Saratoga Business Journal - January 2022

SBJ P.O. Box 766 Saratoga Springs, NY 12866

SARATOGA BUSINESS JOURNAL

VOL. 26 NO. 11

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JANAURY 2022

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Saratoga Eagle Expands By Acquiring Sen. Tedisco Urges State To Start Addressing Distributorships In Oneonta And Elmira Infrastructure Issues As A 2022 Priority

BY SUSAN ELISE CAMPBELL Saratoga Eagle Sales & Service is in the process of acquiring two companies that will expand its reach distributing beer, wine, soft drinks and water to an additional eight counties upstate, according to president and chief operating officer Jeff Vukelic.

With roots stretching back to Buffalo in 1928 with parent company Try-It Distributing, what started as a beverage bottling business by the late Stephen Vukelic is now a multi-generational family company.

With the most recent acquisitions the company will hold exclusive distribution rights to such brands as Budweiser, Rolling Rock and Michelob in a total of 21 counties in upstate New York.

According to Vukelic, the new acquisitions are Northern Eagle Beverages Inc. out of Oneonta and Seneca Beverage Corp. of Elmira, both Anheuser-Busch distributors.

Both will operate under the Saratoga Eagle name.

Saratoga Eagle has been in a growththrough-acquisition model since 2004-2005.

This is the time frame when Try-It expanded into the Saratoga and Glens Falls areas with a new distribution hub subsidiary out of Saratoga Springs and grandson Jeff Vukelic took on the role of COO. “Typically we are purchasing the rights to distribute beverages in the territories of the companies we acquire,” said Vukelic.

“Occasionally we acquire a brick and mortar facility, but it is more typical to lease the space where the trucks are loaded for delivery to customers.”

The company will take on 60 stakeholders, which is what the company calls their employees, who have jobs in warehousing, delivery, sales and administration. Total staff will be around 260 once the transactions are finalized and the new companies absorbed.

Vukelic said the beverage industry is one of many that has seen an acceleration in consolidations, especially since the pandemic.

He said there was no break in serving regional chains like Price Chopper and Stewart’s Shops who are among their customers. He did note higher than usual turnover among warehouse staff.

Jeff Vukelic is president of Saratoga Eagle Sales & Service. ©2022 Saratoga Photographer.com

Saratoga Eagle has about 40 delivery trucks on the road and Vukelic said the two purchases will add another 10 to 15, depending on the season.

The number of cases sold annually is expected to increase from less than 6 million to 8 million.

He said, “We have grown up with the people who run the other beverage distributors in New York. They are family businesses like ours. We all know each other, go to the same conventions, and have the same suppliers, so they know we have been acquiring. When someone is ready to retire or decides it’s time to get out of the business, they approach us.”

As with other acquisitions, there is process of assimilating new stakeholders into their culture, which Vukelic describes as one of loyalty, teamwork, accountability and a “will to win.”

Vukelic said the company has “generational employees in all its operations.

There are fathers and sons working with us. One delivery driver has been with the company more than 30 years, another stakeholder for about 45 years,” he said.

“I am excited about this latest opportunity, to continue to grow, and to take care of our stakeholders,” he said.

BY SEN. JIM TEDISCO There’s a creature from the deep that’s just waiting to strike our towns and cities.

New York’s aging water and sewer infrastructure some dating back to the Civil War is like a lurking monster which will not go away if we just closed our eyes and wished it away.

On the contrary, these trolls of the sublevel can catastrophically attack at any time the safety of our drinking water, sewer and gas lines and the ability of taxpayers to afford repairs.

Recently, a 100-plus-year-old water main broke in Gloversville, paralyzing half the city with no water. We’ve seen similar water main and sewer breaks recently in Amsterdam, Niskayuna, Saratoga Springs and other localities.

New York has a great CHIPS (Consolidated Local Street and Highway Improvement Program) that provides a formula-based annual funding source for all municipalities to maintain and repair local roads and bridges. However, we will only continue to put good money after bad if we keep filling potholes and repaving roads while the sublevel infrastructure that’s underneath continues to deteriorate and collapse with the weight of newly minted roads and bridges.

After talking with Clifton Park Supervisor Phil Barrett and other local leaders, I authored and introduced legislation, Senate Bill S.3968A, to create the New York State Safe Water infrastructure Action Program (S.W.A.P.) to repair and maintain vital local drinking water, sewer, storm water management, gas line and water tower infrastructure to protect lives and save tax dollars by avoiding costly repairs when systems break.

Many local governments simply don’t have the financial and human resources to constantly repair sewer systems and old pipes and then spend valuable time and energy applying for competitive grants to receive a glimmer of state support.

The recently passed federal infrastructure bill can help with some projects but these grants will be one-shot funds. Our municipalities need a steady

Sen. Jim Tedisco represents the 49th District which includes parts of Saratoga County.

Courtesy Sen. Jim Tedisco

funding stream to address their serious ongoing underground infrastructure needs.

Unlike, the current state “Hunger Games”-like competitive grant program that’s now in place and only benefits a few towns who win grants chosen by the governor, S.W.A.P. would provide annual funding to all municipalities in the state via a fair and transparent formula similar to the CHIPs program to allow them to identify and swap out old, deteriorating pipes, water mains and gas lines to better maintain the state’s infrastructure.

I passed S.W.A.P. in the Senate in 2018.

This year, in a bi-partisan effort to help fund local safe water infrastructure, I gave the bill to Sen. Michelle Hinchey (D-46th Senate District) who is in the majority, to serve as the new prime Senate bill sponsor, with myself as co-sponsor, and now has 24 Senate sponsors.

S.WA.P., which would be a sister program to CHIPS, is a top priority for the Association of Towns for the state of New York and the New York Rural Water Association.

During the 2022 legislative session, it’s Continued On Page 8

Chamber: Saratoga County Experienced Board Of Trustees Names Dr. Lisa Vollendorf ‘Tremendous Economic Growth’ In 2021 The New President Of SUNY Empire State

BY TODD SHIMKUS As we begin 2022, Saratoga County has seen tremendous economic growth throughout the last year, indicating that the county is recovering strongly from the impact of COVID-19. We continue to see data trending upwards, nearing, or exceeding, pre-pandemic rates across sales tax, unemployment, lodging, and housing as individuals begin to buy, travel, and support their local community again.

County Sales Tax Collection Year to date (January to November) 2021 county sales tax collection is 21.3 percent higher than the same time frame in 2020.

Collections are also 14.8 percent higher than 2019 collections during the same period.

In total, Saratoga County collected more than $20 million additional revenue in 2021 versus 2019. What does this mean? There has been tremendous growth for taxable sales by local businesses, residents, and visitors.

Continued On Page 15

Todd Shimkus, CCE, president, Saratoga County Chamber of Commerce.

Courtesy Saratoga County Chamber of Commerce

The SUNY board of trustees appointed Dr. Lisa Vollendorf as president of SUNY Empire State College.

She was interim provost and chief academic officer at the University of Northern Colorado.

She replaces Dr. Nathan Gonyea, who has served as officer-in-charge at SUNY Empire since December 2020.

Vollendorf, who was selected after an extensive national search, will be SUNY Empire’s sixth president since its founding in 1971.

“I am both honored and excited to join SUNY Empire State College as its next president. I’ve spent my entire career championing the power of higher education to build a more inclusive, equitable society,” she said. “I believe deeply in SUNY Empire’s mission of meeting students where they are to help them achieve their educational dreams. I look forward to working with the SUNY Empire college community Continued On Page 15

Dr. Lisa Vollendorff, president of SUNY Empire State College.

Courtesy SUNY Empire State

2 • SARATOGA BUSINESS JOURNAL • JANAURY 2022

Madira Wine & Spirits Opens In Clifton Park; Shop Fills A Void In That Part Of The Town

Personnel Briefs •

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Charles R. Smith, chairman of the board of First New York Federal Credit Union, was recognized with the National Association of Credit Union Chairmen’s 2021 Eugene Ball Award during the 45th annual Chair’s Roundtable Forum in Denver, Colo.

Smith was elected as board chairman of First New York Federal Credit Union in 1990. Soon after, he become involved with the National Association of Credit Union Chairmen (NACUC) and began attending the Chair’s Roundtable Forums. In 1998, he was elected to NACUC’s board of directors serving as Chairman from 2003 to 2007.

Smith has served with First New York Federal Credit Union for more than 50 years beginning as a volunteer field rep. Before he was elected to the board of directors in 1984, he served on the supervisory committee. Smith spent more than 25 years as an educator and school principal in the Schenectady City School District. *

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Michael R. Testa, CRPS, the principal/ senior financial advisor of Tailored Wealth Solutions in Saratoga Springs has been ranked in the top 50 Forbes Financial Security Professionals.

Testa made the list at number 49 with a total Value of Policies at $415 million.

He has been in the financial industry for 16 years. His services for helping families and business owners organize their finances and keep their financial goals long term is just part of what he does. Testa utilizes his resources with the Tailored Wealth Solutions firm to provide the right solutions for clients.

His areas of concentration include personal retirement planning, business succession/ exit planning, comprehensive asset management, insurance protection/ wealth transfer planning, education planning and investment portfolio construction. *

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Dr. Clarisse Kilayko recently returned to the region to join Saratoga Hospital Medical Group – Infectious Disease.

She brings 10 years of experience in infectious disease medicine. For five of those years, Kilayko practiced at Hudson Headwaters Health Network in Queensbury with providers who are now members of the Saratoga Hospital infectious disease team.

Kilayko comes to Saratoga Hospital from Berkshire Medical Center in Massachusetts.

She earned her medical degree at the University of the Philippines and completed an internship, residency and fellowship at St. Luke’s Roosevelt Hospital in New York City (now Mount Sinai Morningside).

Kilayko is board certified in internal medicine with a subspecialty certification in infectious disease. She is a member of the Infectious Diseases Society of America. *

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Fingerpaint, a marketing firm based in Saratoga Springs, has appointed Bill McEllen as global president.

McEllen, a 30-year industry veteran, will be responsible for overseeing the company’s integrated business units, including 1798, Leaderboard Branding, Engage, MedThink, and Fingerpaint Marketing, as well as its more than 700 worldwide employees.

He will continue to build on the exponential year-over-year growth the company has experienced, set in motion by Fingerpaint founder, Ed Mitzen, who will serve as Fingerpaint’s chairman and CEO. The move will allow Mitzen to continue focusing on growing the company’s capabilities through acquisitions, the company said.

Also, Mark Willmann, who serves on Fingerpaint’s executive leadership team, was promoted to head of Fingerpaint Marketing, which has physical locations in Arizona, New Jersey, Northern California, and Pennsylvania, in addition to its Saratoga Springs headquarters. Tracy Blackwell was promoted to head of Fingerpaint Marketing’s Cedar Knolls office, a position previously held by Willmann.

Bruce Patel, owner of Madira Wine & Spirits in Clifton Park, says said feedback from surrounding neighborhoods has been good and business is growing. ©2022 Saratoga Photographer.com

BY SUSAN ELISE CAMPBELL Madira Wine & Spirits has been fi lling a gap in the smattering of liquor stores in Clifton Park since it opened last fall. Located at 643 Grooms Road, owner Bruce Patel said he knew that with the right location, his business model could be successful.

“A friend lives nearby and I used to stop by the Stewart’s Plaza, which is a very busy area,” he said. “I saw that there is little opportunity to buy liquor on this side of Clifton Park bordering Rexford.”

Patel said if looking at a map of Clifton Park, most liquor stores are “oddly concentrated in one side of the town. Based on my feasibility study factoring in demographics and growth, I was serving a real void here near the crossing of Vischer Ferry Road,” he said.

“I was always looking to do something on my own,” said Patel, who had been in a corporate career as an engineer with various companies in the Capital Region.

“My father did well with his own liquor store in Massachusetts when I was younger,” he said. “I’m a very proactive guy and had my eye on this location for our store even before the space became available.”

Patel said that “80 percent of my decision to leave my corporate job and go forward” with the new venture was the location. It is part of a bustling plaza and very visible from Route 9.

“It’s not just about driving by and stopping in once for a purchase,” he said. “I want this to be a destination store.”

The population has been growing around Rexford and there is spillover from the center of Clifton Park heading in his direction,

with more development taking place nearby, according to Patel.

A senior community across the street has 287 units and a growing number of residents are among his new customer base, he said.

“Seniors are among the biggest catalysts for growth at Madira,” said Patel. “Many of them have limited mobility, so I believe this shop is adding significant value to the community. We want to provide convenience and accessibility along with reasonable prices for customers so that we become a destination of choice.”

He said feedback from surrounding neighborhoods has been good. Patel is letting his customers determine his product offerings, so “customer feedback is driving inventory,” he said. “It is easy, especially in a brand new business, to tie up money in products people don’t want.”

He initially stocked the common brands that most people drink. Within a few weeks of the launch, Patel discovered “Clifton Park is big into high-end red wines and bourbons.”

While an engineer in his previous career, Patel also ran an internet retail business on the side, an experience that helped him learn social media marketing for Madira, he said.

Patel said he has made a few renovations to the space, which had been leased previously by a tailor. He took down two interior walls, removed carpeting, and installed new flooring.

The name “Madira” comes from the ancient Indian language of Sanskrit and translates to “intoxicating beverage.” For hours of operation, specials and wine tastings, search “madiracp” on Facebook.

