By Paul Post
Saratoga Economic Development Corporation leveraged its million-dollar budget to help bring $177 million worth of new investment to Saratoga County, create 651 new full-time jobs and retain 214 more, last year alone.
The roughly 250-member, non-profit entity strives to attract and support large and small business alike in all sectors of the local economy.
Vibrant downtowns and a high quality of life with diverse recreational and cultural offerings continue to attract employers. But SEDC President Greg Connors says assets such as Saratoga County’s rich history, the Hudson and Mohawk rivers on its borders, and proximity to the Adirondack Park have considerable potential, too, for boosting the local economy.
“We really run the gamut of being able to support economic sectors that are familiar to Saratoga County and some of the ones that may not be as familiar such as life sciences, industries that support thoroughbred breeding, farming and agriculture,” he said. “Renewable energy has emerged, too, and of course the 21st century advanced manufacturing supply chain.”
“Many of the projects we continue to work on, we work under a non-disclosure agreement,” Connors said. “Investors don’t want their presence to be known during early stages of the investigatory process for obvious reasons. But we’re anticipating significant interest. Our job is to take that interest to investment.”
SEDC’s budget is comprised of member dues, county funding and public utility and state grants.
While there have been many successes, with more on the horizon, SEDC also partners with other agencies to tackle business challenges such as workforce housing, labor shortages, access to abundant, reliable energy sources and providing adequate water, sewer and stormwater infrastructure.
“All of that is on our agenda every day to make more available throughout the county to make it an even better place to invest,” Connors said.
Last June, Mechanicville-Stillwater Industrial Development Agency authorized Dakota Partners to develop and own Hudson Heights Apartments, a 120-unit affordable housing community in Stillwater. All households residing in the community must be income qualified and apartments will be targeted to households between 30 percent and 90 percent of the county’s median income.
“It’s for the general workforce – a teacher, a nurse or if GlobalFoundries needs people, too,” IDA Chair Sally Herrick said. “It will benefit locally because there’s not enough affordable homes to buy for people who want to stay in this area. People are getting priced out of that market. They don’t want to move, so we wanted to make sure that local people who want an affordable place to live have that option.”
“We also wanted to make sure there’s a place for people moving into this area because of a job,” she said. “New York State was a big partner in it.”
With regards to labor needs, Connors said, “It’s a heavy lift; something all of us are going to have to be invested in.”
Toward that end SEDC collaborates with area colleges, high schools and agencies such as the Northeast Construction Trades Workforce to expose young people to careers as electricians, plumbers and HVAC technicians that are vital to future development.
“We need the support and assistance of all our economic development stakeholders starting with the education and building trades communities,” Connors said.
GlobalFoundries’ plans for a second chip fab (8.2) at Luther Forest Technology Campus, an estimated $12 billion project, is expected to create about 1,000 jobs.
“It’s fully approved by the county and towns in terms of land use,”
Connors said. “When the time is right, they need customers to enable that investment, then construction will start. We’re optimistic and prepared to support those investments in any way possible, but it relies on the marketplace.”
He’s also extremely hopeful about Tarrytown-based Regeneron’s future plans for the 1.1 million-square-foot former Quad Graphics plant at Grande Industrial Park in Saratoga Springs. The company develops and manufacturers a variety of prescription medications.
Last September, Quebec-based Soleno company opened a new $22 million high-tech pipe manufacturing facility at Grande Industrial Park. The firm uses recycled plastic to make a variety of water management systems for use under roads, in residential areas and in the farming community. It was the company’s first expansion to the U.S. and created 50 new jobs.
In addition to quality-of-life benefits, financial incentives such as sales and mortgage tax exemptions, and the potential for a three-, five-, seven- or 10-year payment-in-lieu-of-taxes agreement entice employers to Saratoga County as well.
“Those types of incentives are very valuable in creating new jobs or retaining jobs that are already here,” Connors said. “Each individual town has its own vision or comprehensive plan about how they want their towns to develop economically.”
Local, regional and state agencies all play important roles. The list includes, but is not limited to Empire State Development, the Center for Economic Growth, Schenectady Metroplex Authority, Warren County Economic Development Corporation, Albany Alliance, Saratoga County Board of Supervisors, Discover Saratoga and Saratoga County Chamber of Commerce.
“We’re all a team,” Connors said. “Their support, encouragement and participation are required.”