Jake Van Ness, Author at Glens Falls Business Journal

Jake Van Ness

2231 Articles

Economic Outlook 2019: Ed Bartholomew

January 16, 2019January 17, 2019

Ed Bartholomew, president and CEO, EDC Warren County.

By Edward Bartholomew

Through key initiatives and corroborations, EDC Warren County continues our mission of going forward in 2019 as the county’s primary and full-time advocate for sustainable economic development.

EDC is most appreciative of support from Warren County and municipalities, the private sector, other key stakeholders, our federal legislators; U.S. senators Chuck Schumer, Kirsten Gillibrand, Congressperson EliseStefanik and state legislators; state Sen. Betty Little, and state Assemblyman Dan Stec.

An example of EDC’s key planning and initiative undertaken in 2018 was the preparation of two applications and advocacy to Gov. Andrew Cuomo for his recommendation and subsequent approval by the U.S. Department of Treasury’s designation for two Warren County communities as federal opportunity zones: Town of Johnsburg-North Creek and the western portion of the City of Glens Falls.

Economic Outlook 2019: Jeffrey Mead

January 16, 2019January 17, 2019

Jeffrey Mead is general manager of Cool Insuring Arena.

By Jeffrey Mead

What a year it has been for the Adirondack Civic Center Coalition.

In our first full calendar year of operating the ECHL’s Adirondack Thunder, alongside Cool Insuring Arena, we have been pleasantly surprised with the amount of growth and success this operation has seen. The Coalition is realizing its vision as we now have a long-term tenant secured in the building with Thunder hockey, and the success of the team is truly catapulting.

After seeing a nearly 30 percent increase in ticket sales during the 2017-2018 season, the largest percentage increase across the league, we were excited to get after it again and see what this season had in store. It is difficult to repeat those astounding numbers, but through decisive planning and a hard-working staff, we knew there was more room to climb.

Business Report: Why You Should Have A Plan

January 16, 2019January 17, 2019

Michael Cruz, president of Lighthouse Advisors LLC in Queensbury.

By Michael Cruz

Good business planning must start with Visualization.

Unless you want to finish next year exactly where you are today, it is important to think about where you want to be. And then write it down. Visualization starts with a thought process. What do you see your company headed? Sales goals? Customer satisfaction goals. Do you want to add new products or services?

Planning adds urgency to those goals. I worked with a client years ago that needed more space to reach their growth goals. We worked to define what that facility would look like. He described the building he wanted to move into. And, a year and a half later he moved into a facility that exactly matched the picture he had in his head.

It highlights the magic that came from his created visual. And he has exceeded his growth goals that came with the new facility.

Business Report: To Be (A ‘C’) Or Not To Be

January 16, 2019January 17, 2019

Carissa A. Conley is a senior tax manager with CMJ, LLP.

Carissa A. Conley, CPA

With the newly lowered corporate tax rate, many passthrough businesses are wondering if they should now convert to a C Corporation. The Tax Cuts and Jobs Act (TCJA) reduced the corporate tax rate from a maximum of 35 percent to a flat rate of 21 percent and eliminated the corporate AMT.

Meanwhile, income of passthrough entities is taxed at the individual taxpayer level which is still based on graduated rates up to a maximum of 37 percent. While this initially sounds like a no-brainer, in most cases, small businesses will be still pay less tax as a passthrough entity.

Even though a C Corporation is only taxed on its net income at a rate of 21 percent now, there is still the issue of double taxation when shareholders take dividend distributions. Depending on the shareholder’s tax bracket, these dividends which have already been taxed at 21 percent, are now taxed again at a rate up to 20 percent (for those in the highest tax bracket) plus another 3.8 percent for Net Investment Income tax.

Business Report: Put Investment Performance In Perspective

January 16, 2019January 17, 2019

Meghan Murray is a financial advisor with Edward Jones Financial in Queensbury.

By Meghan Murray

How can you assess your investment portfolio’s performance in 2018? The year was full of wild swings in the financial markets, so your own results may well have bounced around quite a bit, too.

But you can still get a clear picture of how you did if you keep your investments’ returns in the proper perspective by making sure your expectations are relevant, realistic and reviewed.

Let’s look at how these terms can apply to a meaningful evaluation of your investment progress:

Relevant. Many investors compare their portfolio returns to a popular market index, such as the S&P 500. But this comparison is not really valid for a variety of reasons. For one thing, indexes are typically not diversified across different types of investments—the S&P 500, for instance, only tracks large U.S. companies.

But your portfolio should consist of a broad range of investments: domestic and international stocks, bonds, mutual funds, government securities and so on, appropriate for your goals and risk tolerance.