SARATOGA BUSINESS JOURNAL • JANUARY 2022 • 3

The Sweetish Chef In Ballston Spa Offers Saratoga Native Brings A Branch Of His Grain-Free And Sugar-Free Baked Goods Atlanta-Based Real Estate Group Home

Britt Young has taken her passion for baking to the next level by opening The Sweetish Chef, a grainfree and sugar-free bakery at 76 Front St. in the village of Ballston Spa. ©2022 Saratoga Photographer.com

Headline Updated 1/18/2021

BY CHRISTINE GRAF Ballston Lake resident Britt Young has taken her passion for baking to the next level by opening The Sweetish Chef, a grain-free and sugar-free bakery at 76 Front St. in the village of Ballston Spa. The Rockland County native and University of Albany graduate launched an online baking business in 2020 after leaving a career in teaching. She also developed a local following by selling her baked goods at local farmers market. For her, opening her own bakery is a dream come true and something she said she could have never imagined actually happening.

Young started experimenting with grainfree and sugar-free baking about seven years ago. Several years prior to that, her sister was diagnosed with celiac disease. People who suffer from this autoimmune disorder cannot ingest gluten without damaging their small intestines.

“I decided to go gluten free because it’s (celiac disease) hereditary,” said Young. “Then I read the benefits of avoiding grains and sugar in general, and I just took that step forward with my own life. Back then there were no substitutes. I was only eating eggs, meat, leafy greens, and nuts, and then I realized I could put things together to make things that I was missing.”

Young utilized the baking skills she had learned from her mother who was known for her homemade baked goods. She has many happy memories of their time spent in baking together.

“She taught me everything I know,” she said. “I used a lot of recipes I already knew and just kind of tweaked them using what I knew about the science of everything—how to get the flavors and textures you need without using certain ingredients.”

According to Young, her mother— nicknamed the Swedish Chef by her family-had unhealthy habits that contributed to her

unexpected death in 2018. The Sweetish Chef pays homage to her with both its name and its mission.

“I was very angry and passionate about what happened to her, and I realized there are so many people out there that have health issues that have to do with grains and sugar,” she said. “So, I used my anger and my passion and turned it into trying to give back to the universe somehow.”

Unlike gluten-free bakeries that typically use gluten-free flour, Young uses no grain at all. Her baked goods are made with either almond flour or coconut flour and sweetened with a blend of monk fruit and a fermented sugar called erythritol. Baked goods made with these ingredients are more expensive than their traditional counterparts.

“It’s more expensive because of the ingredients,” said Young. “But people understand that. They get that the ingredients aren’t cheap.”

The Sweetish Chef offers a variety of baked goods including apple cider donuts, coffee cake, cupcakes, cookies, brownies, and bagels.

Custom cakes are also available and can be made vegan or dairy free. The bakery also supplies baked goods to The Green Grocer in Clifton Park, Saratoga Coffee Traders in Saratoga, and Life Made Simple Boutique in Burnt Hills. Products can also be ordered online and shipped nationwide.

Young is currently the bakery’s only employee, but she is hopeful to hire additional employees in the future. She also plans to expand her product offerings.

“My short-term goal is to keep the community stocked and happy and to become well-known throughout Ballston Spa,” she said.

“But eventually if things go well, I would like to get a bigger location where I could produce more and supply more online orders.”

The Sweetish Chef is open from 8 a.m. to 3 p.m. Wednesday through Saturday. For more information, visit www.sweetish-chef.com.

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BY SUSAN ELISE CAMPBELL Less than two years since he began his career selling real estate in metro Atlanta, Ryan L. Smith is launching a satellite in Saratoga Springs, where he was born and raised.

Parc Avenue Realty LLC is operating remotely now while awaiting zoning approval on 254 Washington St. location in downtown Saratoga Springs.

In 2020 Smith was a product manager in the electric motor field when COVID-19 struck and soon started doing real estate part time. His wife Shari has been a broker for seven years and is managing broker for the Smith’s flagship business in Atlanta, he said.

“I’m the sales guy and the numbers guy,” he said. “Shari loves the document side of things, like purchase and sales agreements and HUD forms.”

Smith said he focuses on residential real estate but had a commercial deal close at the end of December, resulting in $3 million in total sales last year.

“We had a very good 2021 in an area I’m not from,” he said. He will apply the same strategies for growing the Atlanta business to the Saratoga market.

As he prepared to canvas the metropolitan area where he and Shari live with their two children, Smith was told, “work your zip code and five miles around your home.”

He noticed managers giving brokers a territory, but he didn’t see why he would want to limit himself. “So I decided to work the entire metro Atlanta area, which I can drive through in an hour and a half.”

Then he got to work cold calling.

“I got the ball rolling being aggressive about making contacts, with the goal of making a certain number every day,” he said.

“Once the names were in a database I could market to them.” The technique “generated enough clients to do very well.”

Smith hired Saratoga attorney William DiCenzo as associate broker.

Ryan and Shari Smith operate Parc Avenue Realty.

Courtesy Pac Avenue Realty

“I chose DiCenzo because he has been involved in Saratoga real estate as an investor for 10 years,” Smith said. “He and his wife have several properties in their portfolio.

He’s our boots on the ground.We want only professionals focusing on the business, not people doing sales on the side. Clients need to be able to trust their agent and to get hold of them for showings.”

Smith said there are eight agents in Atlanta and said “three solid professionals would be ideal” in Saratoga. He spends three days a month in Saratoga.

“We are canvassing our Saratoga contacts and once the numbers are up, we can add another agent, if they’re quality candidates,” he said.

Smith said that one thing that makes his story special is his African-American heritage.

“It is great to give a picture to others what African Americans can do,” he said. “I didn’t know any brokerage owners who looked like me.”

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4 • SARATOGA BUSINESS JOURNAL • JANAURY 2022

Electric Car Chargers In Downtown Saratoga Two Area Credit Unions Holiday Fundraising May Give More Drivers A Reason To Visit Results In $350,000 Donations To Charities

Electric car chargers like these have been installed by the New York Power Authority at Saratoga Springs City Center as part of the state’s EVolve NY program.

The New York Power Authority (NYPA) announced the first fast charging stations for electric vehicles (EVs) in downtown Saratoga Springs in the Capital Region.

The new chargers, installed by NYPA, will give more drivers a reason to visit the city’s downtown area and link Saratoga County into New York State’s EVolve NY fast charging network for EVs, officials said.

Located at the Saratoga Springs City Center, the four-charger station will help advance New York’s ambitious clean energy goals by helping decarbonize the transportation sector and reduce overall greenhouse gas emissions 85 percent by 2050, state officials said.

“Saratoga Springs is the latest addition to the New York Power Authority’s growing charging network that is making it easier for electric car drivers to cross the state without having to worry about where their next charge is coming from,” said NYPA Interim President and CEO Justin E. Driscoll. “More people are realizing the benefits of clean transportation and we want to encourage the use of electric vehicles everywhere in the state so we can all benefit from lower fuel costs and reduced

Courtesy New York Power Authority

emissions while protecting the environment.”

The Direct Current Fast Chargers (DCFC), located in the outdoor portion of the lot adjacent to Maple Street, at the Saratoga Springs City Center at the north end of Broadway, can be used by any make or model of electric vehicle and can recharge most of the battery capacity in as little as 20 minutes.

Four additional chargers have been newly installed at Stewart’s Shops, 1311 Route 9,in Moreau, 13 miles north of Saratoga Springs, bringing the total of EVolve NY fast chargers to eight in Saratoga County. NYPA has installed 52 chargers at 14 sites across the state since fall of 2020.

The Saratoga site supports the city conference center and is just a block off Broadway, the main street for shopping, food and entertainment.

Saratoga Springs is known as a hub for thoroughbred horse racing and for its thriving restaurant, nightlife and arts scene. The chargers will serve the tourist destination and key local attractions such as Skidmore College, the Saratoga Race Course, the harness racing track, spas, Saratoga Performing Arts Center and drivers Continued On Page 17

SEFCU and CAP COM united to fight hunger and brighten the holidays for people in need across New York state, amassing more than $350,000 to nearly 50 food pantries and rescue missions.

In their first joint venture since announcing plans for a merger, SEFCU and CAP COM united to fight hunger and brighten the holidays for people in need across New York state.

SEFCU President and CEO Michael Castellana, CAP COM President and CEO Chris McKenna, and employees from both organizations distributed more than $350,000 to nearly 50 food pantries and rescue missions in the Capital Region, and the Binghamton, Buffalo, and Syracuse areas.

SEFCU has been making these donations to pantries and shelters since 2010 as part of its yearround commitment to fighting hunger through financial support for local nonprofits and the funding of solutions that offer greater access to fresh, healthy food for people in need. With CAP COM joining the effort, this year even more nonprofits are benefitting.

“We are both products of the credit union movement which is, ‘people helping people,’ and that’s exactly what we are doing. We know that’s our purpose. We’ve been doing it individually.

When we do it as a combined entity, there will be no stopping us,” said Castellana, who added that the need to support our neighbors has never been greater. “When you see a food pantry where there is literally nothing on the shelf, you can’t help but be moved by it. To be able to lead an organization where that is a supported purpose, where that gets people out of bed in the morning. That’s why I do what I do.”

Along with helping food pantries stock shelves, these donations will help local nonprofits provide the services necessary to feed families and individuals.

“Food insecurity is such a crisis and sometimes we forget about the choices that people have to make. People have to choose between eating and paying bills, and that’s a choice that nobody should have to make. Nobody should have to go hungry at night. No student should have to go to school in the morning without being fed,” said CAP COM president and CEO Chris McKenna who also noted that helping those in need has an equally positive impact on those giving their support.

Courtesy SEFCU

“When I got involved in the CAP COM Cares Foundation or partnering with A group of people posing for a photo Description automatically generated SEFCU and their foundation, it was a game changer. It’s a game changer for the people that you help, but just as importantly, it’s a game changer for people that are engaged.”

For the Regional Food Bank of Northeastern New York, support from the credit unions will have a tangible impact on its ability to feed thousands of people.

Below is a complete list of all missions and food pantries being supported through the donations from SEFCU and CAP COM. Capital Region: Capital City Rescue Mission, Trinity Alliance of the Capital Region, The Food Pantries for the Capital District, Sr. Maureen Joyce Center, St. John’s – St. Anne’s Food Pantry, Cathedral Food Pantry, St. Catherine’s Marillac Family Shelter, South End Children’s Café, VA Food Pantry, Saratoga EOC, Christ Episcopal Church Food Pantry, Catholic Charities – Schoharie, Columbia-Greene, Herkimer, Hilltowns, FultonMontgomery, CoNSERNS-U, Roarke Center, Greater Galway Community Services Association.

St. Paul’s Center, City Mission of Schenectady, Bethesda House, Schenectady Inner City Ministry, YWCA Food Pantry and Soup Kitchen, IPH, Captain, Veterans and Community Housing Coalition, Regional Food Bank of Northeastern New York, Hope 7 Food Pantry, Commission on Economic Opportunity and UAlbany Purple Pantry.

Central New York: Rescue Mission Soup Kitchen, Catholic Charities Men’s Shelter, Meals on Wheels of Syracuse, Food Bank of Central New York, Clear Path for Veterans, Syracuse Northeast Community Center, Feed Our Vets, and Samaritan Center Southern Tier: Community Hunger Outreach Warehouse (CHOW), Loaves and Fishes Food Pantry and Whitney Place Rescue Mission.

Western New York: Buffalo City Mission, Response to Love, St. Luke’s Mission of Mercy, Compass House and Feed More Western New York.

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SARATOGA BUSINESS JOURNAL • JANUARY 2022 • 5

CEG, Siena Research Report Says Supply Chain State Starts Construction Of $21 Million Issues Still Bothering Area Manufacturers Affordable Housing Project In Ballston Many New York manufacturers, especially those in downstate regions, are bullish on reshoring their production operations or supply chains after the coronavirus pandemic put them through upheaval.

The Center for Economic Growth (CEG) and Siena College Research Institute (SCRI) recently unveiled a survey of manufacturers statewide that found that 44 percent of them plan, or have already started, to reshore their supply chains or production operations. But among downstate manufacturers, which sustained the heaviest pandemic job losses, that planned/implemented reshoring rate was 59 percent.

To support manufacturers’ reshoring plans, CEG earlier this year managed over $220,000 in COVID-19 Reshoring and Supply Chain grants across the state with other New York Manufacturing Extension Partnership (MEP) centers. Five of the 23 manufacturers that received those grants were in the Capital Region, with their share totaling nearly $50,000.

They included Centrotherm Ecosystems in Albany, Free Form Fibers in Saratoga Springs, Unilux in Niskayuna, Stem Cultures in East Greenbush, and Next Advance in Troy. These funds were provided through a National Institute of Standards and Technology (NIST) MEP $800,000 grant from the Coronavirus Aid, Relief, and Economic Security (CARES) Act. “Our main product line is useless without the normally ubiquitous 5-cent parts used to hold samples. Since the pandemic, these parts have been unavailable or in very short supply. The New York state MEP grant enabled us to provide a solution so that our bread-and-butter product line is still in demand and scientists can use it to research COVID-19, cancer, Alzheimer’s, new pharmaceutical drugs, etc.,” said Ian Glasgow, president of Next Advance, a laboratory instrument manufacturer.

