income housing tax credit rate for
nonfederally subsidized new buildings; the
military housing allowance exclusion for
determining whether a tenant in certain
counties is low-income; the employer wage
credit for activated military reservists; the
work opportunity tax credit; three-year
depreciation for racehorses.
The 15-year straight line cost recovery for
qualified leasehold improvements, qualified
restaurant buildings and improvements, and
qualified retail improvements; special expensing rules for certain film and television
productions; the deduction allowable with
respect to income attributable to domestic
production activities in Puerto Rico; the
exclusion of 100 percent of gain on certain
small business stock; the basis adjustment
to stock of S corporations making charitable
contributions of property; and the reduction in S corporation recognition period for
built-in gains tax.
A few of the provisions which will benefit
most businesses are enhancements to the
depreciation rules.
At the start of 2014 the rules for bonus
depreciation had completely expired but
with the new law the 50 percent bonus
depreciation has been reinstated. Bonus
depreciation allows for an additional deduction when the asset is first purchased. For
example, a 50 percent bonus depreciation
allowance would mean that businesses immediately deduct 50 cents of every dollar
spent on qualifying purchases.
This provision is automatic and allows for
immediate tax savings if properly utilized.
The remaining 50 cents would be deducted
according to regular depreciation schedules.
Bonus depreciation may result in substantial present value tax savings for businesses
that purchased or constructed qualified
property. Qualified purchases for the bonus
rules include most business equipment and
software. Unlike Section 179 expensing, you
do not need net income to take bonus depreciation deductions. Further, bonus is not
limited to smaller businesses or capped at a
certain dollar level, but it is not available for
used property. Also, many states, including
New York opt out of this provision for state
income tax purposes.
Another popular provision of the new law
is Sec. 179. Essentially, Sec. 179 of the IRS
tax code allows businesses to deduct the full
purchase price of qualifying equipment and/
or software purchased or financed during
the tax year. That means that if you buy or
lease a piece of qualifying equipment, you
can deduct the full purchase price from your
gross income.
Sec. 179 can only be used when a business
has net income and can only be used within
certain limits. The limits are certain caps to
the total amount written off ($500,000 for
2014), and limits to the total amount of the
equipment purchased ($2,000,000 in 2014).
The deduction begins to phase out dollarfor-dollar after $2,000,000 is spent by a given
business, so this makes it a true small and
medium-sized business deduction.
If your business acquired more than
$2,000,000 of equipment in 2014, your ability
to use Sec. 179 is phased out.
So what are the differences between bonus and Sec. 179? Bonus can only be used
for new equipment; Sec 179 may be used for
new or used equipment. Bonus can be used
even if your company has incurred a loss in
2014 but Sec. 179 may only be used if there
is a net profit in your business.
Bonus can be used by large and small
businesses alike, whereas a business spending over $2,000,000 on equipment will have
its ability to use Sec. 179 be limited or even
eliminated. Sec. 179 allows a business to
write off the entire purchase price of an
asset, yet bonus only allows a portion of the
assets (albeit a large portion).
Also, it must be remembered that New
York state does not allow bonus depreciation
but does allow Sec. 179.
As with any law, even those as seemingly
simple as depreciation, careful planning is
needed to ensure your business saves as
much tax not just in the current year but
also going forward. Most of the provisions
in the law expired at Dec. 31 when we were
all watching the ball drop. Careful planning
is needed to effectively utilize these provisions in the new yet already expired law.
Hedley is a partner with Hedley & Co.,
PLLC, certified public accountants in Clifton Park.
BY PAUL L. DOWEN
From an economic standpoint, 2014, although
not stellar, was definitely a better year than some
of its predecessors. I am optimistic about the year
that lies ahead. Increased employment and lower
energy costs create an increase in consumer spending, which drives business and will in turn increase
business spending.
There are soft signals from the Fed that interest rates may increase slightly also suggesting a
renewed level of confidence in our economy. While
there are many wild cards in the mix, we are poised
for continued modest growth in 2015.
The recent economic climate has changed the
way many companies do business. Survival mode
forged stronger companies with more effective
management and controls. Our clients are concentrating on their core profit centers and have
shed less productive (profitable) activities. Their
focus has shifted to leaner operations with an eye
on continual improvement. As the economy grows,
business will expand to meet growing demand, and
they will benefit by increased efficiencies adopted
to survive.
The labor market will improve for job seekers,
lowering the unemployment rate. Employers will
not only need to compete to hire top talent but
could struggle to retain existing employees. Competition will help drive wage and benefit increases.
Increased levels of employment and higher wages
will result in higher discretionary income, helping
spur the economy.
Falling crude prices have had many favorable
impacts on our economy. Lower prices at the pump
leave more money for discretionary purchases
which increase consumer demand. Businesses
realize savings in transportation costs, petroleum
based materials, and overall utility savings, freeing
up capital for investment. In addition, falling gas
prices should help keep inflation low.
However, prolonged falling prices for crude
could ultimately have a negative impact on the
stock market, as well as the economy as a whole .
