CEG Economic Development Week in Review – December 17 – December 22, 2018
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CEG IN THE NEWS
REGIONAL ECONOMIC DEVELOPMENT NEWS
“Russ Brooks will spend $2.5 million to add a new product line, tapping into a market making wood-framed windows for Ivy League schools and historic buildings along the East Coast.
As a principal with Case Window and Door in Green Island, New York, Brooks also will purchase equipment to bring metal fastener manufacturing in-house, increasing margins and eliminating the need for monthly shipments from German and Austrian suppliers.”
“The Albany region will receive $67 million from the state to use toward 95 economic development projects.
The eighth-annual ceremony to distribute $763 million in state money was held today at the Albany Capital Center.”
“Money to construct a new parking garage on South Street and a new hotel at Gore Mountain, and to clean up a demolished building in Whitehall, were part of $67 million in funding the Capital Region received from the governor’s Regional Economic Development Council.
A big-ticket item included $1.5 million for the construction of a 450- to 475-vehicle parking garage along South Street. The parking garage is part of the Downtown Revitalization Initiative project, which includes a new farmers market on the old OTB site at 51-57 South St.”
“Columbia County received a $1.4 million award Tuesday at the eighth annual Regional Economic Development Council awards ceremony, including Hudson, which won $263,736 to mitigate sewer overflows.
The Capital Region was awarded $67 million in the Consolidated Funding Awards at a ceremony led by Lt. Gov. Kathy Hochul at Albany Capital Center, 55 Eagle St. Of the region’s award, $28 million is slated for nonspecific projects.”
“Tuesday’s Saratoga Springs City Council meeting was dominated with an ambitious presentation by Elizabeth Sobol, President and CEO of the Saratoga Performing Arts Center (SPAC).
Sobol announced that SPAC has been awarded $1,695,000 in economic and community development funding by the Regional Economic Development Council (REDC) Initiative. The news was shared by Gov. Andrew M. Cuomo as part of the 2018 REDC Awards, which granted $763 million in funds throughout New York State.”
“Jeff Dagen started his business hauling steel pipe, turbines and air handling systems with a Mack truck, a 48-foot flatbed trailer and a $30,000 loan from his former boss.
Twenty-five years later, the owner of Dagen Trucking is determined to bring a new industry to Albany — manufacturing, assembling and hauling 800-foot tall offshore wind turbines.”
“Regeneron Pharmaceuticals will receive up to $140 million from New York state toward its major expansion project in East Greenbush.
The Empire State Development Corp. board on Thursday approved up to $70 million in capital grants and up to $70 million in Excelsior Jobs Program tax credits for Regeneron (Nasdaq: REGN).”
“A strong talent pool and access to clean water were among the reasons a Mexican pharmaceutical company chose Rotterdam, New York, for a new manufacturing plant.
It was $4 million in state incentives that sealed the deal, said Jeff Hover, president and CEO of PiSA BioPharm Inc., the U.S. subsidiary of Grupo PiSA.”