“Whether you’re making widgets or wafers, supply chain reliability is foundational, and the pandemic has reminded manufacturers statewide that it is something they cannot take for granted,” said Michael Lobsinger, vice president of CEG Business Growth Solutions (BGS). “That is why we see so much momentum behind reshoring in manufacturing. Reshoring can mean a lot of things but primarily it’s two things: either a company is physically moving a plant, operations, or process back to the United States, or it is replacing goods or services with new ‘domestic’ vendors and suppliers.”

To help economic development organizations and Manufacturing Extension Partnership (MEP) centers statewide understand how the COVID-19

pandemic has disrupted supply chains for New York state small and medium-sized manufacturers and how it affected their business outlook, CEG BGS, through a state economic development sub-award, commissioned SCRI to survey the sector in May 2021, officials said. The study was supported by the NIST MEP CARES grant.

SCRI surveyed 332 manufacturers between July and October 2021. Among the manufacturer respondents, 36 percent were in New York’s North Central Region (Capital Region, Central New York, Mohawk Valley, North Country), 30 percent were from Downstate (Long Island, Mid-Hudson, New York City) and 33 percent were from the Southwest (Finger Lakes, Southern Tier, Western New York).

“Supply chain disruptions have impacted virtually every manufacturer across New York. While nearly two-thirds saw their distribution network impacted, almost nine of 10 faced problems in their acquisition system. Turmoil in the supply chain has resulted in rising material costs, delays and product scarcity. Not surprisingly, 71 percent of manufacturers say that since the start of the pandemic business conditions in New York have worsened,” said Don Levy, SCRI director.

Since the start of the pandemic, 95 percent of manufacturers report experiencing supply chain disruptions. Supply chain acquisition disruptions were most acute, with 83 percent of manufacturers statewide describing them as very or somewhat significant, compared to 76 percent of distribution disruptions, officials said.

The single greatest supply challenge for manufacturers is rising material costs (35 percent), followed by limited availability of materials (32 percent) and transportation delays (7 percent). In response to these disruptions, 74 percent purchased materials through alternative sources and 71 percent of manufacturers statewide report increasing prices.

Forty percent report reducing operations and 32 percent turned business away.

Among the manufacturers that responded to the disruptions by purchasing materials through alternative sources, 95 percent of them ended up paying higher prices.

The reshoring plans reflect the heavy economic toll supply chain disruptions took on the sector. That toll was heaviest downstate, which sustained a 12.1 percent year-over-year decline in manufacturing employment – almost double that of the upstate regions, officials said. Ultimately, 84 percent of surveyed manufacturers somewhat or strongly agree with the assertion that “reshoring will enhance supply chain predictability.”

Construction has started on Dominic Hollow Apartments, a $21 million affordable and supporting housing development in the town of Ballston that will create 60 homes, including 30 reserved for adults in need of supportive services.

Dominic Hollow Apartments will be affordable to households earning at or below 60 percent of the Area Median Income. Th irty apartments will be reserved for adults who will receive on-site services provided by RISE Housing and Support Services. RISE is also the project’s developer with CSD Housing in a consulting role.

“Saratoga County is one of the fastestgrowing counties in New York, and the Dominic Hollow Apartments will help fulfi ll the rising need for affordable housing,” Gov. Kathy Hochul said in announcing the start of the work. “As we continue to emerge from the pandemic, my administration will continue to prioritize investments that allow New Yorkers to fi nd safe, secure, and sustainable housing so they can live healthy and successful lives in the communities they love.”

Services and rental subsidies for 18 supportive units will be funded by the Empire State Supportive Housing Initiative and 12 supportive units will be funded by the state Office of Mental Health. OMH is providing $416,000 annually in operating expenses for the 18 ESSHI units, as well as $477,000 annually for the 12 supportive units.

Officials said Dominic Hollow Apartments is designed to meet the energy efficiency requirements of the New York State Energy Research and Development Authority’s LowRise New Construction program and EPA’s ENERGY STAR Certified Homes Program Version 3.1. Sustainable features will include Energy Star or equivalent heating and cooling equipment, appliances, and light fi xtures; water-conserving plumbing fi xtures; and low- or no-VOC paints, primers, adhesives, and sealants.

Additional residential amenities will include a community room with kitchen, laundry facilities, a mail/package room, and a gym area. Outdoor amenities will include a gazebo, patio, and playground.

State fi nancing for Dominic Hollow Apartments includes Federal Low-Income Housing Tax Credits that will generate $11.5 million in equity and $4.6 million in subsidy from New York State Homes and Community Renewal. OMH is providing debt service on Community Preservation Corp.’s bank loan of $3.9 million and a $106,500 Program

Development Grant. NYSERDA will provide $56,000 in support. JP Morgan Chase provided $9.6 million in construction fi nancing and the Richman Group is the tax credit syndicator.

Dominic Hollow Apartments is part of the state’s $20 billion, five-year plan to make housing accessible and to combat homelessness by building or preserving more than 100,000 affordable homes and 6,000 homes with supportive services. Since 2011, New York State Homes and Community Renewal has invested more than $490 million in the Capital Region, which has created or preserved over 5,500 affordable homes.

HCR Commissioner RuthAnne Visnauskas said, “Our $21 million investment in the Dominic Hollow Apartments is an important model for the kind of high-quality affordable housing developments that can make New York an even better and more equitable place to live. With sustainable features and free broadband access, we can help lower costs for residents and close the digital divide that too often impacts lower-income New Yorkers.”

OMH Commissioner Dr. Ann Sullivan said, Dominic Hollow Apartments will provide “beautiful new homes with supportive services that will allow individuals living with mental illness to live full, productive and fulfi lling lives. In supportive housing individuals live safely in their community, close to family and friends, and can actively contribute to their community. OMH is proud to partner with our colleagues at HCR, NYSERDA, and RISE Housing and Support Services to provide safe, stable housing to our fellow New Yorkers.”

Doreen M. Harris, President and CEO at NYSERDA, said, “Dominic Hollow Apartments will provide Saratoga County low-income residents with healthy, supportive and affordable housing that incorporates energy efficient appliances and advanced building materials. Projects like this are showcasing that new construction can be clean and green in support of our efforts to fight climate change, while at the same time cost-effective to ensure access for all New Yorkers and we are excited to see this break ground.”

CSD Housing will work with RISE to not only complete the Dominic Hollow project, but also on future housing development initiatives.

Town of Ballston Supervisor Eric Connelly said, “I am looking forward to seeing all of the lives positively impacted by this unique and much needed project.”

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P.O. Box 187 Saratoga Springs, NY 12866

(518) 944-0359

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6 • SARATOGA BUSINESS JOURNAL • JANAURY 2022

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Fingerpaint Continues Growth, Acquires A Company In London, And In North Carolina Fingerpaint, biopharma’s global commercialization partner for analyticsenabled integrated solutions, has acquired two companies as it continues to expand.

One company acquired is Engage, a Londonbased, award-winning, data and analytics– enabled healthcare marketing firm.

The MedThink, a North Carolina–based company that empowers healthcare providers through medical communications.

Engage will expand Fingerpaint’s European footprint and complement the company’s current data and analytics expertise.

The acquisition of MedThink will bring extensive medical communications capabilities to Fingerpaint through 2 distinct divisions: MedThink SciCom, which harnesses deep scientific knowledge and extensive industry experience to develop solutions for medical affairs, medical communications, and publication groups; and MedThink Communications, which provides medical education and marketing services that influence perception and change the behavior of healthcare professionals to commercial teams of all sizes.

“Strengthening our global infrastructure is reflective of the diversified biopharma industry we serve worldwide,” said Ed Mitzen, founder of Fingerpaint about Engage. “Our combined global omnichannel marketing solutions guided by—and rooted in—data will further Fingerpaint’s position as a transformative digital partner to biopharma’s commercialization needs.”

Mary McGregor and Dave Chandler, both founders and managing partners of Engage, will continue to lead day-to-day operations.

“Integrating into Fingerpaint will allow us to leverage its award-winning creative and digital talent and maximize omnichannel campaigns as we continue to work with global brands at every stage of the commercialization process,” said McGregor.

“Combining our expertise with Fingerpaint’s will create best-in-class, performance-based digital capabilities for clients across the company’s integrated firms,” said Chandler.

Knox Lane, a private equity firm based in San Francisco, is a strategic investor in Fingerpaint.

“Engage will help expand the data and analytics capabilities the industry has come to expect from Fingerpaint, biopharma’s leading commercialization partner,” said Shamik Patel, partner at Knox Lane.

Engage joins integrated Fingerpaint firms MedThink, a company that empowers healthcare providers through medical communications; Leaderboard Branding, a leading global naming and branding business; 1798, a market access and commercialization firm that specializes in healthcare consulting services, including patient and provider access services; and Photo 51, a consultancy focused solely on advanced therapeutics, such as gene and cell therapies.

Regarding MedThink, Mitzen said, “Adding to our capabilities as our clients’ needs evolve has always been a priority for Fingerpaint.

Medical communications and education have never been more important than they are now given the ever-changing ways we reach healthcare stakeholders and the growing need to convey increasingly complex science behind many of today’s therapies to ensure people have access to them.”

Scott Goudy, president of MedThink, will continue to lead day-to-day operations.

“Joining Fingerpaint will accelerate our mission of moving minds, moving markets, and moving medicine by leveraging the company’s capabilities at every step of the commercialization process,” said Goudy.

“We are looking forward to creating new opportunities for our clients and our people.”

“This acquisition will expand the company’s service offerings and talent into an area we know is critical to the industry and will solidify Fingerpaint’s position as biopharma’s leading commercialization partner,” said Patel of Knox Lane.

Engage and MedThink join integrated Fingerpaint firms Leaderboard Branding, a leading global naming and branding business; 1798, a market access and commercialization firm that specializes in healthcare consulting services, including patient and provider access services; and Photo 51, a consultancy focused solely on advanced therapeutics, such as gene and cell therapies.

Engage is a London-based, award-winning, data and analytics–enabled healthcare marketing firm. It delivers global omnichannel marketing solutions powered by advanced data insights to deliver customer engagement strategies, content and tech development, campaign deployment, and real-time performance analysis.

MedThink empowers healthcare providers through medical communications built on a foundation of science, strategy, and innovation.

It has two distinct divisions: MedThink SciCom, which harnesses deep scientific knowledge and extensive industry experience to develop solutions for medical affairs, medical communications, and publication groups; and MedThink Communications, which provides medical education and marketing services that influence perception and change the behavior of healthcare professionals to commercial teams of all sizes.

Fingerpaint is an award-winning global team of more than 700 people who are committed to creating and executing meaningful brand experiences for healthcare providers, care partners, and patients.

Fingerpaint was named 2021 Agency of the Year by Med Ad News, and in 2018, it won the Heart Award from Med Ad News for its commitment to philanthropy and social causes. Additionally, it has been on Inc. Magazine’s list of the 5,000 Fastest-Growing Companies for the past eight years.

Washington County New Business Registrations DECEMBER

Photographer Stock Studios Photography

Northeast Window Film 5737 State Route 40 Argyle, NY 12809

Paris Lawnworx 17 Hill St., Apt. B Greenwich, NY 12834

Howards Repair Shop 238 State Route 29 Greenwich, NY 12834

A Thread Above All 16 Rabideau Lane, 6F Hudson Falls, NY 12839

Saratoga Business Journal is independently owned and is a registered tradename of Weinhagen Associates, LLC, P.O. Box 766, Saratoga Springs, New York 12866 (518) 581-0600. Saratoga Business Journal is a registered tradename in New York.

Glow 62 Main St. Granville, NY 12832

Nex Gen Logistics 2434 State Route 4 Fort Edward, NY 12828

Saratoga Business Journal has been founded to promote business in Saratoga county and to provide a forum that will increase the awareness of issues and activities that are of interest to the business community. Subscription price is $25.00 per year. Third class postage paid at Glens Falls, New York.

Groves Welding and Fabrication 185 Becker Rd. Greenwich, NY 12834

Shop Blue Bird Trading 29 Columbus St., Apt. 1 Granville, NY 12832

Lilahbellecreations 213 Deer Run Dr., Apt. C Hudson Falls, NY 12839

Smith Family Boas and Repriles 1714 County Route 16 Fort Ann, NY 12827

Contributing Writers Susan Campbell Jill Nagy Jennifer Farnsworth Christine Graf Andrea Palmer Lisa Balschunat Saratoga Business Journal is published monthly, the second week of each month, by Weinhagen Associates, LLC and mailed to business and professional people in Saratoga county.

Rights to editorial content and layouts of advertising placed with Saratoga Business Journal which are the creative effort of its contractors, and printing materials supplied by Saratoga Business Journal are the property of Saratoga Business Journal and may not be reproduced by photographic or similar methods, or otherwise, without the specific authorization of Saratoga Business Journal.

SARATOGA BUSINESS JOURNAL • JANUARY 2022 • 7

Museum Of Racing Foal Patrol Program Gets Zobel Kitchens Receives A ‘Best Kitchen People Interested In Horse Breeding Process Design’ Award At CRBRA Event In Albany Season 5 of the National Museum of Racing and Hall of Fame’s live webcam series Foal Patrol is now available online at www.foalpatrol.com.