I expect our economy to benefit from lower pump
prices well into 2015, but expect to see some market
correction before year-end as producers reduce
supply when it is no longer profitable.
The Fed has been subtly indicating by omitting
“considerable time” language that they will increase
interest rates in the coming year. This increase will
be contingent on continued economic improvement and the degree of inflation. For borrowers this
increase will ultimately increase interest expense.
For businesses considering long term borrowing,
the potential increase should be factored into the
planning process. Increased interest rates are also
expected to fuel foreign investment in the United
States. While the increase will be gradual, we
should anticipate higher interest rates in the future.
Local issues that will have a direct impact on our
local economy include expansion of casino gambling, Start-Up NY tax-free business development
zones, and the New York state hydraulic fracturing
ban. Both the casino and fracking issues have been
contentious, but with the decisions comes resolu-
Paul L. Dowen, CPA, Whittemore, Dowen
and Ricciardelli LLP.
tion and the ability to move forward.
The approval of three multi-million dollar
casino projects in New York state will generate
construction jobs in the area and increased demand
for materials in the coming year. Ultimately the
projects will create permanent hospitality career
opportunities as well as supporting business opportunities in the surrounding regions. The casinos
will increase tax and licensing revenues which will
help revitalize the struggling communities chosen.
Agree or disagree, the ban on hydraulic fracturing (“fracking”) in New York state carries economic
consequences for this region. States with fracking
have benefited from both jobs and revenue. New
York’s desire to create more environmentally conservative growth is admirable, but will likely not
result in any immediate favorable impact in 2015.
SUNY Adirondack was approved as tax-free
zone through Start-Up NY. This designation was
established to attract qualified businesses to
upstate New York. While SUNY Adirondack is one
of many approved zones within the state, the zero
tax concept will offer a competitive advantage over
other states in enticing businesses to relocate to
our region.
The impact of the recent national elections is
still a wild card. At this time last year, I was hopeful that 2013’s last minute budget deal signaled
a beginning of compromise and good governing.
Unfortunately that wasn’t the case in 2014.
I am again hopeful that our elected officials will
get back to the business of governing. The upcoming term will prove interesting for the nation as the
new majority will need to figure out not only how to
compromise with the minority and the President,
but how to build consensus with it’s own divided
constituency to achieve results.
I am optimistic for 2015, slightly more optimistic
than last year, although I haven’t yet reached a
level which could be described as excited. All the
signs suggest that 2015 will continue the positive
trends we experienced last year. As the economy
strengthens, the positive effects will help perpetuate the momentum.
BY STEPHEN KYNE
The year 2014 had its share of distractions, at
home and abroad. The Ukraine, ISIS, Ebola, riots,
mid-term elections, lost airliners, the end of “stimulus”, and immigration, to name just a few, all had a
short-term effect on the markets. In spite of all of
them, however, U.S. markets still managed a banner
year. This is confirmation, once again, that the U.S.
economic recovery is real.
With negative GDP figures in the first quarter,
the year had a bumpy start. The decline was largely
attributed to the severe winter weather experienced
by much of the nation. With recent revisions to third
quarter GDP showing 5 percent annualized growth,
we expect 2014 US economic growth to come in just
shy of 3 percent when all is said and done. Looking
toward 2015, we expect the economic expansion to
continue, and for GDP to continue growing at about
three percent.
We expected inflation to remain historically low,
and the 2014 Consumer Price Index (CPI) to come
in around 2 percent. However, due to lowering
energy costs, attributed largely to increased U.S.
production, we now expect CPI to register around 1.3
percent for the year. We expect to see energy prices
rebound modestly through 2015, which should be
reflected in an inflation rate of around two percent
in the year to come.
Once again, gold, often considered a hedge
against inflation, should not see much price appreciation in the year to come, and may actually
continue decreasing in value.
After experiencing an increase of 30 percent
in 2013, the S&P continues to break records. We
projected an increase of 15 percent for the S&P in
2014, and the year-to-date increase as of Dec. 29 was
over 13 percent.
There are many perennially wrong naysayers
pointing to this increase as proof of a stock market
bubble, however with valuations still in the range of
15-17 times earnings, we feel that U.S. stocks continue to be fairly valued. As companies continue to
report record earnings, we see more room for price
appreciation. While we expect the rate of U.S. stock
appreciation to slow, we think a ten percent increase
in the S&P is quite likely in the coming year.
The end to the Fed’s bond buying, known as
“stimulus,” turned out to be a non-event. There are a
great many economic pessimists who had advanced
the notion that the economy had been propped up
by the activities of the Fed, and were proved wrong
as the U.S. economy continues to post record figures
even after the end of stimulus.
We expect that in mid-2015, the Fed will begin
to raise interest rates. With rates effectively at zero
since 2008, and stimulus at an end, it’s only a matter
of time. While the initial reaction to this increase
may weigh on U.S. stock markets, it may be wise to
treat any dip as a buying opportunity, as we do not
Stephen Kyne, partner, Sterling Manor
Financial LLC.
expect monetary policy to become tight in 2015, just
simply less loose.
Internationally, we see a varied landscape.