Business Briefs: January 2019

January 16, 2019January 17, 2019

In honor of the 12th annual International Networking Week, BNI Upstate New York will host an open event for business professionals at Hyatt Place Malta in Malta on Feb. 5 at 7 a.m.

The cost is $10 and provides attendees the opportunity to network with other professionals in the area while learning the potential benefits of referral marketing on their businesses.

It will feature networking activities over coffee. Throughout the morning, attendees will have the opportunity to meet other members of the local business community, exchange information and begin building new relationships, while practicing valuable networking skills.

Developer Plans To Build Workforce Housing Project On Broad Street In Glens Falls Have Strong Economic Impact

December 13, 2018December 14, 2018

This is a rendering of a four-story workforce development complex with 72 energy-efficient apartment units that Reagan Development plans to build in Glens Falls.
Courtesy Reagan Development

By Susan E. Campbell

Regan Development in Albany has contracted to purchase 182-186 Broad St. in Glens Falls and plans to construct a new, four-story workforce development complex featuring 72 affordable, energy-efficient apartment units.

Broad Street Commons will sit on 4.1 acres of prime downtown property that is close to Glens Falls Hospital, public transportation, banks, markets, and all the amenities of a city in the midst of revitalization. In addition, the complex itself will have 6,000 square feet of commercial space at street level, according to the company.

“A workforce development complex offers rents that will attract nurses, aides and families with incomes lower than the median,” said Larry Regan, president of the family-run business that has done dozens of similar projects throughout New York state, such as Lion Heart Residences in Cohoes, and in neighboring states.

Study: Cool Insuring Arena Continues To Run In The Black,

December 13, 2018December 14, 2018

Direct and indirect spending from events at Cool Insuring Arena rose roughly $2.6 million from $10.6 million to $13.2 million the past three years, a new study says.
Courtesy Camoin Associates

By R.J. DeLuke

The latest economic impact study regarding Cool Insuring Arena in downtown Glens Falls shows revenue numbers are increasing and effort by its owners—the Adirondack Civic Center Coalition—continue to be successful for keeping the facility in the black.

At a news conference in November, Camoin Associates, a research group based in Saratoga Springs, unveiled its latest study that showed that revenue and attendance continue to grow.

In 2016, Camoin Associates was commissioned by the Coalition to conduct an economic and fiscal impact analysis of the arena through July 2016. The new report is an update to that study and analyzes the impacts of the arena for the two subsequent years: August 2016 to July 2017, and August 2017 to July 2018.

The arena is home to the Adirondack Thunder hockey team, but hosts other events like concerts, sporting events and more that bring in revenue.

Direct and indirect spending from events rose roughly $2.6 million from $10.6 million to $13.2 million the past three years, the study said.

Kmart Building In Queensbury To Be Acquired By U-Haul; Storage Facility Planned

December 13, 2018December 14, 2018

This Kmart in Queensbury is closing and will be acquired by U-Haul International.

By Susan E. Campbell

The building at 308 Dix Ave. in Queensbury, home of Kmart for many years, is slated to become a self-storage facility and retail shop for U-Haul once bankruptcy court filings for Sears Holding Corp. open the way for acquisition of the property.

The purchase would allow U-Haul to significantly expand its business located now at 112 Main St. in Queensbury, the company said.

The store remains open thru the Christmas holiday season.

“It has been a pleasure working with the Sears real estate and legal teams to get to this point,” said Sebastien Reyes, vice president of communications for U-Haul International. “We look forward to continue working with them in hopes of getting approval from the bankruptcy court for this transaction.”

Lake George Chamber Bestows Annual STAR Awards, Saphire Award At Annual Gala Event

December 13, 2018December 14, 2018

Jacquiline Touba, left, receives the Sapphire Award from Executive Director Gina Mintzer.
Courtesy Lake George Regional Chamber of Commerce

The Painted Pony Championship Rodeo and South Warren Snowmobile Club were recently awarded the 2018 STAR Awards from the Lake George Regional Chamber of Commerce.

Also, Jacquiline Touba, Ph.D., of Glens Falls was honored with the Sapphire Award for her work in promoting and growing the cultural tourism offerings in the region. The award was established in 2017 at the Chamber’s 65th Sapphire Anniversary Gala to honor a “gem” in the community.

Each year, the Chamber honors organizations or individuals that help grow the tourism economy, which is vital for supporting jobs and offsetting the tax burden of residents, the Chamber said. STAR stands for Supporting Tourism Around the Region.

The awards were given at the Chamber’s annual dinner at the Boathouse Restaurant. Approximately 90 people attended the dinner, which included an annual report highlighting the Chamber’s activities for the year.

The report said that in the past fiscal year (2017-18), the Chamber has assisted approximately 65,700 visitors at its information centers in addition to other visitor services.