Foal Patrol is a collection of live cameras following the daily activities of in-foal mares produced by the National Museum of Racing in Saratoga Springs. Millions of people throughout the world have viewed the popular webcam program since its inaugural season in 2018, officials said.

The Foal Patrol Season 5 participants are: Elate (in foal to Speightstown at Claiborne Farm, Paris, Ky.), Spanish Bunny (in foal to Uncle Mo at Gainesway Farm, Lexington, Ky.), Traveling Tiger (in foal to Audible at Safari North at Pauls Mill Farm, Versailles, Ky.), Repeta (in foal to Volatile at Three Chimneys Farm, Versailles, Ky.), and Floripa (in foal to Vekoma at Old Tavern Farm, Saratoga Springs, N.Y.). Live footage will expand as the mares approach their expected foaling dates.

Season 5 will feature a new education site at www.foalpatrol.com/education to connect Foal Patrol fans of all ages to online resources, videos, and podcasts that begin with breeding and reproduction and span the life of the thoroughbred, including Just for Kids; the Insights videos for youth considering industry careers; online resources about the health and care of the horse; and the platform of Your Stories for viewers’ photo submissions and stories of how Foal Patrol has inspired them.

New content will be added to the site weekly from January through June. A variety of thoroughbred industry partners have committed to supporting the educational efforts with regular content and support throughout Season 5.

“One of the many wonderful things about the sport of racing is that it has a great history of its industry partners working together to make projects such as Foal Patrol as successful as possible,” said Cate Masterson, director of the National Museum of Racing and Hall of Fame. “We’ve received nothing but positive responses from within the racing community about

Foal Patrol and we are so grateful for everyone’s contributions to the program.”

Featured content partners for Foal Patrol this season include the Thoroughbred Aftercare Alliance and the Retired Racehorse Project, organizations whose content will focus on the lives of thoroughbreds once their racing career is concluded.

“We’re thrilled to partner with the National Museum of Racing and Hall of Fame’s Foal Patrol series to showcase offtrack thoroughbreds finding success in the next phase of their lives,” said Alex Kokka, the communications and marketing manager for the Thoroughbred Aftercare Alliance. “Thanks to our network of 82 TAA-accredited organizations across North America, more than 13,700 thoroughbreds have been affected by the Thoroughbred Aftercare Alliance, and we can’t wait to share their stories on Foal Patrol.”

“We’re looking forward to bringing Foal Patrol fans a closer look at second career opportunities for horses after racing,” said Kirsten Green, interim executive director of the Retired Racehorse Project, a 501(c)(3) nonprofit organization that takes a marketbased approach to thoroughbred aftercare. “#SecondCareerSaturday will explore the next steps in a retired racehorse’s life and the many paths they can take once retired from the track.”

Paulick Report is the primary media partner for Foal Patrol season 5. Other industry partners for content or promotion include Amplify Horse Racing, Equibase, Hagyard Equine Medical Institute, Harness Horse Youth Foundation, Horse Country, Jockey Club Technology Services, Keeneland Kids Club, Kentucky Chamber of Commerce Equine Industry Pipeline, Mill Ridge Farm, Rood and Riddle Equine Hospital, University of Kentucky Department of Animal and Food Sciences, and University of Louisville Equine Industry Program.

For more information about the National Museum of Racing and Hall of Fame, including upcoming events, visit www. racingmuseum.org or call (518) 584-0400.

Arthur Zobel, owner/designer of Zobel & Co. Kitchens, accepts the Best Kitchen Design $120,000plus award from the Capitol Region Builders and Remodelers Association.

Zobel & Co. Kitchens, a custom kitchen design firm, received the Best Kitchen Design $120,000-plus award from the Capitol Region Builders and Remodelers Association (CRBRA) at the annual Best of Building Awards Night, held in November in Albany.

The project recognized in the award was a renovation of an 1800s historic Victorian Farmhouse in Schuylerville.

Typical of old houses, the existing kitchen was in a small room with limited storage, according to the company. By removing a long wall, owner/designer Arthur Zobel was able to create a large kitchen, complete with an expansive island, wine refrigerator, speed oven, wall oven, integrated refrigerator, dining area, and a hutch.

“Kitchens truly are the heart of the home.

Randall Perry Photography

It’s the room we spend the most time in, the room where we want family and friends to gather, where we work, laugh and create”, said Zobel. “Transforming a kitchen to fit a family’s lifestyle and personality is something I thoroughly enjoy doing.”

The Best in Building Awards recognizes CRBRA members for their excellence and innovation in residential building, remodeling, design, marketing and more.

The entries are judged by industry experts from out of state. The judges review the entries based on the criteria provided and are not able to see the company that submitted each entry and are able to be completely objective in their scoring.

Zobel & Co. Kitchens is located at 11 Broad St., Glens Falls, in the Union Square Building. Its website is www.zobelandco. com.

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8 • SARATOGA BUSINESS JOURNAL • JANAURY 2022

SARATOGA BUSINESS JOURNAL

SPECIAL SECTION

Economic Outlook 2022

BY MARK SHAW The 2022 outlook for business is 100 percent about cybersecurity insurance. The best thing you can do for your business has nothing to do with buying technology, it’s about protecting your existing investment in exactly what you own right now.

How do you do that? By purchasing a cyber insurance plan for your business.

In doing so, you may ask any number of questions like: Why a small business like yours with so little a hacker might find valuable would need an insurance policy to cover your technology?

Why your IT technology firm wouldn’t be enough to help you?

Why your cybersecurity firm who works with your internal or external IT department isn’t enough to protect you?

These are great questions, and the answers are simple.

Your cyber and IT staff can’t protect your business all the time. Something will happen beyond everyone’s control and their insurance won’t cover you, and you will be stuck in a bad situation.

Every day we see more and more impact from cyber security. The fallout from major attacks like the Microsoft Exchange, SolarWinds, Kaseya just to name three that are recent are having major ripple effects throughout the entire technology world.

What businesses of every size are starting to learn is that there is no safe space in the modern connected world we live in. Nothing is bullet proof, and nothing can be completely secured. What is even more stark is the fact that the large software vendors like the Microsofts of the world take zero responsibility if anyone uses their product to destroy your business.

They don’t have any liability to you, your technology firm, your insurance firm, no one. They simply state that by using their software you hold them harmless for all malicious things that could happen.

This is normal in the software and technology services space. When their AWS service went down for hours, Amazon took no responsibility at all, and anyone who used those services already agreed to accept that risk. The long story short is simple: No one will care about your business more than you will. So, protect it. Buy insurance.

Insurance companies’ losses are in the billions right now. They are running scared from high-risk companies that do not do the basics to prepare themselves. The forms they are asking you to fill out to get the insurance are more complex and technical than ever.

See how many of these questions a business owner, can answer with certainty.

Mark Shaw, president and CEO of Stored Technology Solutions Inc. (StoredTech).

Courtesy StoredTech

1. Do you implement Multi factor authentication (MFA) for remote access/ for privileged accounts?

2. Do you have off site (e.g. cloud) back-ups less than a month old?

3. Can you recover all of your business-critical data and systems in 10 days?

4. What EDR Technologies are in place?

5. Do you have a written policy regarding network access?

6. Do you enforce SPF (Send Policy Framework) on incoming emails?

These are just six questions and many of the newest insurance forms asking multiple sub questions to each one of these. For example, on the off site backups, you would be asked where they are located, how many copies, are they encrypted, are they encrypted in transit and at rest and when was the last time you tried to restore.

This level of understanding where your technology risk lies is no longer sitting with the IT department. As a business owner, these are now business questions on insurance applications.

Are you ready to answer these correctly? Are you willing to go without insurance? Are you willing to pay higher premiums for the gaps in your technology? Are you ready to roll the dice with your company’s data?

Hopefully this starts you thinking beyond the technology and starts a conversation with your IT department about where you stand and what you need to do. Business is all about balancing risks.

Sometimes the risks cannot be avoided, and for these times we highly recommend getting insurance to cover those gaps.

It’s smart business, and in 2022 we all need to be smart with our businesses.

BY DENNIS BROBSTON One of our beloved presidents, Abraham Lincoln, once said “The best way to predict the future is to create it.” That is our belief at Saratoga Economic Development Corp. (SEDC).

Creating Saratoga County’s economic development future has been our mission for over 43 years of existence. Working with SEDC to create our economic future are many partners: Saratoga County and local governments, Saratoga County businesses large and small, our Industrial Development Agencies (IDAs), universities and colleges and our K-12 school districts, to name a few. Over the last decade, SEDC and our stakeholders helped to create over 1,700 new jobs with over $170 million in payroll while retaining over 2,050 existing jobs at Saratoga County companies.

The year 2021 was another strange year as we all continued to adapt thru the ongoing COVID-19 pandemic. Like 2020, we were thrust into uncharted waters for supporting our existing businesses in Saratoga County while marketing our region for new and exciting companies looking for fertile ground to grow their businesses.

And like 2020, this past year of 2021 proved to be another banner year delivering over $110 million in new investment while creating 182 new jobs and over $11.5 million in payroll.

Over the last two years, we have supported $232 million of investment creating over 629 jobs with over $38 million in new payroll while retaining 730 existing jobs. The years 2020 and 2021 are the first back-to-back years with more than $100 million investment in our 43-year history. We are thankful for all of the projects that allowed us to excel during this pandemic.

Promoting Saratoga County’s sites and buildings to site selectors across the country and throughout Europe will continue in 2022. Our efforts to create more product (pre-zoned sites and buildings) continue as we work with our municipalities eyeing this type of growth. “On spec” flex space is being built regularly in Saratoga County and the support of the Saratoga County IDA and the Town of Clifton Park IDA is vital to that continuing.

The rising costs of steel and building materials make it difficult to develop without the incentives our IDAs use to support new growth. Prospects require pre-approved sites and buildings in order to meet increasingly tight deadlines to produce and distribute products. We appreciate working with our planning boards and staff, property owners, developers and real estate associates as prospects look to us for guidance on efficient turnarounds for projects.

Retention of our existing inventory of businesses is an ongoing, daily effort and has become very challenging during the pandemic.

In-person meetings are at best sporadic and getting the owners and/or C-Suite leaders who are dealing with understaffing or quarantine issues to teleconference or video conference is difficult.

Our goal in these conversations is to understand their concerns as they operate in Saratoga County and New York state. Costs that affect their bottom lines are ones we are all familiar with. Property taxes, utility costs, workers compensation and other labor costs are just a few of the operating costs we discuss with those companies. Understanding their concerns as early as possible allows us and our stakeholders to communicate to our elected officials at the local, state and federal levels so they can be helpful in bringing costs under control or develop programs to lessen the load on the businesses. This process is important not only in 2022, but imperative for continued growth!

Our Foreign Direct Investment (FDI) efforts

Tedisco

Continued From Page 1

time to get serious about creating this a program for all municipalities in the state to invest in fixing their underground drinking water, storm water, sewer and gas line infrastructure.

We can’t duct tape our way out of this crisis with quick fix repairs. We’ve got

Dennis Brobston, president, Economic Development Corp.

Saratoga

Courtesy Saratoga Economic Development Corp.

continued throughout this pandemic. Even though we haven’t seen many prospects in-person due to travel restrictions, we have progressed our marketing efforts to consistently position the Saratoga County region for opportunities that complement our existing businesses. Ireland continues to be one of the top 10 countries investing in the USA. Our plans for 2022 continue as we bring a dozen or so Ireland based companies here for a FAM Tour (Familiarization Tour) of Saratoga County and the Capital Region in partnership with TradeBright. The companies chosen for the delegation have been through an intense vetting process to make sure their financial position and growth needs fit what SEDC is looking for in new prospects.

We seek companies to complement our existing diverse industry base of Saratoga County.

Our target markets for these FDI prospects mirror ones we have been promoting in the last four to five years: advanced materials manufacturing, food and beverage manufacturing, life sciences and equine. Our partnership with the Irish Ambassador and his embassy team continues to flourish. Some 80 percent of businesses expanding into the U.S. from Ireland are vetted through the embassy.

These opportunities not only bring complementary industries; they support our professional service providers and bring additional opportunities to support the overall economic eco systems. Bright days are ahead for our FDI efforts.

SEDC’s commitment to coordinate productive partners has resulted in employable program launches. We are directly involved with CTE advisory committees, participatory in initiatives across industry sectors that bring awareness to opportunities with our existing businesses, connecting partners to provide training programs where gaps have been identified, etc.

We are committed to supporting our workforce development and educational partners as they provide programs that mutually benefit our residents and industries.

As a 501c3 nonprofit organization, SEDC is funded by stakeholders (including many Saratoga County and Capital Region businesses) as well as marketing funding from the Saratoga County Board of Supervisors. SEDC stakeholders invest their financial support and share their knowledge making SEDC’s efforts to market Saratoga County so successful. These altruistic business leaders’ investment helps us to sustain and grow the economy of Saratoga County knowing they, and many others, will be benefactors in the dynamic economy as well. to make real investments now and get a process started to repair and replace our underground infrastructure for the future.

Just because you can’t cut a ribbon on a sewer line doesn’t make it any less critical to the health and safety of our communities.

The longer we wait, the worse it will get and the more lives and tax dollars that could potentially be negatively impacted when this lurking monster strikes.

