The key strategy for EDC in 2017 is to continue to serve as the major economic development advocate for Warren County and the upstate region.
The agency will:
• Advocate for private companies and institutions seeking funding assistance to retain and grow investment and jobs.
• Advocate for local municipalities and communities seeking funding for critical infrastructure and projects to accommodate present and future needs.
One example: EDC’s ongoing efforts to bring broadband to unserved and underserved areas within Warren County. Through bipartisan funding legislation by U.S. Sen. Kirsten Gillibrand and U.S. Rep. Elise Stefanik; opportunities exist for a focused broadband initiative. Additional funding is available through Gov. Andrew Cuomo’s NY Connect program. Broadband is as important as other infrastructure in today’s economy and perhaps more important to a widely varied geographic area such as ours.
EDC believes strongly that regional collaborative efforts must continue to support and assist Lake George officials in securing funding for a new waste water treatment facility. Funding is critical from an environmental perspective, as well as for the lake’s long-standing position as an economic engine for tourism year round, a place for second home ownership and development.
EDC is looking forward to working with Nielsen Cor., pending new owners of locally grown Gracenote Inc. (formerly Tribune Media Services) and their 350 employees in Queensbury. There is tremendous opportunity for entertainment metadata in a rapidly evolving global marketplace.
Another key industry sector with major employment is medical device manufacturing in which Glens Falls MSA has one of the highest location quotients nationally.
EDC’s advocacy on behalf of our regional medical device firms through state Sen. Chuck Schumer and Stefanik helped suspend the 2.3 percent excise tax for two years. It is imperative that the tax is permanently removed in 2017 so that reinvestment yields new products, innovations and jobs.
Downtown revitalization will remain an area of focus for EDC. As a result of the state’s $10 million grant, EDC in conjunction with the Advisory Committee, will look to implement this Downtown Revitalization Initiative.
While the Lake George area is a perennial vacation destination for many generations of repeat visitors, EDC concurs with county tourism officials on the need to reach new markets–specifically the Millennial generation–along with the need to market new experiences, packages and itineraries.
Papermaking remains vibrant and active in our region with diversity in products from Finch Paper, SCA, Irving Tissue, International Paper plus supporting suppliers providing a major economic impact. Northway Exit 18 Queensbury-Glens Falls corridor is the site of continued growth within the lodging and entertainment industries.
EDC identified the following as some of the top regional stories of 2016:
• Medical device excise tax included in the Affordable Health Care Act suspended for two years, positively affecting Angiodynamics, CR Bard, Bates Medical, Precision Extrusion and other smaller medical device firms.
• Over $3 million in grants awarded to local organizations through the 2016 NYS Consolidated Funding program.
• Glens Falls Civic Center awarded $2 million from the state for capital improvements.
• Finch Paper receiving a $1.8 million National Grid energy efficiency grant.
• EDC initiating a new program to market Warren County as a prime film production location, along with seeking tax credit legislation which was signed by Gov. Cuomo, bringing parity to films being filmed and produced locally. In October 2016, the independent film “Radium Girls” was filmed in Lake George and Glens Falls.
• $5.5 million State funding awarded to Glens Falls Hospital for capital restructuring, hospice and crisis care.
• Acquisition and planned renovation of 90 South Street, Glens Falls, by Hudson Headwaters Health Network for a women’s health center with funding assistance from the CFA process.
• New York state awarding $10 million for the Glens Falls Arts, Wellness and Entertainment District revitalization initiative, selecting Glens Falls over eight competing cities in the Capital Region.
• Park Street Theater redevelopment receiving state funds to assist in this key art-entertainment project for downtown Glens Falls.
• Gillibrand and Stefanik pledging support to bring full broadband access to Adirondack communities.
• SUNY Adirondack beginning a $17 million NSTEM project and obtaining $9.7 million for Regional Workforce Readiness Center projects.
• The $25 million Bonacio-Buicko five-story, mixed-use development in downtown Glens Falls nearing completion. This signature project kicks off a new era in the city.
Key development projects in 2016 included:
• The $26 million Courtyard by Marriott hotel and the $10 million Surfside Hotel project completed in Lake George. Also the $1.3 million Merrill Magee House restoration in Warrensburg.
• Sale of the Queensbury Hotel in Glens Falls, plus proposed renovations with incentive assistance from the Glens Falls IDA.
• The inaugural 2016 Film Festival in downtown Glens Falls deemed highly successful.
EDC believes although there is much to do in the days ahead, Warren County and the Capital Region beyond are well positioned to capture new opportunity this year.