European growth is being hampered by systemic
problems. Some countries in the Eurozone should
see improvement in the coming year, including
Germany and Spain, while others, including Italy,
will be drag on the overall economic expansion. We
see growth in the Eurozone in the 1 percent range
in 2015. The decrease in the value of the Euro, relative to the U.S. dollar and British pound, should help
Eurozone exporters by making their products less
expensive on the global markets.
Decreasing global energy prices should help
the more developed, of the developing nations in
Asia, including South Korea, India and China. We
see China’s growth rate slowing as it tackles issues
related to debt accumulation. India should show
an increase in its rate of growth as policy reforms
stemming from recent elections begin to take hold.
Many of the Latin American countries continue
to wrestle with their economic problems, including
Argentina and Venezuela. Mexico, in spite of its
own issues, should be able to take advantage of the
continued U.S. recovery and may continue to show
improvement.
Domestically, we see the economy continuing
to improve, unemployment decreasing, inflation to
remain in-check, and U.S. stock investors benefiting.
Overall, we think 2015 will be another great year for
the US economy.
Of course, these are forward-looking statements,
and are based on information currently available.
Any new information could dramatically alter our
projections, so be sure to consult with your financial
advisor to ensure your investment strategy reflects
your goals and any changes in the economic landscape.
Outlook 2015
Derway Continued From Page 11
be an economic driver in terms of investment
and job creation in our region is the increase
in craft beverage producers (beer, wine and
distilled spirits). The prospects for New York
agriculture that have been created from this
boom continue to expand, in turn providing
jobs in our local economy and fueling economic
growth throughout Washington County and
New York state as a whole.
This sector not only creates jobs but also
supports our farmers and brings in tourism
dollars across the state as well. Statistics show
that both the number of farm based businesses
manufacturing craft beverages using locally
grown ingredients and the total number of
manufacturers producing alcoholic beverages
have more than doubled since 2011.
The efforts of Gov. Andrew Cuomo and area
legislators to provide new support and funding
resources to encourage the purchase of locally
made products and attract visitors is ultimately
expected to lead to continued growth in this
sector.
While we are optimistic about the economic
outlook for 2015, economic factors outside the
U.S. could impact 2015 as many of the world’s
economies are experiencing slowdowns and
turmoil. But for the U.S. economy, the most
critical unknown is whether the Federal Reserve will begin to raise the federal funds rate
which has been locked since 2008.
A Federal Reserve hike, whenever it comes,
could affect growth, inflation and exchange
rates around the world. Higher interest rates
are on the horizon as we also expect that the
Federal Reserve will bump up short term rates
at some point in 2015 which in turn will raise
lending institutions rates.
The primary service offered by WCLDC is
lending. Financing entrepreneurs, supporting
company expansions, equipment purchases
and real estate investments are just a few
of the services available. Another priority is
partnerships. The WCLDC frequently works
with financial institutions to assist businesses,
as well as offer community development investment programs for developers.
The WCLDC consistently collaborates and
engages with strategic regional economic
development agencies and statewide organizations to ensure resources, programs and
funding streams are available to best serve
existing businesses and start-ups. Whether it
is upgrading existing machinery/equipment,
adding production lines, buying or building a
facility, acquiring working capital or job creation/retention; the WCLDC has programs with
funding options to encourage growth across all
sectors throughout the county.
The good news is that exciting things are
happening in Washington County and we anticipate another busy year in 2015. Unique new
businesses and expansions of current companies are appearing regularly and the WCLDC is
committed to helping these employers receive
the services they need to be successful.
BY MARK SHAW
The year 2015 will bring about a number of
changes to the IT industry.
Two items that are easy to pick off the top
are the ending of support for Windows Server
2003 and “Capex” versus “Opex” when choosing technology services and solutions for your
small business.
Server 2003, the Microsoft flagship server
product for almost 12 years, finally comes to an
end. In an unprecedented move, we have seen
two major platforms for businesses (Windows
XP and Server 2003) both come to end of life
within a year of each other. This will push
business to decide on the best replacement
path for them for the hardware and software
Mark Shaw, president, Stored Technology
Solutions (StoredTech).
they are using.
Many small businesses for the first time in a
decade will have real choices in how to spend
their IT capital. This is why Capex and Opex
were picked as the second largest economic
outlook indicators in 2015.
So what is Capex and Opex as it pertains to
technology solutions? Simply put, it is the ability to take what used to be a capital expense
like buying new servers, software and networking infrastructure that have to be depreciated
over a set about of time, and convert it to an
expense item that can be seen as a monthly
service fee and deducted fully in the period in
which they occurred.
Small businesses in the past have simply
replaced older servers for new servers and
upgraded software and solutions to make them
compliant, add new features or provide better
productivity. These capital upgrades often
require a “rip and replace” of the old hardware
and applications.
Since the introduction of the “cloud,” a term
often overused but whose value is never understated, businesses are able to stop the cycle of
replacing hardware and software at set times
and move the costs to an expense model where
they can pay for the services and the hardware
as a service fee.
This removes the need for much of the
server and storage hardware and places the
applications and services with a vendor who
takes responsibility for the upgrades, updates,
all the hardware and maintenance for the line
of business application.