SARATOGA BUSINESS JOURNAL • JANUARY 2022 • 9

BY STEPHEN KYNE, CFP Who would have thought that we’d be starting the third year of life in a pandemic? Certainly it has had a huge impact on the economy in the last two years, and we all look forward to its influence waning. As we enter 2022, we’d like to offer our thoughts about how we see the year playing out for the economy.

In order to look ahead, we must first take stock of where we’ve been. 2021 was a fairly volatile year for the economy. Depending on which polls you read, the public was often equally (or more) concerned with the economy than it was with the ongoing pandemic. Given many of the leading economic indicators, it’s easy to understand why.

Inflation has been a primary concern. In 2020, as a response to the near-total shutdown of our economy, the government flooded the economy with trillions of dollars. In a typical year, according to the Federal Reserve, the money in circulation grows by about 6 percent.

In 2020, the money in circulation grew by about 30 percent. Meanwhile, supply chain issues, which persist today, meant that in-demand goods were hard to come by. The recipe for inflation is simply too many dollars chasing too few goods. We certainly had both in spades. As a result, inflation in 2021 ran about 7 percent - the highest in forty years, according to the Department of Labor.

For much of the year, the Federal Reserve insisted that the majority of the increase in inflation was “transitory”; a position with which we disagreed. While we think the inflation picture will improve in the years to come, we think it will be several years before we see the Fed’s target rate of 2 percent. Prepare for another year of increasing prices.

The employment landscape has been a hot topic in the past year, with what has been dubbed the “Great Resignation.” This revolves around the notion that there is an employment revolution and realignment, whereby workers are quitting their jobs en masse to pursue better opportunities, often involving working from home. According to ZipRecruiter, nearly 60 percent of workers indicate they would like a job that allows them to work from home, but only 10 percent of jobs offer than option and that number is likely to shrink as we enter postpandemic life. The office is not dead.

What is likely true is that many of those who quit their jobs may find themselves in the same or similar sector, as the reality of experience, education, and job availability force their hand.

In other words, a person who has spent two decades in hospitality may find it difficult to find a dream job in a different sector, at least without additional training.

According to the Department of Labor, there are still 1.5 unfilled jobs for each unemployed individual, and we see the unemployment rate continuing to improve as the pandemic wanes, and many on the sidelines return to work.

Interest rates are beginning to rise, with mortgage rates at nine-month highs. If you’re someone who has not refinanced your mortgage, the days to take advantage of historically low rates may be numbered. Rising interest rates may also work to cool what is a very hot real estate market, as people have been taking advantage of bargain basement mortgages for the last two years.

The construction cost of housing is close enough to the retail cost that we don’t see a major bubble in residential real estate. In other words, while we think the market may slow due to rising mortgage rates, we don’t feel that housing will experience a sudden drop in value.

We believe the Fed will also increase rates in a bid to help rein in inflation. Rising interest rates will have a negative effect on many types of bonds you may be holding in your portfolio. Bonds are often considered “safer” than stocks, but in a rising interest rate environment many will actually lose value.

Consider that you if you are trying to sell a bond that pays 2 percent, and the prevailing rate in the market is 4 percent, then you will have to discount the price of your bond in order to entice a buyer. It’s important to work with your CFP to understand your exposure to this type of risk.

As for the stock markets, they performed in-line with our expectations published in this

Expert electrical service.

Stephen Kyne, partner, Sterling Manor Financial LLC in Saratoga Springs.

Courtesy Sterling Manor Financial LLC

column a year ago. U.S. markets outperformed foreign markets, and we see that trend continuing throughout 2022. The U.S. has an extremely robust economy, and it has been much faster at opening and staying open than many other economies.

Consider that Canada, Europe, and Asia have all tended toward stops and starts with their reopening.

While we think that many foreign emerging and developed markets have good long-term upside, partly because many are currently in a hole, we don’t expect 2022 to be their year, and are much more bullish on the outlook for the U.S. markets.

We do think it is likely that we experience a correction of 10 percent or more at some point during the year, and view that as a sign of a healthy market, as investors take the opportunity to move funds between sectors. Remember, after 100 percent of pullbacks, the U.S. markets have gone on to see new highs. While that’s not a guarantee, it’s a pretty good track record.

The political landscape in the U.S. has affected the domestic markets, as U.S. Congress can’t seem to get out of its own way in passing legislation, taking the better part of 2021 to pass a bipartisan infrastructure bill.

We don’t see that improving in the new year, as Congress remains mired fighting over the things it can’t get done, spending little time focusing on what may actually be achievable.

Given the current landscape, and Congress’ detachment from the public’s primary concerns (the economy and COVID), we see the lower house being taken by the Republicans in 2022, possibly by a wide margin. Democrats may even lose the Senate. We already see Democrats lowering expectations for their results at the polls this year, which is never a promising sign.

Personal political proclivities notwithstanding, gridlock is good. At its most basic, it forces compromise—which we’ve seen little of—or nothing. From a purely economic standpoint, one is just as good as another because it means the rules are unlikely to change, and markets like certainty.

From a fundamental standpoint, we see the outlook for the US continuing to improve, and have only a few concerns we are monitoring, which may affect our view.

Omicron showed us all how quickly a new variant can emerge and proliferate. So far, this strain appears to be mild, however a more virulent strain could emerge, which would certainly cause a ripple.

We are also eyeing certain geopolitical factors, namely China and Russia. Both seem eager to test the resolve of the west by asserting themselves in their respective spheres of influence. We feel that, almost certainly, China is watching to see how the world reacts to saber rattling by the Russians in order to determine any future course of action.

Action by either country could have a short-term impact on markets, and are worth watching.

In summary, we see 2022 shaping up to be a good but volatile year for the markets. As always, our forecast contains forward-looking statements.

In our view, however, there are far more tailwinds than headwinds, and you should work closely with your CFP to monitor your financial plan and ensure that you are capitalizing on the opportunities as they present themselves.

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BY RENE A. WALRATH In 2022, hiring, recruiting, and retaining talent will continue to rapidly transform. The unemployment rates are continuing to rise and the Great Resignation will continue on in this upcoming year. This leads us to ask what will recruiting top talent look like this year?

The Great Resignation is caused by people quitting their jobs in large amounts due to low wages, poor benefits, a lack of work-life balance, and overall unhappiness at their current role.

These employees are currently trying to find a job that is a better career fit for them and offers a better balance.

Retaining talent and recruiting in 2022 will be centered around responding to these changes in the employee or candidate’s expectations due to the pandemic.

The beginning of this pandemic forced many employees to work from home as offices shut down, which in turn caused the realization of how productive employees can be from home.

Some of these employees enjoyed the remote work and the extra time that came with working from home.

Employees now are pushing for hybrid and remote jobs where they have the ability to add flexibility into their schedule. Companies will continue to adapt to these candidate expectations in order to retain employees during a historic labor shortage by offering a workplace that fosters a better work life balance.

COVID-19 revealed to employers how important mental health is for everyone. During a time where there is a global talent shortage— the Great Resignation—employers will continue to attract top quality candidates through increasing their workforce’s health and fostering a healthy work environment both physically and mentally.

Employers will attract future employees by offering flexibility or programs intended to relieve the stress of their employees. Providing a great employee experience will increase an employee’s desire to stay at their company and lower employee turnover rates.

Another trend that will continue on in 2022 is the employers desire to promote Diversity, Equity, and Inclusion within their organization.

DEI will be the forefront of many businesses recruiting and retention strategies going into the new year. Many of these organizations will be looking to diversify their leadership and management teams specifically.

This will be an interesting year for recruitment due to the fact that employers are hiring four

Chuck Ciaccia 27 years

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Rene A. Walrath is the president of Walrath Recruiting Inc. Courtesy Walrath Recruiting Inc.

generations of employees at the same time.

There are vast differences amongst these generations and these generational differences have the ability to influence the success of the organization. Employers will continue to hire employees from all four of these generations and include age variations in their DEI strategies.

Vaccinations will continue to play a large role in the recruiting industry. Some employers may require their in-office employees to be vaccinated. These requirements or lack there of will greatly affect what employees’ organizations are able to attract.

Organizations that require vaccines will have to change their recruitment process to only select candidates that are vaccinated. Certain employees prefer to only work in a space where everyone must be vaccinated while others might prefer to work in a space where vaccinations are not required. These additional requirements of some organizations will impact their ability to attract top talent during the Great Resignation.

The year 2022 will require new skills for certain jobs that will replace the old. Hiring managers will have to tailor their search for qualified candidates this year to the new skills desired for each job and disregard candidates that don’t. Employers can also offer and advertise training programs for new employees that don’t have the specific skillset that they are looking for.

Employers will need to be able to adapt quickly to the upcoming changes in the job market to retain the top talent they have and be aware of this when hiring additional employees.

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10 • SARATOGA BUSINESS JOURNAL • JANAURY 2022

Outlook 2022 Continued From Page 9

BY DOUG FORD There is a tremendous amount of uncertainty in what lies ahead as we embark on 2022 however, when you look at the construction and the building materials industry a few things are “for sure.” The broken supply chain, lack of available workers and fallout from COVID are all factors that will continue to challenge us.

Like many industries, the supply chain for building materials and related products is going through a very difficult period in both domestic and foreign products. Experts believe the crisis will extend beyond 2022 with no immediate relief in sight.

Current delivery delays can extend the build time on an average single-family home by three-plus months and will get worse as we enter the winter season here in the Northeast.

This is extremely unfortunate since there is a lot of interest in new homes and a shortage of available homes on the market.

The fallout from lack of product and the demands on housing are in part due to the influx of millennials entering the market.

This has caused a significant increase in home pricing which adds another level of complexity. Interest rates remain low, but all other trends impacting the real estate market allow the advantage to remain with the sellers.

The lack of labor in the construction industry has been growing for decades and is now competing with many other segments for workers. A recent statistic reported by the U.S. Chamber of Commerce construction index stated that 92 percent of contractors have reported difficulty fi nding workers and of those, 42 percent have turned down work as a result.

Simply put, many people aren’t aware of career opportunities in the trades. This is a topic that the Saratoga Builders Association in conjunction with many local partners have been addressing for the past three years. Until recently, schools have focused on college as the primary pathway for most students.

Recent efforts highlighting careers in the trades, compounded with issues brought to light resulting from the COVID pandemic have created new hope for the construction industry labor shortage.

Parents and graduating students are uncomfortable traveling to larger schools, remote learning does not provide the same experience for college students, and yet the fees remain the same.

This has opened the door to educate school staff, students and parents about opportunities

Doug Ford is vice president of Curtis Lumber Company.

Courtesy Curtis Lumber Co.

in the trades for those who don’t fi nd this new way of learning appealing. The pathways to a lucrative career in the trades are diverse and numerous, including options directly out of high school. Parents have formed beliefs about the trades based on their growing up from many years ago – long hours pounding hammers and nails.

Work in the trades is very different today.

Good starting salaries with great opportunities for advancement and high income, benefit packages, job security and tech-savvy skills are just a few examples that contribute to many options for rewarding careers.

The last thing “for sure” is that COVID has and will continue to have a significant impact in 2022. One of the biggest COVID related challenges has been the instability of the workforce. Fear of catching COVID, required quarantining, and the vaccine mandates have all lead to a lot of missed time by workers.

This has also been complicated by the lack of daycare and schools being forced to require remote learning. COVID has forced the construction industry (historically traditional in thought and slow to change) to embrace technology to a much higher degree. This brings a new attraction for younger workers, including females who have typically stayed away. According to the NAHP women only make up 10.9 percent of the construction workforce.

The timing is right, and the industry will greatly benefit from influx of female workers.

Most would agree it has been a tough time.

Conflict, loss, setbacks, and challenges seem to be the norm. There are many more unknowns that we must navigate this year however, I am extremely optimistic that 2022 will be the year we emerge from the COVID pandemic. We will have the opportunity to benefit from all we have learned having gone through it, “for sure.”

BY JANET BESHEER The year 2021 was a roller coaster in area real estate year with the best annual existing home sales numbers since 2006.

Low inventory and high demand, along with very low interest rates, had properties flying off the page all year long. Median prices were at all time highs.

Experts see the sellers’ market continuing into 2022 and with a less wild seller’s market than during 2021. Home sales prices will not advance at the same pace we saw in 2021, however, the lack of supply will mean prices will continue to grow.

It is predicted that mortgage interest rates will rise at least three times during 2022. The 30-year fixed rate, currently averaging 3.3 percent, will hit closer to 3.7 percent by the end of this year. This will affect the buying power of certain buyers.

In November, the median sales price in the Capital Region jumped to $397,700 which was an increase of more than 12 percent over the median price of $330,000 in 2020. Sales prices rose for 19 months in a row across New York state.

Home prices are predicted to continue to rise in 2022, up to 5-12 percent in most markets.

Affordability will be a challenge in 2022 with home buyers grappling with higher monthly costs due to rising prices and mortgage rates.

Inventory woes will continue in 2022. In 2021 inventory was down 23 percent compared to 2020. Typical “days on market” was only 23 days and homes sold at 99.2 percent of the original list prices. Months’ supply of inventory fell to 2.8 months in November 2021—a 34.9 percent drop from 4.3 months of supply in November 2020. (A balanced market is considered to have 6-6.5 month supply). As a result, buyers in every price range were frustrated by not finding a home or by being outbid in multiple offer scenarios.

It’s been a trying year for all buyers. Lack of supply will continue to plague the market this year.

