May 30 2023

CEG Economic Development Week in Review May 22 – May 26, 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:



Warren County company contributes to Navy aircraft carrier’s facelift

“A U.S. Navy aircraft carrier’s refurbishment project in southeast Virginia is using a product that started in a Warren County quarry.

Barton Mines has supplied garnet extracted from its site in Johnsburg and processed at its Hamilton County plant for the sandblasting of the surface of the USS John C. Stennis. The four-year project is taking place in Newport News, Virginia, where Barton customer Mid-Atlantic Coatings Inc. is using Barton Adirondack 30/60 CG garnet blast abrasive to clean the massive ship’s steel shell and prepare it for a new protective coating.”

Cairo eyed for industrial development

“The owner of the parcel across from the McDonald’s on Route 23 is in the process of obtaining water and sewer services to develop the site for commercial purposes.”

Regional Economic Development Council opens application for latest round of initiative

“The latest round of the Regional Economic Development Council Initiative opened its application period this past week, allowing each region in the state to compete for state funding for local projects that aim to improve their communities and create economic growth.

Since the first round of REDC awards in 2011, there have been 1,067 funded through Consolidated Fund Application awards. Eighty-two percent of them are on schedule or completed. The projects received a total of $524.2 million in CFA awards, which leveraged $2.9 billion in total investments.”

Restore NY: Here’s what development projects received funding

“A former Catholic high school that would be converted into apartments.

An empty car dealership that would be demolished to build a grocery store.

An abandoned industrial site that would be redeveloped into a food and arts destination.

All three projects, and more, will receive funding from the latest round of Restore New York, a state program that provides municipalities with funding to remove or redevelop vacant and/or dilapidated buildings.”

IDA approves tax breaks for new Lake George boat storage

“The Warren and Washington IDA approved a financial assistance package for a new $3,007,381 boat storage facility on Wednesday.

Yankee Marine submitted an application with the agency seeking an estimated $112,695 worth of breaks on sales taxes associated with the supplies and equipment needed for construction, an estimated $22,342 mortgage tax break and an additional estimated $117,744 in property tax breaks spread over a 10-year period.”

GE hiring 200 for new $50 million turbine line in Schenectady

“In a turnaround boosted by state and federal incentives for green energy, General Electric on Tuesday said they planned to hire 200 people to work at a new $50 million on-shore wind turbine assembly line at the company’s downtown plant.

The union jobs will include operators and engineers who will work on GE Vernova’s 6.1-megawatt turbine.”

NY Creates signs research agreements with South Korea and Israel

“NY Creates, the state entity that oversees Albany Nanotech, has signed two new international research cooperation agreements that promote U.S. interests with its geopolitical allies.

One of the agreements was with the Korea Institute of Advancement of Technology and was signed by the state and Korea officials during the official state visit by Republic of Korea President Yoon Suk Yeol.”

Funding Partners