An easy example of how this can save your
company capital and provide a better ROI
would be the most basic service most organizations have moved to Opex and that is email.
If you had an Exchange 2003 server running
on Windows 2003 that was end of life you have
two options.
1: Buy a new server, pay for new software
licenses for the email and the operating system,
hire a consultant or pay staff to upgrade and
rip/replace the old servers. This is a capital
expense for many companies and will require
a similar exercise in 5-7 years.
2: Move to a cloud-based email system like
Microsoft Office 365 or Google`s Business Apps
and pay a monthly fee for the services. This
becomes an operational expense item. Many
times less than the maintenance required
for the systems purchased in Option 1 alone.
Many ROI calculators exists to show the value
in moving your email to the cloud.
Option 2 has become the norm for many
people today. They remove the hardware,
reduce their technology footprint and all that
it entails (think power, cooling, service and
support) and in return simply let someone
else handle all the back end work required to
run the email service for them. They use the
service, enjoy the upgrades that come as part
of the package without any additional costs and
it works anywhere.
This Capex vs Opex experience will drive the
economics of IT in 2015. Organizations today
are working hard to reduce the amount of overhead it takes to run their networks, allowing
their technology staff to work on driving the
business forward by solving technology problems and not working hard on the non-value
added back end maintenance. Productivity
gains and end user/client satisfaction increases
are also side effects of this Opex model.
This year will hold all of its normal surprises
for the technology sector, but from an economic
impact nothing will be driving businesses to
new ways of thinking more than the forced end
of life to their servers and the new options for
cloud-based solutions to the old standard of
hardware and software refreshes. Small businesses in particular are the biggest winners as
the costs of these services continue to drop and
the number of players continue to increase.
As a small business owner, it’s worth understanding and considering any and all options
when making a needed change to your technology systems.
BY PETE BARDUNIAS
The year 2014 taught us some interesting
lessons. Businesses with the resources were
probably aggressive, investing in a relatively
strong Tech Valley economy.
However, if finances were tight, many
independent businesses appeared timid and
careful about what to do next. Our challenge
as a business community is to support both
groups. The Affordable Care Act had an impact,
at least early in the year, before businesses
became comfortable with their implementation strategies.
The Saratoga County Community Development Program, administered by the Chamber of
Southern Saratoga County with strong support
from the Saratoga County Economic Development Committee and the new Saratoga County
Prosperity Partnership, really hit its stride in
the past year.
Initiatives included a boat show at the
Waterford Tugboat Roundup, a quest for
new manufacturing businesses in the Town
of Halfmoon (by the Halfmoon Business and
Economic Development Committee), local
farm products loaded on a sailing barge at
the Mechanicville docks bound for New York
City, community celebrations for new business
openings, addressing potential drinking water
pollution in Schuylerville and Victory, and
coordinated advertising for businesses in the
Town of Charlton, among others.
The first new initiative of the coming year
is a Winter Celebration on Saratoga Lake, at
Brown’s Beach, during the final three weekends
in January.
Several trends emerged in 2014 that must
be reckoned with. Firstly, Luther Forest needs
our unequivocal support to ensure that sufficient electric power, natural gas and water is
available to GlobalFoundries as it continues to
grow. It’s crunch time – under the leadership
of General Manager Dr. Thomas Caulfield and
his fine team, the Malta facility has a very real
chance to lead the entire world in this industry
for a generation.
The single biggest thing we can do for the
future of our families, our children, our quality of life, and our property values is to help
them succeed.
To some companies, workforce development
needs are acute. We keep hearing that potential
employees “don’t want to work,” that government programs incentivize entitlements over
employment, and that good paying jobs (and
customer orders) are going unfilled while a
class of people stagnates right in our midst.
Add to that the continuing mindset that
distant four-year colleges and careers are the
way to go for many of our young people, and it
adds up to some real distress for our manufacturing businesses.
Kids (and parents) should consider two-year
degrees, vocational programs, and high-paying
careers in the trades. For those who want
longer education opportunities, remember
that our area universities are second to none
in many categories. We need to remind people
that a good living can be made in manufacturing, and let’s throw agriculture into the mix.
Some, like newly-elected Assemblywoman
Pete Bardunias, president/CEO, Chamber
of Southern Saratoga County.
Carrie Woerner of the 113th District, believe
that our high-tech prowess can revolutionize
the agriculture industry and this makes some
very real sense in a state whose number-one
product remains the food we put on our table.
The transportation and timely delivery of
raw materials, finished goods and people to
our area has been at issue as the Midwest oil
boom brings trains full of oil tankers to our
area. The oil is necessary and welcome to fuel
the resurgence of American industry, but it
creates challenges when shipments of other
products are backlogged in rail yards, gradelevel crossings in Halfmoon, Mechanicville
and Stillwater are blocked by long freights, or
passenger trains are left waiting on a siding for
freight trains to clear.