New homes sales declined in 2021 because of restrictions in zoning laws and supply chain issues. New construction starts are slated to be up in 2022 as builders catch up to the usual balance of already-completed vs under-construction vs notyet-started homes. New homes in many cases are the only viable option for buyers who can wait for the construction process to finish.

People will continue to work from home and hybrid forms of workspaces are emerging.

Employees will be able to live farther away from the office and the suburbs will continue to grow.

The commercial apartment market is going to remain strong this year and rents will continue to

BY KEVIN M. HEDLEY An outlook for the coming year comes from two perspectives, one as a CPA firm practicing in the tax arena and the other as a wealth manager.

In both cases, our work is assisting clients to navigate the turbulent world in which we live. One thing has always been clear over the last 30 years being in business. There is always some sort of turbulence.

Navigating the turbulence is aided by preparation.

As we look to the 2022, it is obvious that COVID is still with us and is not going away anytime soon.

Accountants and finance professionals demonstrated their role as most trusted advisers in many circumstances. We had to pivot to meet the needs of our clients in many facets, the least of which was ever-changing tax law, programs to help our clients like PPP and ERTC, and a myriad of other financial opportunities.

We foresee there will be continuing needs due to tax law changes and other programs designed to aid small businesses. Clients look to us to assist them. We answered that call this past year and will continue to do so in 2022 and beyond. We continue to make necessary technology updates and personnel additions to meet these needs.

We continue to grow as a brick-and-mortar business with our offices here in Saratoga County as well as allow the flexibility for employees to work seamlessly from home. We are proud of the measures we put into place even before the pandemic and are thankful for the ability of our staff to adapt as quickly as they did when it became a necessity.

We, as well as others in the CPA profession, continue to find innovative ways to hire, train, and retain qualified staff during these ever-changing times.

The wealth management side of the business is consistent with the tax side when it comes to technology, work from home, and the ability to pivot to meet the needs of our clients.

The wealth management firm continues to be able to meet the needs of our clients whether in person, by virtual meetings, or just the “old fashioned” phone call. We see 2022 will be no different in that regard.

So, what other issues will impact 2022?

Clearly, there will be changes to the tax law impacting small businesses in 2022 and beyond. We will likely see substantive changes to the rule that

Janet Besheer, licensed real estate broker/ owner, Equitas Realty.

Courtesy Equitas Realty

increase. It is unlikely industrial real estate will see much change although supply-chain issues will still plague new construction.

The big question mark is the office market. A real recovery for office buildings all over the country hinges entirely on the return of employees to the office but there’s no evidence this is happening sometime soon.

How do these things effect buyers? Buyers should carefully consider their budget before starting their search. Talking with a lender, they can ascertain how much they can afford, set a price point and run the numbers on how their monthly payment will change as interest rates rise. Buyers should make sure that the numbers feel comfortable to them when they hone in on their search of properties.

How about sellers? Home prices will continue to stay strong this year. Even as for-sale inventory starts to grow, upping competition, well-priced homes in good condition will be able to face the competition and sell quickly. And, if sellers have owned their homes for a while, when they do sell, they can expect to walk away from the transaction with a healthy amount of cash.

As a real estate broker, I am looking forward to a very busy and successful 2022. Realtors met the challenges of the past few years with creativity, compassion and a very high level of professionalism.

We helped our clients navigate through the ups and downs of buying and selling in a wild and crazy market while navigating the constraints of the pandemic and the limitations it put on all of us. We learned a lot and that knowledge will get us through 2022 with aplomb.

Kevin M. Hedley, MS, CPA, PFS, partner, Hedley & Co., PLLC. Courtesy Hedley & Co. PPLC

currently allows eligible taxpayers to deduct up to 20 percent of their qualified business income (QBI). We may see changes to tax rates, business loss changes, and changes to the Net Investment Income Tax. What about the wealth management side of the business?

The Federal Reserve (the Fed) is forecasting 3.8 percent in U.S. GDP growth in 2022, down from their 5.9 percent projection for 2021, but still high relative to the prior expansion. This seems in line with many other economists’ forecasts.

While growth is slowing to more sustainable levels, the Fed did raise the forecast for 2022 while lowering the 2021 forecast. Supply-side constraints are delaying growth from this year to next year.

Breaking down GDP, consumer spending, which makes up roughly two-thirds of GDP, is projected to rise next year, but at a slower pace.

Spending will be moderated as government stimulus fades.

Business spending should accelerate as businesses try to keep up with demand from economies reopening and building up inventories.

We are ending 2021 on quite the buying spree of new tech and we see that happening in many businesses. Many clients are looking to grow and are trying to get the equipment they need.

SARATOGA BUSINESS JOURNAL • JANUARY 2022 • 11

live and work in local communities across Saratoga County.

As chair of the Chamber’s board of directors in 2022 and as part of our expansive community recovery efforts, my goal is to bring back some of the Chamber’s most influential programming. First and foremost, is Leadership Saratoga.

Leadership Saratoga has over 500 alumni who are volunteer leaders helping more than 150 local impact sector organizations. Leadership Saratoga readies it’s graduates for community and board service, and now is a time where that service is needed in spades.

In the coming year the Saratoga County Chamber of Commerce will seek to help local employers challenged by the labor shortage. There are no short-term fixes, but there are opportunities to consider.

For example, we can reconnect local employers with agencies like AIM Services, Saratoga Bridges, and Living Resources. These organizations have a pool of local talent looking for job placements. Years ago, the Chamber hosted job fairs to help connect the workforce supported by these agencies with employment opportunities and there is no reason we can’t do this again.

The Chamber is also exploring how to use our expertise in communications, digital advertising, and use of social media platforms to attract talent to work in Saratoga County.

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meeting planners see the COVID-19 surge as a brief setback in what looks to be a very promising year. On top of that, we will continue to see a tremendous surge in leisure domestic travel, which may surpass prepandemic spend volume for the second year!

Safety is still a major concern. We must continue to educate our meeting planners and leisure travelers about how Saratoga is putting their health and safety first, as well as that of our employees and our community.

Vaccinations and testing are keeping the meetings and events industry moving forward. Our lodging partners, event venues, and vendors realize the importance of complying with health guidelines, meeting protocols, and protecting everyone as best as they can.

This is where Discover Saratoga comes in. The mission of the Saratoga Convention and Tourism Bureau, operating under the Discover Saratoga brand, is to deliver a positive impact on the local economy by promoting and marketing Saratoga Springs and Saratoga County as a world-class destination for meetings, conventions, and groups.

We serve as a hub that connects visitors with local venues and businesses managed by our 500-plus members. As a key economic development engine for our community, we drive millions of tourism and event dollars into our local economy each year. This makes our community stronger, and helps our families, our friends, and our neighbors. The work we do is critical to the future of our city and our county. Here’s to a healthy, happy, and safe 2022.

Courtesy Wilcenski & Pleat PLLC

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Courtesy Discover Saratoga

Tara Anne Pleat is 2022 chair of the Saratoga County Chamber of Commerce board.

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Darryl Leggieri is the president of Discover Saratoga.

BY TARA ANNE PLEAT After two years of shifting pandemic protocols and restrictions on business operations, hope abounds that 2022 is the year when the business community can focus on recovery and growth instead of survival.

We are fortunate to live in a resilient community with elected leadership who understand the needs and value of the county’s local businesses. We are fortunate to live in a community that has loyal customers who helped keep many small businesses afloat.

We are fortunate to have the Saratoga County Chamber of Commerce, which under the leadership of Kevin Hedley and Skip Carlson together with President Todd Shimkus was relentless in communications, promotions, outreach, and advocacy.

We now look to 2022 in Saratoga County with optimism. The Town of Malta is home to the headquarters of GlobalFoundries and the world’s most advanced semiconductor manufacturing facility. The construction of Fab 8 started in 2009 and propelled our area out of recession. With plans for more investments and talk of a second plant, GlobalFoundries may just lead our recovery again.

The Town of Halfmoon is now home to the Impact Athletic Center. This facility has the potential to significantly expand Saratoga’s youth sports tourism industry. With each new tournament our area will see teams, players, parents, coaches, and others stay in local hotels and dine in local restaurants. Finding ways to continue to market the county’s existing sports venues and invest in new ventures will help our hospitality sector to recover.

The U.S. Navy is nearing completion of the modernization of its facilities at the Knolls Atomic Power Laboratory in Ballston Spa. When this is done, Saratoga County will see an influx of Navy shipmen into our local economy as they train here to operate nuclear power plants onboard our Navy’s aircraft carriers and submarines. While stationed here, these shipmen rent local apartments, purchase local goods and services, and often volunteer to support local projects.

We are seeing workforce housing being built or planned in Ballston, Malta, Corinth, and Saratoga Springs. We are seeing CDTA invest in improving public transportation with their new Flex service in Mechanicville, Halfmoon and Malta. Building more workforce housing and expanding public transportation will help to ensure more people can

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BY DARRYL LEGGIERI What an eventful year it has been. As we moved through spring and summer, and vaccines became more accessible, we began to reconnect in person. With most everything open, our destination experienced strong leisure travel demand, and we needed it.

Visitors came for the thrill of Saratoga Race Course, the excitement of Saratoga Performing Arts Center and Live Nation shows, and the natural beauty of our parks, cultural arts, museums, and thriving downtown.

Our lodging partners had a strong season with some even setting revenue records.

The same can be said for our restaurants and retailers. Visitors came primarily from a three-hour radius, mostly driving to experience our charming destination. Many of whom discovered us for the first-time, electing to stay within New York state.

Meetings and events resumed in 2021 and attendees felt comfortable to travel and meet face-to-face once again. Corporate groups, associations, weddings, and the sports market were happening. Many of these events had been postponed from 2020 and were now meeting safely. These events were vital to our local economy. Not only do these event attendees occupy hotel rooms, but they also shop and dine at our local businesses, creating revenue and jobs for our community.

The Saratoga Springs Heritage Area Visitor Center reopened in July after being shut down for over a year. Once it was safe to reopen and visitors resumed travel, we knew it was time to open. We feel it is critical to have a place in our community where locals and visitors alike can go to gain important information about our city’s history, and all the amazing attributes that it has to offer.

Saratoga County had robust growth in 2021 compared to 2020. Looking back over the past 12 months, demand has increased by 37.6 percent, occupancy is up 32.7 percent, average daily rate (ADR) is up 34.1 percent, and revenue per available room (REVPAR) is up 78 percent. The occupancy and average daily rate that our lodging partners were able to command shows a strong return to our historical patterns (2019). That is very exciting news as we enter 2022.

Looking ahead to 2022: It has been a turbulent two years for the meetings and events industry. We are hopeful for a full recovery to pre-pandemic levels in 2022, but realistically we are just not there yet. But there is still reason to be optimistic.

While January began with some cancellations and postponements, we believe

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12 • SARATOGA BUSINESS JOURNAL • JANAURY 2022

SARATOGA BUSINESS JOURNAL

SPECIAL SECTION

Health & Fitness

Commission On Collegiate Nursing Gives Wesley Health Care Center’s Jenna Lord Is SUNY Empire Program Accreditation Named Group’s ‘Professional Of The Year’ The Commission on Collegiate Nursing Education (CCNE) has granted 10-year accreditation to SUNY Empire State College’s master’s program in nursing, a recognition that reinforces the program’s quality and integrity.

CCNE accreditation is a nongovernmental peer review process that helps ensure a nursing program meets nationally recognized standards of excellence. It signals that a nursing program optimally prepares its graduates for the workforce.

SUNY Empire’s graduate nursing program offers two specialty tracks, nursing education and nursing administration.

SUNY Empire’s BSN program, which received CCNE accreditation in 2015, is due for its next accreditation visit in 2025.

The accreditation comes amid a growing demand for nurses across the nation and in New York state. The U.S. Bureau of Labor Statistics projects that 11 million additional nurses are needed to avoid further shortages in the healthcare industry.

Employment opportunities for nurses are projected to grow at a rate of 15 percent— faster than all other occupations—through 2026. According to the American Journal of Medical Quality, there will be a shortage of more than 39,000 registered nurses in New

York by 2030.

The accreditation further enhances opportunities recently created by the State University of New York establishing a $3 million SUNY Nursing Emergency Training Fund, which will help SUNY campuses expand program capacity so more students can enroll.

SUNY Empire School of Nursing and Allied Health Dean Kim S. Stote said the undergraduate and graduate nursing programs “have long been the gold standard in online nursing education. We continually assess the healthcare landscape and our students’ needs and continually adapt and improve our programs accordingly.

CCNE accreditation at the graduate level underscores and validates the quality of the full continuum of programming we offer, from the bachelor of science in nursing degree to the master of science in nursing degree.”

Rebecca Hegel, SUNY Empire School of Nursing and Allied Health Program director said, “This wonderful achievement demonstrates the cumulative efforts of all faculty and staff in the School of Nursing and Allied Health. This accreditation lends itself to shaping our future nursing workforce.”

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Jenna Lord, director of nursing at Wesley Health Care Center, has received the 2021 Professional of the Year Award from LeadingAge New York.

The Professional of the Year Award recognizes contributions of a professional working in the aging healthcare field toward the well-being of the elderly or chronically ill in his or her community. The award nomination is open to any long-term care, housing and services professional who demonstrates civic involvement as well as professional dedication, accomplishment and field expertise.

