Category Archives: Business News

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.

By Christine Graf

The Adirondack Civic Center Coalition will seek between $2 and $3 million in funding from New York state to help fund a number of renovations it would like to accomplish at Cool Insuring Arena in downtown Glens Falls.

Among them is renovation of Heritage Hall.

Located on the mezzanine level of the arena, Heritage Hall is a 7,300-square-foot space used for banquets and other events. It has its own kitchen as well as a bar that is open to the public during Adirondack Thunder hockey games.

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

“We have plans to have a new entrance into Heritage Hall, and a full renovation of the Heritage Hall space,” said arena General Manager Jeff Mead. “We’re talking floor, walls, ceiling, lighting, audio video, a new bar, and updated kitchen. Basically everything in that room needs to be replaced.”

Magic Forest amusement park in Lake George is undergoing major changes in 2019 as it changes ownership.

The 2019 opening of Lake George Expedition Park was announced in December at the site of the Magic Forest amusement park located on Route 9. Dino Roar Valley will be a safari trail populated by animatronic dinosaurs within the amusement park.

The new owners will continue to operate  the Magic Forest in 2019 on the 46-acre site.

Ruben Ellsworth of Lake George, owner of Ellsworth & Son Excavating in Fort Ann, was in the process in early December of completing the purchase of the Magic Forest amusement park from Jack Gillette. The park has been owned and operated by the Gillette family for 55 years.

New York state has added 131 acres to Moreau Lake State Park in Saratoga County.

The addition brings the park’s total acreage to 6,100, a nearly nine-fold increase in size since the park was established 50 years ago, officials said. The property will help expand year-round trail-based recreation and protect the natural habitat in fast-growing northern Saratoga County.

“New York is home to some of the best outdoor recreation areas in the nation, and this addition will continue to preserve our state’s treasured natural habitat,” Gov Andrew  Cuomo said. “By expanding Moreau Lake State Park, we are not only providing increased recreational opportunities for New Yorkers, we will also help attract even more visitors and boost tourism in the region.”

By Jill Nagy

Joseph Gross, owner of Gross Electric Inc. in Queensbury, recently acquired a 25-acre parcel of industrially zoned land adjoining the Carey Industrial Park on Carey Road.

It abuts a seven-acre parcel he already owns, giving him more than 30 acres of vacant land ready to be developed. Gross now owns the last two vacant lots in the approximately 100-acre industrial zone near Northway Exit 18.

Gross said there has been some interest in developing the newly acquired land. He is willing to build to rent or to sell. He said he may build something on speculation or, if a tenant or buyer is interested, build to suit.

However, “nothing is inked yet,” so, for now, the identity of any prospective developer remains confidential.

Saratoga Performing Arts Center is again offering its popular Holiday Collection—customizable gifts for classical music lovers, jazz fans and aspiring ballerinas, alike.

The 2018 Holiday Collection includes the Trustco Bank Classical Season Flex Pass, which features a lawn seat for all performances of New York City Ballet and the Philadelphia Orchestra and the opportunity to upgrade to the best available amphitheater seat for $5 for any performance, up to five times ($165 through Dec. 31); gift certificates,  which can be redeemed for tickets to any SPAC performance, Live Nation show or the Saratoga Wine & Food Festival; the flex ticket option for the Freihofer’s Saratoga Jazz Festival ($56 through Dec. 31); holiday gift subscriptions to Chamber Music Society of Lincoln Center at SPAC and SPAC memberships.

For those who prefer to purchase tickets in person, SPAC will open the Hall of Springs Box Office (108 Avenue of the Pines) on Saturday, Dec. 15. from 10 a.m. to 2 p.m. The regular Holiday Collection discount will apply with a one-day-only discount for purchases of the Trustco Bank Classical Season Flex Pass (available for $150, in person only) and no processing fees or facility fees.

Audiences can also enjoy hot chocolate and holiday cheer while making their purchase.

By Scott D. Shimick

As part of the 2017 Tax Cuts and Jobs Act, Congress added Sections 1400Z-1 and 1400Z-2 to the Internal Revenue Code, creating the Qualified Opportunity Zone tax benefits. Owing in part to confusion over the provisions, the Qualified Opportunity Zone tax benefits have not been as widely publicized and discussed as most of the other provisions of the TCJA.

However, the IRS has recently issued proposed regulations and a Revenue Ruling that have brought clarity and interest to the Qualified Opportunity Zones.

Qualified opportunity zone benefits.

Congress’s purpose in creating the Qualified Opportunity Zone tax incentives was to promote private sector investment in economically distressed communities. Investors in the opportunity zones are eligible for the deferral of capital gains and possible reductions in total tax liability.

Investors in a Qualified Opportunity Zone Fund (QOZ Fund) can defer an unlimited amount of their capital gains. This deferral allows the investor to push back the recognition of capital gains to the earlier of (1) Dec. 31, 2026 and (2) the sale or exchange of the QOZ Fund investment.