Another issue is trucks. Some companies
report difficulty finding CDL-licensed drivers
for their private fleets. This spells opportunity
for people looking for careers as drivers. The
Tech Valley region is blessed with the ability to
move materials, products and people in four
dimensions—air, highway, rail, and water—
and all resources should be fully utilized. It is
folly to have our canals sitting virtually empty
eight months out of the year while adjacent
roads and rails are bottlenecked. We need to
get more products moved by water.
To help foster in a new age of water transport, a local inventor, former RPI professor
David Borton, is working on an interesting
project befitting our region’s technical prowess.
This year, a cargo vessel will enter service
capable of moving a 12-ton payload anywhere
on the canal system without the need for a
mule or a drop of fossil fuel for the first time
in history. Powered entirely by a solar-electric
propulsion system, the Solar Sal may be one
of the great inventions of history. It’s worth
investing the time to find out.
Finally, we need to remember that the U.S.
military is worth an annual $500 million to the
Saratoga area economy and nearly $1 billion to
the Capital Region as a whole. We must support them through the Unified Military Affairs
Council and other initiatives, and remind U.S.
strategists that it is in our nation’s strategic
interests for the military to continue its strong
presence here.
On balance, 2015 looks to be a good year, and
our approaches to the above-mentioned issues
will have a big impact on Saratoga County’s
bottom line as we move forward.
BY DHIANNA YEZZI
I have been accused, in writing annual
forecasts, of being too positive and too enthusiastic about the upcoming year’s economic
environment, especially as it relates to jobs
and employment.
How can I not be enthusiastic? Every year
since 2009 we have seen growth.
The Bureau of Labor Statistics reported on
Dec. 5 that employers added 321,000 jobs in
November, the most in nearly three years. This
has been the best 12 months of job increases
since 1999.
Job growth was widespread, led by gains
in professional and business services, retail
trade, health care, and manufacturing. Employment continued to trend up in temporary help
services (+23,000), management and technical consulting services (+7,000), computer
(+5,000), and employers are paying workers
more. Average weekly earnings rose 2.4 percent
from a year earlier, their fastest pace in a year.
Another piece of good news: Employment in
professional and business services increased by
86,000 in November, compared with an average gain of 57,000 per month over the prior
12 months. So these job gains are not on the
low paying scale, the average hourly salary in
the professional and business sector is $24.66.
Even first-time jobless claims in the week
ending Dec. 13 were down 6,000 from the
previous week’s level. Economists at Briefing.
com say the claims data continue to suggest an
economy at, or near, full employment.
In local employment news, the current unemployment rate was 4.1 percent in Saratoga
County. And job growth also was strong, with
the Capital Region recovering all the jobs it had
lost during the Great Recession.
But the workforce is shrinking, and by
November was down to levels not seen for
the month since 1996. Analysts attributed the
Dhianna Yezzi, owner, Integrated
Staffing, Saratoga Springs.
shrinkage to two factors: an aging workforce
that was retiring, and discouraged workers who
had given up the search for a job.
So where are the jobs in 2015? According
to Simply Hired, media, healthcare, manufacturing, military and construction are the
industries that will continue to show growth.
Information Technology positions, including
web and software development job postings,
are up 15 percent from 2010. In fact, 70 percent
of Americans currently hold jobs that were
technically nonexistent 20 years ago.
So I’m still thinking positive for 2015. There’s
always a chance that Russia’s economic crisis
could affect our continued recovery or that
a Middle East conflict could disrupt growth.
But the falling oil prices are expected to help
the U.S. economy, and add to employment and
business activity.
This slow and meandering recovery that I
have had the pleasure of reporting about for
these forecasts over the last few years seems
to be continuing. But I think it’s time to retire
the “recovery” moniker that we have used
since 2009.
We have gained all the jobs lost from the
Great Recession and we can look forward to
sustaining that growth in 2015. We’ve recovered.
Please support these members of the
Saratoga Builders Association!
Our commitment and mission is to the continued growth, prosperity and quality of life in Saratoga County.
23rd and Fourth
84 Lumber Company
Adirondack Appliance
Adirondack Audio & Video
Adirondack Electrical and Home Automation
Adirondack Trust Company
Albany Mechanical Services, Inc.
Allerdice Building Supply
Ambiance Systems
Amedore Homes, Inc.
Andersen Windows
Appolo Heating
Ballston Spa National Bank
Barbera Homes
BCI Construction, Inc.
BDB Paving
Beacon Sales
Bella Home Builders, Inc.
Bellevue Builders Supply
Belmonte Builders
Blitman Development Corp.
Boise Cascade
Bonacio Construction, Inc.
Brownell Electric
C. T. Male Associates
Capital Bank
Capital Construction, Inc.
Capital District Properties
Capitol District Supply Co.
Capital Painting Services
Care Clean, Inc.
Carpetmaster Carpet One
CDJT Development
Central NY Electrical Contractors, Inc.
Cerrone Builders
CGM Construction
Chestwood Kitchen
Chippewa Stone
Cicero Builders
Citizens Bank
CLA SITE
Classic Homes
Classic Interiors
Columbia Cabinet Works
Crawford Door & Window Sales
Curtis Lumber Co., Inc.