“The Wesley Community congratulates Jenna on this outstanding recognition as the 2021 LeadingAge New York Professional of the Year,” said The Wesley Community CEO J. Brian Nealon. “Jenna consistently exhibits outstanding leadership and helps us provide compassionate senior care to our residents and their families. We are grateful to have her on our team.”

Lord is responsible for leading and supervising the nursing staff and overseeing the care provided to residents at the Wesley Health Care Center. She has extensive health care experience and has been an active member of the Wesley Health Care Center team since 2008.

“I am honored and humbled to receive this award and to be recognized by my peers, administrators and LeadingAge New York as ‘professional of the year.’ I would not be able to achieve anything without the amazing team at Wesley,” said Lord. “Working alongside so many talented nurses, and caring for the aging, is something I consider a privilege.”

Lord’s dedication to the profession led to her recognition as Registered Nurse of the Year at Wesley Health Care Center in 2018. She received the honor following numerous peer nominations and an extensive review by a panel of administrators at The Wesley Community.

This is the second year in a row that The Wesley Community has been recognized by LeadingAge New York. In 2020, Wesley Health Care Administrator Jessica Florio was named the recipient of the LeadingAge New York

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Thomas Clarke Memorial Award, which honors young leaders in the long-term health care profession who exemplify personal integrity and professional dedication while caring for aging adults.

The Wesley Health Care Center is part of The Wesley Community, a 37-acre continuum of care campus in Saratoga Springs which provides seniors with a variety of levels of care including independent living, assisted living, long-term care, outpatient therapies, shortterm rehabilitation and home care.

Founded in 1961, LeadingAge New York represents nonprofit, mission-driven and public continuing-care providers, including nursing homes, senior housing, adult care facilities, continuing-care retirement communities, assisted living and community service providers. LeadingAge New York represents more than 500 organizations dedicated to expanding the world of possibilities for aging adults.

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SARATOGA BUSINESS JOURNAL • JANUARY 2022 • 13

Company’s Donation Helps Saratoga Hospital National Health Care Groups Ask That Get Cardiac Equipment For Newborns COVID Emergency Period Be Extended Babies born at Saratoga Hospital can now benefit from advanced cardiac monitoring equipment made possible by a gift from the Nemer family and Nemer Chrysler Jeep Dodge Ram of Saratoga.

Hospital officials said about 10 percent of newborns need help breathing at birth. Getting an accurate measurement of their heart rate is critical but often challenging. The Nemers’ pledge of $26,000 will enable Saratoga Hospital to buy four neonatal cardiac monitors to enhance care for these babies.

“With this new equipment, we can begin evaluating and monitoring neonates during their first few minutes of life,” said Dr. Jennifer Lefner, chief of newborn medicine at Saratoga Hospital. “We will have critical, immediate information on how strong their heart rate is and how well they are responding to resuscitation measures.”

Two young members of the Nemer family were born with heart conditions, so the family knows firsthand how important early monitoring can be.

“Once again the Nemers are drawing on their own experience to improve—and, in some

cases, even save—the lives of their neighbors in Saratoga County,” said Mary Solomons, executive director of Saratoga Hospital Foundation, the philanthropic arm of Saratoga Hospital. “Their gift is an extraordinary example of empathy and generosity, and we are most grateful.”

Last year, as a tribute to their late father and grandfather, who died of a heart attack, the Nemer family began underwriting Saratoga Hospital’s subscription to the emergency LifeNet System. LifeNet transmits electrocardiogram and other critical patient information to the Emergency Department while the ambulance is en route, so patients can receive appropriate cardiac care within minutes of arriving at the hospital.

Officials said the latest gift enhances infant care and provides additional peace of mind for families of the 750 babies delivered each year in the hospital’s recently renovated Mother/Baby Unit.

The renovations included updates to patient rooms; new diagnostic testing, exam and treatment rooms; a remodeled nursery, including exam and treatment space; and new, larger staff support space.

Albany Med Financial Aid Program Applies To Saratoga And Glens Falls Hospitals The Albany Med Health System has developed a financial assistance program (FAP) that it says will benefit patients receiving care at any hospital within the system or from any provider employed by any of its facilities, including Albany Medical Center Hospital, Albany Medical College, Columbia Memorial Health, Saratoga Hospital and Glens Falls Hospital.

“The Albany Med Heath System is committed to minimizing the financial barriers to health care that exist for some members of our community and to ensuring that patients do not forgo necessary care due to worry about cost,” said Dr. Dennis McKenna, president and chief executive officer of the Albany Med Health System. “This program is another example of how the hospitals within our system are working together to make access to high-quality care easier for everyone in our communities.”

FAP helps uninsured and underinsured patients with a gross household income up to 400 percent of the federal income poverty guidelines, which is calculated based on annual income and number of persons in household. Eligibility is based on the federal income poverty guidelines in effect at the time of application.

Patients seeking access to the FAP will be required to complete a signed application

and provide documentation to verify income. Financial assistance will only be applied after all insurance coverage has been exhausted or for uninsured self-pay patients. Once approved, assistance will be available for all services provided at any facility within the system or from any of its providers.

The Financial Assistance Program is one step in the Albany Med Health System’s ongoing efforts to make access to health care easier for patients. In the future, the system will offer coordinated or fully integrated care in a wide variety of specialties.

Patients can expect more collaboration in additional service lines. Work will soon begin on a system-wide electronic medical record (EMR) and enterprise planning resource process (ERP).

With one EMR, providers at any system location may securely access patient information for quicker connections to coordinated care. A team is also planning for a central patient engagement center that will offer system patients one number to call for scheduling physician or hospital services, checking eligibility and benefits, financial information, referrals, and authorization management. It will open first at Albany Med and expand to affiliate hospitals in the coming years.

With the public health emergency (PHE) set to expire on Jan. 16, the American Health Care Association and National Center for Assisted Living (AHCA/NCAL) are asking for an extension of the emergency period.

The groups sent a letter to U.S. Health and Human Services Secretary Xavier Becerra to request an extension of the PHE declaration as long term care providers continue to fight COVID-19.

The highly contagious Omicron variant is projected to spread at a high rate for weeks to come and continues to cause a surge in cases across the country, leaving vulnerable populations, such as those in long term care facilities, at serious risk, the organizations said.

AHCA/NCAL President and CEO Mark Parkinson writes said in the letter, “Due to the ongoing and unpredictable battle long term and post-acute care providers must continue to wage against COVID-19, we strongly encourage you to continue to extend the PHE declaration and maintain the related Section 1135 and Section 1812(f) waivers, enhanced Medicaid FMAP to states, and state Medicaid policy flexibilities, such as the waiver for Medicaid redeterminations.”

The letter further explains the unprecedented challenges the long term care sector is facing, including a historic labor crisis that has resulted in a 15 percent decline in its workforce since the beginning of the pandemic.

This has caused nursing homes to limit admissions, putting more strain on overwhelmed hospitals that rely on nursing homes to free up beds. Parkinson wrote that extending the PHE would help health care providers respond to this challenge: “The COVID-19 pandemic has presented significant challenges to the entire health care continuum and specifically to the long term care profession. Nursing homes are facing a historic labor crisis, losing more

than 230,000 caregivers or nearly 15 percent of the workforce since the beginning of the pandemic. This is the worst among all health care professions and is impacting the sector’s ability to serve patients.

“More than half of nursing homes are limiting new admissions at a time when overwhelmed hospitals need our assistance to free up precious beds due to the Omicron surge. However, with your help, health care providers, including those in long term care, can access key tools available through the PHE declaration to help respond to this unprecedented challenge.”

In addition to extending the PHE, AHCA/ NCAL also urged HHS to prioritize long term care for essential resources, such as tests, testing equipment and a separate allocation of COVID-19 treatments for long term care pharmacies.

“Along with extending the PHE, we implore the federal government to prioritize long term care for access to urgently needed resources, such as COVID-19 testing and treatments,” said Parkinson. “Currently, long term care providers are left to compete on the open market for tests. We urge you to increase the number of shipments with tests and testing equipment supplied to long term care providers as well as ensure our staff and residents remain the utmost priority for testing/” He said additionally, the federal government should set up a separate allocation of COVID-19 treatments that long term care pharmacies can access to supply our settings. At present, long term care providers must navigate the various cumbersome ordering process for treatments that each state has set up. This has resulted in delays in accessing life-saving treatments.

Establishing a separate process for long term care pharmacies to order treatments directly and increasing the availability of testing in long term care would help our settings identify the virus quickly and save precious lives.”

14 • SARATOGA BUSINESS JOURNAL • JANAURY 2022

SPECIAL SECTION

SARATOGA BUSINESS JOURNAL

Corporate Tax / Business Planning •

Business Report Does Your Business Have An Exit Strategy

BY ROB SNELL If you’re a business owner, you’ve got so much to think about, and you work so hard, that it might be difficult to envision the day when you’re in a different place in life.

However, that day will likely arrive, so you’ll want to be prepared for it, which means you’ll need an exit strategy. But how do you create one?

Here are some steps that can prove helpful: • Start planning early. Making a quick exit is probably not a viable strategy for most business owners. Instead, you’ll want to plan far ahead for when you want to leave your business behind.

This will require some thinking about the big picture: What will the company look like when you’re gone? Are you essential to its survival? If not, do you want to sell it to a key employee or an outsider? Or would you prefer to keep it in the family?

After you’ve answered these types of questions, you can then move on to consider specific solutions, such as creating a buy-sell agreement with an employee or gradually transferring the business to family members.

• Determine how to fill a retirement income gap. You could spend two, or even three, decades in retirement – so you’ll want to be sure you’ll have an adequate income stream to cover all those years.

You may be able to draw on Social Security and whatever retirement plan you might have established, such as an SEP-IRA or an owneronly 401(k), but these sources may still leave you short of what you’ll need to live on during your retirement.

However, your business will probably be your biggest asset, especially if you own some real estate connected with your operations.

So, if you’re planning to sell your business, how much will you need to get for it to fill any retirement income gap you may face?

Of course, it can be somewhat tricky to place a valuation on a business that may not be sold for several years, but with some research and the right forecasting tools, you should be able to develop a pretty good estimate.

• •

Rob Snell, financial adviser with Edward Jones Financial in Saratoga Springs.

Courtesy Edward Jones Financial

• Get professional help. Creating and executing a business exit strategy takes time – and expertise. So, as you think about your own situation, you might want to assemble a team that includes your financial, tax and legal advisors and an expert in business valuation.

This last position—business valuation professional—will obviously be particularly beneficial in estimating the value of your business for a future sale.

• Include the next generation in your plans. If you’re planning on transferring your business to the next generation of your family, you’ll certainly need to involve them in every step of the process.

But even if you’re going to sell the business to an outsider, or liquidate it entirely, you should keep your grown children informed of what you’re doing, since they may be affected by the outcome.

You also may want to include them in any meetings you have with your financial, tax and legal advisors. Selling or transferring your business will be one of the most important financial moves you’ll make – so plan ahead, get the help you need and find the exit strategy that’s right for you.

Business Report Economy Can Grow In 2022

BY BILL CANTY, CPA, CFP Even as the pandemic continued, 2021 was another strong year for the markets, though returns varied a bit across various market segments. The S&P 500 index gained 28.7 percent in 2021 as large cap stocks had another strong year. The index set numerous new highs during the year. This marks the third consecutive strong year for the S&P and for stocks.

The tech-heavy NASDAQ gained 21.4 percent in 2021 and the Dow Jones Industrial Average added 18.7 percent for the year. This represented only the sixth time that the S&P 500 beat both the Dow and the NASDAQ in the same year, and the first time this has happened since 2005.

The Russell 2000, made up of small cap stocks, was up 13.7 percent for the year. Most broad non-U.S. stock indexes also under performed that U.S. market.

Gains were not uniform and 2021 saw the rise of “meme” stocks where large groups of investors would buy shares of stocks like Game Stop and AMC Entertainment in an attempt to bid up the price and inflict losses on hedge funds who had short positions in the shares.

Gains across the S&P 500 were concentrated to an extent, with five stocks comprising just under 33 percent of the index’s returns according to Goldman Sachs. The five stocks were Apple, Microsoft, Nvidia, Tesla and Alphabet (parent of Google).

Dissecting the gains in the S&P 500 showed that the technology sector of the S&P 500 played a true leadership role in the gains of the index in 2022 as it has over the past several years.

The picture across foreign stock markets was very mixed. The Stoxx Europe 600 index was up 22 percent for the year. On the other hand Chinese stocks fared poorly amid a crackdown by the government on many tech stocks and amid signs that growth in the second largest economy in the world may be slowing a bit.

Things were not as great for bond investors.

Yields on many types of bonds are at or near record lows. This is a tough environment for fi xed income investors seeking a decent yield.

The Bloomberg U.S. Aggregate bond index finished 2021 with a minus-1.54 percent total return. With the exception of some high yield bond indexes, most U.S. bond indexes ended the year on the negative side.

Holders of cash fared just as poorly with most money market funds yielding around

•

Bill Canty, CPA, CFP, founder, CFM Tax and Investment Advisors.

Courtesy CFM Tax and Investment Advisors

0.01 percent by year-end.

Commodities and crypto posted solid returns for 2021, though there was quite a bit of volatility in Bitcoin and other cryptocurrencies at times.

