August 4 2023

CEG Economic Development Week in Review July 31 – August 4, 2023

Stay up-to-date on business and economic development happenings in the Capital Region with the CEG Economic Development Week in Review. Don’t miss out on the developments that are transforming the region by following us on:


Post Star: Essity-closure is not a harbinger of manufacturing troubles



New Rensselaer apartments planned for sites near train station and on Broadway

“Two development projects totaling more than $12 million will bring new market-rate apartments and ground-floor commercial tenants to Rensselaer.

The former St. John’s High School at 20 Herrick St. across from the Amtrak train station will be converted into 49 apartments and 7,500 square feet of commercial space at a cost of about $9 million.”

Albany Inno – Free Form Fibers’ latest contracts a step toward commercialization

“Free Form Fibers just landed two government grants that could create a customer pipeline for its budding commercial operation.

CEO Shay Harrison said over the last eight to nine months the company’s customer orders have started picking up. And the grant program could lead to more opportunities to find customers.”

Medicare windfall for local hospitals is finalized

“The Centers for Medicare and Medicaid Services has finalized a rule that is expected to steer an extra $1 billion in federal funds annually to upstate hospitals, U.S. Senate Majority Leader Charles E. Schumer and Congressman Paul Tonko said Tuesday.

Health care facilities in the Capital Region, which historically had one of the lowest Medicare wage reimbursement rates in the state, will see one of the state’s largest Medicare windfalls; nearly $200 million annually will be directed to local hospitals.

AgroChem USA seeks tax incentives for Saratoga Springs expansion after costs double

“AgroChem USA is requesting a tax incentive package for a proposed $6.4 million expansion of its Saratoga Springs plant after the projected cost of the project nearly doubled.

The U.S. arm of French food safety company Kersia Group is considering a 27,500-square-foot warehouse and manufacturing expansion at its production plant in the W.J. Grande Industrial Park. The company has applied for property, sales and mortgage tax exemptions through the Saratoga County Industrial Development Agency after cost projections increased by $3 million over the past three years.”

Albany Nanotech awards design contract for NanoFab Reflection building

“The board of NY CREATES, the state entity that operates Albany Nanotech, has awarded a $22 million contract for the design of its newest building, NanoFab Reflection.

NanoFab Reflection is planned to be a 50,000-square-foot clean room building that will give Albany Nanotech more space to do computer chip research and development. The building, which will include a parking garage, will be located next to a similar existing building called NanoFab X, where IBM has significant operations. The new building is expected to cost nearly $410 million.”

Grant to make New Lebanon businesses more attractive

“The town has received $20,000 through the Regional Economic Development Council Initiative to develop community-based Main Street Revitalization design guidelines and a Renovation Project Action Plan for the town’s main commercial corridor.”

Funding Partners