Economic Development Month in Review: September 2018
For the Top Economic Development News of the Month, CEG selects news articles about projects or developments that promise to improve and/or transform the Capital Region’s economy, particularly those that related to manufacturing and initiatives outlined in Capital 20.20, a five-year, multi-pronged plan for bringing economic prosperity to the entire region.
To learn about more the Capital Region’s economic development news from the past month, see CEG’s Economic Development Week in Review posts:
“The Cuomo administration is offering drug maker Regeneron $140 million in incentives to expand its Rensselaer County operations over the next seven years, an effort that would include 1,500 new jobs at an $800 million investment by the Tarrytown-based pharmaceutical company.
“New York is proud to be at the forefront of the life sciences industry and the home of global biotech leaders like Regeneron,” Governor Andrew Cuomo said in a statement about the agreement. “The continued growth of Regeneron here in New York is yet another indication that we are leading the way in the life sciences and attracting the jobs of tomorrow. Regeneron’s expansion will further drive economic growth in the Capital Region and fuel lifesaving innovation and development that benefits the entire world.”
“A planned $5 million expansion of Capital Roots in Troy has grown into an $8 million investment because of strong demand for fresh produce and a new program linking local farmers with school cafeterias.
The nonprofit, which owns the Urban Grow Center at 594 River St., expects to break ground next spring on a 21,000-square-foot addition, said Amy Klein, chief executive officer.”
“Saratoga Economic Development Corporation led an incentive application to the Saratoga County IDA recently to help retain and grow Airosmith, Inc.’s corporate headquarters.
SEDC presented a package seeking payment-in-lieu-of-taxes (PILOT) incentive, sales and mortgage tax abatement for retaining 51 high-paying jobs averaging $80,509 per year and adding nine new full-time jobs in the next three years. A news release said the combined incentive value is $411,352.”
“ILÚM Health Solutions, a wholly-owned subsidiary of pharmaceutical company Merck & Co. (NYSE: MRK), plans to invest $48 million and create 115 jobs in the Albany area over five years, Gov. Andrew Cuomo announced Friday.
According to a statement from Cuomo’s office, ILÚM will partner with health care company OpGen Inc., the New York Department of Health and the Wadsworth Center on a new ‘research program to detect, track and manage antimicrobial-resistant infections at healthcare institutions statewide.’”
“An artisan-style bakery will occupy a prominent space in the new Mill Artisan District, with a retail counter and dining room facing onto lower State Street.
Bountiful Bread was introduced Tuesday as the first such tenant of the $30 million project. More will be announced, including wood-fired pizza and barbecue restaurants. Next door, at the corner of State and South Ferry streets, the Frog Alley brewery is nearing completion and expected to start production in October.”
“SUNY Adirondack will hold a ribbon-cutting ceremony for its new Culinary Arts Center at 4:30 p.m. Wednesday at its downtown location at 14 Hudson.
The college is leasing about 8,000 square feet of space on the ground floor of the mixed-use building for its program which is relocating the culinary arts program from Bay Road.”
“A groundbreaking ceremony was held Wednesday at the Luther Forest Technology Campus for one of the most cutting-edge energy facilities being built in the Capital Region — a 20-megawatt energy storage battery.
The facility, owned by a company called Key Capture Energy, will be the largest lithium-ion battery project in New York state and will require nine employees and support 25 construction jobs.”
“Lt. Gov. Kathy Hochul announced today the city of Albany won a $10 million state grant to redevelop an area downtown near the Palace Theater.
Hochul made the announcement at Capital Rep at 111 N. Pearl St.”
“Velan Studios is expanding in Troy and adding 49 jobs to its current workforce of 40, Empire State Development announced Friday.
Velan will expand into 7,600 square feet of space on Third Street downtown, investing $630,000. Empire State Development will provide a performance-based grant of up to $200,000.”
“Five community colleges have partnered on a workforce development program to help fill a labor shortage in the Albany region.
The goal of the new initiative is to identify skills gaps by talking to local employers such as Beech Nut and the Watervliet Arsenal. The colleges will use these insights to better train students into potential employees for manufacturing, health care and technology jobs.”
“The Albany Capital Center will be the site of the Hudson Valley Gamer Convention 2019 on March 30-31. Co-hosting the eSports event will be the Center for Economic Growth, Metro Atlantic Athletic Conference and the ECAC.
The conference and expo will have seating for more than 800 guests to watch ECAC eSports Championships, featuring three popular game titles, including ‘League of Legends’ and ‘Overwatch.’”
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