Category Archives: Business News

State Adds 131 Acres To Moreau Lake State Park, Bringing Total Acreage To 6,100

December 13, 2018December 14, 2018

This is the beach at Moreau Lake State Park. The 131-acre expansion encompasses multiple summits and affords dramatic views of the Hudson Valley and southern Adirondack Mountains.
Courtesy Office of Parks, Recreation and Historic Preservation

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.”

Owner Of Gross Electric Inc. Buys Industrial Park Property, Eyes Development Options

December 13, 2018December 14, 2018

Joseph Gross owns Gross Electric Inc., shown here, in Queensbury’s Carey Industrial Park. He recently purchased 25 acres in the park, not far from this facility.
Courtesy Gross Electric Inc.

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.

Small Business Index: Economic Outlook Is High Despite Experiencing Hiring Difficulties

December 13, 2018December 14, 2018

A Q4 MetLife and U.S. Chamber of Commerce Small Business Index released in December reflected general optimism from the small business community about the economy.

Optimism on the health of the national economy has continuously increased since the second quarter and is at a new high with 58 percent of small business owners believing the U.S. economy is in good health, the Chamber said.

Optimism on the local economy also improved this quarter to 56 percent of small business owners noting their local economy as good, up six points from he third quarter 2018.

“Small businesses are the growth engine of the American economy, employing half of the nation’s private sector workforce,” stated Jessica Moser, senior vice president, Small Business Solutions in MetLife’s Group Benefits business. “The owners of those businesses make crucial decisions about expansion and hiring every day, so their level of optimism is a good indicator of future growth. The findings of this quarter’s Index show they are still bullish, which bodes well for our economy as a whole.”

SPAC Offers Holiday Ticket Packages For Ballet, Jazz, Orchestra Performances

December 13, 2018December 14, 2018

SPAC holiday promotion sales include tickets to Freihofer’s Saratoga Jazz Festival.

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.

North Country Orthopedics Joins Glens Falls Hospital Medical Group; Services Expanded

December 13, 2018December 14, 2018

Glens Falls Hospital is undergoing a major expansion in orthopedic and surgical services for the region.

Privately-owned North Country Orthopedics has joined the Glens Falls Hospital Medical Group and is now an employed physician practice of Glens Falls Hospital, officials said.

The surgeons and physician assistants from North Country Orthopedics will be collaborating with Glens Falls Hospital’s Orthopedic Specialists of Glens Falls.

Members joining Dr. Thomas Varney, and Jordan Haskins, PA-C are Dr. Mark Kircher; Dr. Doug Kirkpatrick; Dr. Andre Johnson; Dr. Adam Brod; Dr. Michael Rozell; Richard Robertson, PA-C; Patrick McDermott, PA-C; James Todt, PA-C; Christopher Stephens, PA-C; Laura Gosnell, PA-C; Jameel Ali, PA-C ; Adria Newberry, PA-C; and Tara Manny, PA-C.

Business Report: Qualified Opportunity Zones

December 13, 2018December 14, 2018

Scott D. Shimick is a partner at Whiteman Osterman & Hanna LLP.

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.

Citing Rapid Growth, Chazen Companies Moves Into Bigger Offices In Glens Falls

December 13, 2018December 14, 2018

The Chazen Companies has moved its North Country office to a new and larger location in Glens Falls.

Company officials said the move is a result of rapid company growth. The new office is located at the historic building that was once Clark Brothers Glove Factory, also known as The Mill, at 20 Elm St.

Chazen opened its North Country office in Glens Falls in 2000 and moved to Queensbury 13 years later in 2013. During its current period of growth and expansion, Chazen is returning to Glens Falls at a new location downtown to accommodate its increasing success, the company said.

Chazen’s new was created in 1920 and was once considered one of the largest glove-making facilities in upstate New York. The factory served as the largest employer in the city during the first half of the 20th century. It operated until 1968.

NYS Has $5M To Install Vehicle Charging Stations At Workplaces, Offices And More

December 13, 2018December 14, 2018

New York state has $5 million available as part of the first rebate designed specifically for the installation of electric vehicle charging stations at workplaces, office buildings, multi-family apartment buildings, and public locations such as theaters, malls, parks and retail locations.

The installation of charging stations for public use supports the state’s clean energy goal to reduce greenhouse gas emissions by 40 percent by 2030.

“New York continues to lead the nation in reducing our carbon footprint by aggressively investing in clean transportation methods,” Gov. Andrew Cuomo said. “By expanding public access to electric vehicle charging stations, this program will make it more affordable for New Yorkers to make the switch to an environmentally friendly electric vehicle, resulting in a cleaner, greener New York for all.”

TBC CPAs Creates An Alliance With FAZ

December 13, 2018December 14, 2018

Teal, Becker & Chiaramonte CPAs, PC, an accounting and advisory firm, and Ferraro, Amodio & Zarecki CPAs, a boutique forensic accounting firm at 18 Division St., Saratoga Springs, have announced a strategic alliance designed to provide their respective Capital Region clients and contacts with expanded service offerings.

TBC and FAZ will remain independent organizations as they pursue a set of agreed upon objectives to ensure a successful relationship, firm officials said.

“We are excited to join forces with FAZ to bring premier forensic accounting and fraud prevention services to our clients, COIs and referral sources,” TBC Managing Partner Jim Drislane said. “For decades, the FAZ team members have served as valued consultants and forensic experts for attorneys, insurance companies, corporate clients, not-for-profits and governmental entities. They have built a strong reputation specializing in forensics. Working with a well-established player like FAZ will only enhance our ability to serve clients.”

‘Hometown Holidays’ Events Scheduled For Nov. 30 And Dec. 1 In Downtown Glens Falls

November 15, 2018November 15, 2018

Downtown Glens Falls will be the scene of the next Hometown Holidays events on Nov. 30 and Dec. 1, starting with the annual tree lightingthat Friday in City Park.
Courtesy Glens Falls Collaborative

By Christine Graf

For the second year in a row, Nancy Turner is the chairperson of Glens Falls Collaborative Hometown Holidays celebration that will kick off on Friday, Nov. 30 in the downtown area.

“The turnout was excellent last year^. I think everybody really enjoyed themselves,” said Turner. “But this year, there will be so much more.”

Turner and her husband, Bill, are the owners of the Bell House Inn, located at 153 Bay St. in Glens Falls. For 12 years prior to relocating to Glens Falls to be closer to family, they were the proprietors of the Altamont Old Stone House Inn in Altamont.

This year, 12 downtown businesses will participate in a window display competition. The displays, in holiday or winter themes, will be unveiled on Thanksgiving Day. They will stay in place until Jan. 1. People can go online to vote for their favorite window at glensfallscollaborative.com.

The two-day Hometown Holiday event will kick off at 5 p.m. that Friday in City Park, with the annual tree lighting. DJ Mark DuBray will be playing music. The Glens Falls Symphony Children’s Choir will also sing Christmas carols. After Santa arrives, he and the mayor will light the city’s Christmas tree.