Designers Studio
Drywall Center, Inc.
Engineering America Company
Equitas Realty
Erie Materials, Inc.
First Niagara Bank
Galarneau Builders, Inc.
Galway Fuel Co-op
Geico Local Office
GNH Lumber Inc.
Granite & Marble Works, Inc.
H.R. Schultz, Inc.
Habitat for Humanity
Halfmoon Construction Company
Heritage Custom Builders
Heritage Wide Plank Flooring
Homeowners Advantage
Hodorowski Homes
Homestead Funding Corp.
Hudson Solar
Ianniello Anderson P.C.
Ingalls & Associates
Insurance Agency Group of New York
J2 Designs
J.P. Construction Co.
Jaeger & Flynn Associates, Inc.
Jim Waters Corp.
JIMAPCO
Kodiak Construction, Inc.
Malta Development Co., Inc.
Mannix Marketing
Marshall & Sterling Upstate
McPadden Builders
Munter Enterprises
Mymark Construction & Renovations
NBT Bank
New York Long Term Care Brokers
Northeast Government Consulting, LLC
Northeast Seamless Gutter
North East Spray Foam
Overhead Door Co. of Glens Falls, Inc.
P & A Builders, Inc.
Pallette Stone Corp.
Perception Window Fashions
Phinney Design Group
A PROFESSIONAL TRADE
ASSOCIATION FOR
BUILDING PROFESSIONALS
Pietrosanto Insurance
Plum & Crimson Fine Interior Design
Polito Homes
Pompa Bros, Inc.
Probuild
Precision Glass & Aluminum, Inc.
Quality Roofing & Siding Supplies
RCS Publications
Randall Perry Photography
RealtyUSA
Rebuilding Together Saratoga County
Redbud Development Inc.
Reinhart & Associates
Rick Cooper Construction Inc.
Robert Marini Builders, Inc.
Roohan Realty
Saratoga Builders
Saratoga Business Journal
Saratoga Human Resources Solutions
Saratoga Living
Saratoga Masonry Supply Inc.
Saratoga National Bank & Trust Co.
Saratoga Springs Preservation Foundation
Saratoga Today
Saratoga’s Community Federal Credit Union
Scott Varley Team
Security Supply Corp.
Select Sotheby’s
Shaker Builders Inc.
Sheft Electric
Sherman Tile Associates, Inc.
Spa City Builders
Stone Industries
Suburban Propane
Superior Plus Energy Services
Sutton & Tarantino Insurance
Terrace Corporation of NY
The Chazen Companies
The Michaels Group, Inc.
Thomas J. Farone Homebuilders
TJ Sweeney Construction
Traditional Builders Ltd.
Trojan Steel
Trojanski Builders
Trus Joist Weyerhaeuser
Trustco Bank
Vast Security
VanVeghten Construction
Verhaeg Building & Remodeling, Inc.
Wells Fargo Advisors
Wells Fargo Mortgage
Whiteman Osterman & Hanna
Witt Construction, Inc.
W.J. Morris Excavating, Inc.
W.M. Schultz Construction, Inc.
Zimmer Construction
Your Saratoga Builders Association has raised over $850,000 for our local charities.
Mark your calendars for the 2015 Saratoga Showcase of Homes
September 19-20, 26-27 & October 3-4
PO Box 1063 •
Saratoga Springs NY 12866 • www.saratogabuilders.org
Outlook 2015
BY BARRY POTOKER
No one can really predict the future, but the
past few years have truly seen the building and
real estate industries come storming back. So
where does it go from here?
According to The National Association of Home
Builders/Wells Fargo, builder sentiment gauge,
an indicator of industry confidence, recently advanced to 58, matching the second-highest level
since 2005. Furthermore, with mortgage rates still
hovering near 4 percent and unemployment at a
six-year low, more Americans have the confidence
to enter the market.
At the same time, wage growth has been lackluster this past year and property values have
climbed, making home ownership a challenge for
some first-time buyers.
Forbes magazine’s panel of experts on the housing industry concludes (and this seems to make
sense) the housing market has been shifting out
of rapid recovery and into a more stable phase
that economists are calling the new normal. Here
are 10 things housing experts expect to see in 2015:
1 . P r i c e s w i l l r i s e m o re s l o w l y.
Housing price gains slowed dramatically in 2014
and are expected to continue on that trajectory
into 2015. Easing housing inventory levels and
the exit of investors from the market are helping
to put the brakes on home price escalation. Zillow predicts home prices will rise just 2.5 percent
in 2015 while Realtor.com predicts an annual gain
of between 4-5 percent.
2. Affordability will worsen.
Unfortunately slowing home prices doesn’t mean
that home ownership will become more affordable.
Prices will probably rise faster than incomes, and
as mortgage rates increase, affordability will erode.
Realtor.com predicts that home affordability
will decrease by 5-10 percent in 2015.
3. The buying frenzy will fade.
Good news for regular people: the homebuying
process should get a little less hectic in 2015,
thanks to eased inventory and credit, plus the
exit of investors from the market. As prices rose
in 2014, more people put their homes up for sale.
More inventory will continue to come online,
putting the competitive pressure on sellers for
a change.
This more balanced market will be smoother
sailing for everyone, both for buyers in search of
a competitive advantage, and for sellers who turn
around and become buyers themselves.
4. Mortgage interest rates will rise.
The Mortgage Bankers’ Association predicts
that rates will rise to 5 percent by the end of
2015 and Freddie Mac’s chief economist Frank
Nofthaft expects a more cautious average of 4.5
percent in 2015.
5. Millennials overtake Gen X as homebuyers.
By the end of 2015, Millennials (those under the
age of 35) will overtake Gen X (35-50) to become
Barry Potoker, executive director,
Saratoga Builders Association.
the largest group of homebuyers in the U.S., predicts Zillow, “Roughly 42 percent of Millennials say
they want to buy a home in the next one to five
years, compared to just 31 percent of Generation
X. As this generation matures, they will become a
home-buying force to be reckoned with.”
6. Rent increases will outpace home value growth.
In 2015 many 25-34-year-olds will form new
households, but instead of buying they’ll rent,
predicts Truliaw. In part, this forecast is based on
demographic factors and because many of them
will still need to save for a down payment. These
factors will continue to push the demand for multifamily housing and rents will keep rising by about
3.5 percent in 2015.
7 . M u l t i f a m i l y w i l l r e i g n . This year we’ve seen a boom in multi-family construction. Meanwhile, forecasts predict a boost
in 2015 on groundbreakings of new single-family
homes (NAHB: 837,000, Fannie Mae: 783,000,
and Wells Fargo: 770,000), as well as new home
sales (NAR: 620,000; NAHB: 547,000). Trulia’s research indicates that more people
will try to sell their homes next year (and Realtor.
com predicts that existing, or previously owned,
home sales will grow 8 percent in 2015). The
entry of these previously owned homes onto the
market could suppress the demand for more expensive newly constructed homes. So builders may
very well have another strong year meeting the
demand for apartments and multifamily housing.
8. Builders shift to cheaper homes.
In recent years, builders have chosen to build
fewer, more expensive homes instead of more, less
expensive homes. The trend—driven in part by a
limited supply of land during the recovery–has left
a price gap between more expensive new homes
and less expensive existing homes, keeping new
home sales around or lower than the 450,000
per year mark since the recession. Most analysts
agree that new home sales will top the 500,000
mark in 2015.
9. Foreclosures will match pre-recession levels.
From January through November 2014, there were
1,256,070 foreclosure filings in the U.S., according
to the firm RealtyTrac, down about 17.2 percent
from the same period the prior year. Watch for
2015 to close out the foreclosure era.
10. Markets driven by fundamentals.
Next year the housing market will be driven
more by underlying economic fundamentals–job
growth, incomes, household formation–than by
macro-economic factors such as national price
crashes.
In our organization, we are truly optimistic
about the future of the local building industry
as it continues to stabilize and grow in our area.
Our builders, remodelers and suppliers, are still
as busy as they have been over the past 3-4 years
since the recovery began.
For those who are looking for
an evening of exquisite food and
elegance, may we recommend
Nové Italian Restaurant on
Route 9 in Wilton. This popular
eatery offers casual, traditional
Italian cuisine in an elegant atmosphere. The main dining room
seats approximately 180 guests,
so there’s room for everyone. A
spacious stone patio overlooks a
forest waterfall in the rear of the
property – a quiet setting for dessert or cocktails.
The extensive wine and cocktail
list features an international selection of luscious reds and whites,
including favorites Tignanello and
Caymus. The menu, prepared
daily from scratch, ranges from
classic Italian-American favorites such as chicken parm, and
lasagna to featured dishes with
a more exotic flair. From hearty
Italian bolognese sauce, a family
recipe, to a prime cut strip steak,
the options are endless.
Te m p t i n g d e s s e r t s , i n c l u d ing Stephanie’s award-winning
cheese cake – a creamy delightful
family recipe – should not be overlooked. Nové is open 11:30 am til
10 pm daily. Catering and take-out
are also available. Call 583-8877
or visit www.novesaratoga.com.
Buonappetito !!
One needn’t have a passport
to enter Boca Bistro at 384
Broadway in the heart of Saratoga
Springs, despite the authenticity
of its Spanish décor.
From the tapas to the churros,
Boca Bistro provides guests with
an unforgettable dining experience that is rich in Mediterranean
flavor. A hand-carved wooden
door, 200-year-old red brick walls
and copper ceiling panels are
all part of a mosaic that blends
earthen and distressed textures
with stylistic accents.
Boca Bistro’s main menu, created by Executive Chef Rosalyn
Zecchini, is divided into three sections: Tapas, Dinners and Desserts. Foods prepared in small
bite form at prices ranging from
$6 to $13 consist of three main
categories: Costas De Picar (eaten with hands, such as olives),
Pinchos (requiring the use of a
utensil, such as rice) and Cazuelas (served in a sauce, such as
meatballs).
The dinner menu draws attention to the “ancestry, tradition
and humble origins” of Old World
Spanish dishes that were typically the result of ingredients put
together by peasants, farmers or
shepherd families, with products
from their own fields and orchards. Dinner items range from
$6 to $22.
Traditional sweet Spanish desserts – some influenced by the
Moors, others from recipes that
can be traced back to centuriesold nunneries – are priced at $6
to $7.
Boca Bistro opens for dinner
at 5 p.m. daily. A Happy Hour
that includes a specially selected
tapas menu takes place daily from
4 to 6 p.m. Tel. 682-2800; www.
bocabistro.com.
1951 - 2014
Our 63rd Year
Facility Maintenance Solutions
Foodservice Disposables
Commercial Dish Machines & Detergents
Proctor & Gamble Laundry
Housekeeping Program
www.lelandpaper.com
(518) 792-0949 • Toll Free 1-800-825-3526 • 1-800-82LELAND
10 Leland Drive, Glens Falls, N.Y. 12801
•
Card Catalog
•
2015 Economic Outlook
BY TODD SHIMKUS
Looking forward to 2015, I see five trends that
I expect will help to drive our economy forward.
Opening Doors. In 2014, one measurement of
our economy’s growth is that the Saratoga County
Chamber of Commerce took part in 80 ribbon cuttings all across Saratoga County. Armed with one of
the largest pairs of scissors you’ll ever see, we went
to more ribbon cuttings in 2014 than ever before.
We believe in opening doors and closing deals and
we did a lot of that in 2014. This is a positive sign for
the future of Saratoga County given that so many
people are willing to invest in local operations and
to create local jobs.
Closing Deals. A number of these ribbon cuttings were held at businesses that obtained professional advice and support from the Chamber’s
SCORE program. With 12 talented and experienced
volunteers, our SCORE program is one of the most
N
vibrant anywhere. Demand for their free and confidential advice has been on the rise for many years.
So much so that our SCORE volunteers now
meet with clients in our Chamber’s offices in
Saratoga Springs as well as at Hudson Valley Community College’s Tech Smart Facility, in Malta.
Due to confidentiality issues, you may not realize
how many businesses are helped by our SCORE
volunteers but we’re sure that most readers have
passed by if not done business with at least one or
more of their clients on a regular basis. We have
every expectation that this trend will continue
and that small businesses and entrepreneurs will
continue to seek out their advice before investing
and helping to grow our local economy.
Everyone on the Map. The supply of available
hotel rooms across Saratoga County increased in
2014 and it will again in 2015 and 2016. For the past
six quarters, Saratoga County has established new
Saratoga
Springs
29
14
50
Minutes to Malta &
Global Foundries
13
87
9P
(incl. utilities, janitorial, wi-fi)
9P
108
67
Malta
12
Brian Conley
NYS Licensed Real Estate Associate Broker
Conley Realty Services
9
518.626.0682
11
87
50
64
63
Ballston
Spa
Visionary Park
2715 Route 9 Malta
9P
9
Executive
Office Suites
$600 / month
29
15
Clifton
Park
10
Global
Foundries
historic records for hotel occupancy taxes collected
across the county. If Saratoga County is to continue
to see increasing hotel occupancy, hotel revenues
and occupancy tax collections, we have to expand
and improve the marketing of Saratoga County to
increase visitor and tourist demand for the new
supply of rooms.
Thankfully, the Saratoga County Board of
Supervisors voted to increase their tourism
marketing budget in 2015. Combined with an
increase in contributions by the private sector to
our Chamber’s cooperative advertising campaign,
the Saratoga County Chamber is poised to pull out
all of the stops to bring more tourists in to Saratoga
County in 2015.
Join the Team. From new buildings constructed by local hospitals across Saratoga County to the
opening of new health and wellness businesses in
commercial areas, we believe the health and wellness industry is again one of the leading creators
of jobs, new business startups, and economic opportunity in Saratoga County.
Within one year, the Saratoga County Chamber
of Commerce’s Health and Wellness Council has
become the largest committee we have. They’ve
become visible and vocal advocates for efforts to
establish Saratoga County as one of the healthiest
places to live and they are creating new programs
and partnerships to help us achieve this goal. Beyond assisting this sector to create new businesses
and new jobs, the growth and recognition of our
#healthysaratoga movement will also position
Saratoga County as a great place to live particularly
for young professionals and families looking to live
a healthy lifestyle.
Creative Ideas. A study of the Capital Region’s
“creative economy” in 2014 demonstrated just
Todd Shimkus, president, Saratoga
County Chamber of Commerce.
how important this sector is to Saratoga County’s
future. This report confirmed that we in Saratoga
County have an amazing opportunity here if we can
find ways to help artists and architects, interior
designers and software developers, musicians and
manufacturers, as well as those engaged in jobs
related to the performing arts and publishing.
Our work to help attract The Orchard Project
to Saratoga Springs starting in June of 2015 is a
demonstration of our capacity to convene creative
ideas and positive partnerships to grow our creative
economy. But this is just the start of our work in this
area motivated by the advice we are getting both
from the members of our Saratoga Tech Executives
group and the many arts organizations we were
engaged with during the creative economy study.

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