While of course nobody knows what 2022 will bring, here are some factors to consider as we enter the new year.

In spite of the pandemic, supply chain issues, labor shortage and other hiccups, the economy performed well in 2021 with global GDP growing about 5 percent in 2021. This is on the heels of a drop of over 3 percent in 2020.

Forecasts call for continued growth in 2022 of about 4 percent.

Corporate profits were also strong in 2021 with corporate profits reaching record levels in the third quarter of 2021.

A strong economy and strong corporate earnings are positive signs for investments as we head into 2022. Inflation is an issue as we move into 2022 due in part to the supply chain issues and labor shortages faced by many businesses. The Fed recognizes this and has indicated they will accelerate their tapering of bond purchases into 2022.

The Fed has kept interest rates low, but the consensus of the Fed governors indicates that we could see several rate hikes in 2022 and beyond. Low interest rates have been a contributing factor to an exceptionally strong housing market in many parts of the country.

Our view is that as long as interest rates don’t rise too fast, these rate hikes should not Continued On Page 18

SARATOGA BUSINESS JOURNAL • JANUARY 2022 • 15

New President Of SUNY Empire State

Business Briefs •

Due to increased COVID-19 cases, Discover Saratoga has decided to reschedule Saratoga Chowder Fest ‘N Tour for the safety of our community, local businesses and event goers.

Saratoga Chowder Fest ‘N Tour will take place Saturday, March 19, through Saturday, March 26. Event goers will have the opportunity to dine-in or purchase pints and quarts to-go at participating restaurants all week long.

Discover Saratoga will end the week with the traditional celebration—Chowderfest—on Saturday, March 26. Enjoy live entertainment and family-friendly activities from 11 a.m. to 4 p.m. throughout downtown Saratoga Springs. Try $2 chowder samples and vote for your favorite.

This event is presented by Discover Saratoga and sponsored by Saranac and White Claw.

For more information, including participating restaurants and discounted hotel rates, visit discoversaratoga.org/Chowderfest. *

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Saratoga Hospital has again been designated a Diagnostic Imaging Center of Excellence—the highest level of recognition awarded by the American College of Radiology.

The hospital first earned the designation in 2017 and has remained the only Diagnostic Imaging Center of Excellence in the Capital Region ever since. Re-designation was awarded this fall and applies to all imaging services at Saratoga Hospital, its Wilton campus, and mammography and bone density imaging on the Malta campus.

To earn the Center of Excellence designation, facilities must first be accredited in each imaging service for which the American College of Radiology offers an accreditation program.

In addition, Centers of Excellence must participate in national radiology data registries as part of benchmarking and quality improvement efforts and must take steps to limit patients’ exposure to radiation. This includes using the lowest possible dose of radiation during imaging procedures and avoiding unnecessary imaging exams. *

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The Skidmore College community has rallied together for the 16th consecutive year to assist local residents and families through the Skidmore Cares community service program.

Skidmore faculty, staff, and students donated more than 4,000 food items and more than 1,400 school supplies and personal care items for Saratoga County community organizations.

Monetary donations to Skidmore Cares and community agencies totaled roughly $2,000.

As protective COVID-19 health and safety measures remain in place at Skidmore, participants were invited to drop off donations at Skidmore Cares tables set up outside the Williamson Sports Center during the week of Dec. 6-10. “Virtual can drives” were also held daily, providing students an additional way to participate.

In all, more than 60 faculty and staff volunteers and 18 student volunteers helped to collect, organize, and deliver contributions to 10 local

Continued From Page 1

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community service organizations: Shelters of Saratoga, Franklin Community Center, Mary’s Haven, LifeWorks Community Action (formerly Saratoga Economic Opportunity Council), Wellspring, Saratoga Springs City School District PATHS, the Latino Advocacy Program, Salvation Army, Habitat for Humanity of Northern Saratoga, Warren, and Washington Counties, and Saratoga Center for the Family.

The donations continue to meet a critical need in the local community. Founded in 2006, Skidmore Cares has now raised more than $125,000 for community causes and distributed approximately 65,000 food, personal care, and school supplies items. *

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Soroptimist International of Saratoga County (SISC) announced the availability of $35,000 for grants to be awarded to local organizations that support the needs of women and girls in Saratoga County.

Soroptimist is a global volunteer organization with a mission to provide women and girls with access to the education and training needed to achieve economic empowerment.

In 2021, SISC awarded grants to 17 organizations for projects that align with its mission to assist women and girls. Among the grant recipients were Mother Susan Anderson Shelter, Shelters of Saratoga, and The Charlton School.

To qualify, candidate organizations must be based in or serve the needs of residents of Saratoga County. Grants are typically awarded for specific activities, start-ups, or capital projects. Consideration will be given to the number of people served. Individual endeavors such as pageants and competitions cannot be funded.

The online application must be submitted by Feb. 15. The link to the application is www.jotform.com/213336087223047.

The link is also available on the SISC website at www.soroptimistsaratoga.org. Grant recipients will be notified by April 15. For more information about the Soroptimist Community Grant program (formerly called Fund Distribution) email the committee at funddistributionsaratoga@gmail.com.

For additional information about Soroptimist, this year’s events, how to join or contribute to the organization, visit www.soroptimistsaratoga.org. *

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The Wesley Community delivered holiday cheer in December to the residents at the Wesley Health Care Center in Saratoga Springs.

A special holiday gift was delivered to each individual resident at the long-term senior care facility. Wesley staff purchased and donated nearly 130 presents for the residents, while the remaining gifts were purchased through donations to The Wesley Foundation.

For more than 40 years, Wesley Health Care Center has provided quality nursing care for aging adults and seniors through a variety of services, including: long-term care; light care geriatrics; Alzheimer’s and memory support; and a short-term rehabilitation program.

to advance the vital work already underway, find new and innovative ways to serve today’s diverse student population, and support the faculty, staff, and alumni at the heart of this amazing institution.”

The search committee included four members of the college council, six faculty representatives, two students, an alumni representative, a campus-related foundation representative, an academic dean, a professional employee, a support staff member, a college senate member, a member of the chancellor’s senior staff, and three non-voting representatives. Consultants from Storbeck Search partnered with the search committee.

John Maggiore, SUNY Empire State College presidential search chair and chairman of the SUNY Empire State College Council, said, “The breadth of Dr. Vollendorf’s administrative skill set, together with the depth of her academic experience and achievement, make her a compelling choice to lead SUNY Empire State College into its next half century of accessible, top-quality, innovative education for motivated adult learners. SUNY Empire is poised for strategic growth.

“Dr. Vollendorf understands the college’s opportunities and challenges, and she has the determination and ability to move us forward in accordance with our mission.”

Gonyea said the appointment of Vollendorf “comes at a critical and opportune time for the college. We are developing new programs and initiatives, and we are leading nontraditional higher education in new and exciting areas at a national level. Dr. Vollendorf’s vast highereducation experience and her enthusiasm for SUNY Empire’s unique place within the SUNY system make her an excellent choice.”

Vollendorf has more than 25 years of experience as an educator and leader. She earned a B.A. in English and Spanish at

Colorado State University. After studying abroad in Costa Rica, she pursued a Ph.D. in romance languages at the University of Pennsylvania.

She has held faculty appointments at six public universities: Miami University of Ohio, Wayne State University, California State University at Long Beach, San José State University and Sonoma State University. She also directed the Hispanic Institute at the University of California, Santa Barbara.

In her career, she has been a faculty member, department chair, academic senate chair, dean, and provost.

Vollendorf previously worked for 16 years in the California State University system.

During that time, she was a faculty member, department chair, academic senate chair, dean, and provost at three different CSU campuses.

Among her academic leadership highlights, Vollendorf served as dean of humanities and the arts at San José State University from 2012-17, where she led the efforts to revitalize the Hammer Theatre and created a faculty leadership development program. From 2017-20, she served as provost and executive vice president at Sonoma State University. In collaboration with faculty, students, and staff, she helped lead Sonoma State to reach record graduation and retention rates. She helped lead the institution through numerous emergencies before becoming special advisor for academic continuity and operational planning at the California State University Office of the Chancellor in July 2020.

An established scholar with grants from such institutions as the National Endowment for the Humanities, the Mellon Foundation, the Newberry Library, the Huntington Library, and the William Andrews Clark Memorial Library, she has published two monographs, six edited books, and 35 chapters and articles.

‘Tremendous Economic Growth’ Continued From Page 1

Consumers have shown a clear willingness to spend money in Saratoga County throughout 2021, helping businesses recover from the 2020 shutdown and continued government restrictions in 2021.

County Unemployment It has been more than 20 years (May 2011) since Saratoga County’s unemployment rate was as low as it currently stands at 2.8 percent.

The labor force—the total number of people employed or looking for a job—declined by 2,800 people last year, driving this decrease in unemployment. In November 2021 alone, both the number of people working and the number of people looking for work in Saratoga County has declined.

County Lodging The revenue per available room (RevPAR) for hotel rooms sold from January through November 2021 indicates recovery in the leisure when compared to the same time frame in 2020 amidst significant travel restrictions. The hospitality sector continues to be challenged by the pandemic, especially within the group

market.

The average daily rate year to date in 2021 is higher than it was in both 2020 and 2019, demonstrating a willingness for individual consumers and families to spend money on travel.

County Housing Market Closed sales were up 8.8 percent year to date 2021 compared to the same time frame in 2020. Median sales price also saw an increase – up 11.1 percent compared to January through November 2020. The county continues to see rapid growth in the real estate market as individuals take advantage of a seller’s market.

As vaccinations continue to increase and more boosters become available across the county, we’ll begin to see our community bounce back in many additional ways as this data already shows. Data currently indicates a strong correlation between the percentage of fully vaccinated individuals rises and a strong boost in the county’s economy. We continue to all do our part to bring Saratoga back stronger—and healthier—than before.

16 • SARATOGA BUSINESS JOURNAL • JANAURY 2022

REGIONAL STOCKWATCH Stock Name Albany Int’l

Closing Price 12/10/2021

87.18

Closing Price Closing Price 12/17/2021 12/23/2021

83.15

88.32

Closing Price 12/31/2021

87.70

89.38

Arrow

34.65

35.05

35.23

35.23

36.48

AT & T

22.84

23.78

24.37

24.60

26.29

Ball

93.50

92.79

90.00

96.27

Business Registrations

Closing Price 01/07/2022

90.51

Ballston Spa National Bank

48.00

48.00

48.00

48.00

48.00

Bank of America

44.52

43.88

44.42

44.49

49.18

Best Buy

103.12

100.03

98.08

101.60

102.50

Citizens Bank

47.40

45.46

46.63

47.25

54.22

Espey

13.98

12.94

13.08

13.60

13.15

General Electric

96.95

91.37

94.00

94.47

101.40

Hilton

146.13

140.94

154.71

155.99

152.00

Home Depot

415.40

387.98

397.07

415.01

393.61

Int’l Paper

45.89

45.84

45.84

46.98

48.87

Key Corp

23.01

22.51

22.74

23.13

26.35

Lowe’s

261.38

248.09

22.74

258.48

251.09

Martin Marietta

439.37

436.35

437.06

440.52

429.20

M&T Bank

152.21

147.15

150.95

153.58

176.93

McDonald’s

264.97

261.70

265.95

268.07

267.06

National Grid

69.54

70.43

72.37

73.32

71.61

NBT Bancorp Inc.

36.89

36.96

37.97

38.52

41.36

Plug Power

33.22

29.75

29.40

28.23

24.96

Quad Graphics

3.68

3.93

3.97

4.00

4.24

Starbucks

116.73

108.63

112.37

116.97

107.57

Sysco

73.67

72.11

76.20

78.55

80.46

Latham Group Inc

25.20

22.17

24.56

25.03

20.37

Target

238.18

223.31

221.01

231.44

230.78

The TorontoDominion Bank

74.29

72.36

74.47

76.00

79.21

Kaspien Holdings

12.06

10.55

10.84

10.44

9.77

Trustco Bank

33.10

32.47

32.94

33.31

35.29

Verizon

50.19

53.17

52.05

51.96

54.24

Walmart

141.03

138.75

139.49

144.69

144.89

This list of quotations is provided through the courtesy of Robert M. Schermerhorn, CFP®, Saratoga Financial Services, Securities offered through LPL Financial /Member FINRA & SIPC, located in Saratoga Springs, NY. www.SaratogaRetire.com

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MP Construction Michael Prall 101 Sweet Road Gansevoort 12831 Boughton ATMs Luke Boughton 1 Alger St. Saratoga Springs 12866 Scorpion Motor Works Edward Harris 928 Rock City Road Ballston Spa 12020 Cecelias China Cabinet Vintage Dish Rental Lynn Kovach 3 Rumble Lane Burnt Hill 12027

• Lash Lab Kasey Wagoner 2100 Doubleday Ave. Ballston Spa 12020 Simply Blended Nutrition Christine Boilard 772 Saratoga Road Burnt Hills 12017 Web Design By Ally Alexandra Penrose 18 Stratford Drive Clifton Park 12065 Rich Contracting Robert Rich 18 Michael Drive Saratoga Springs 12866

Chip’s Mobile Auto Detailing Charles Ferraioli 29 West Sky Lane Clifton Park 12065

Cookie Designs by Lady Lily Tracy Passaro 5 Apple St. Ballston Spa 12020

Saratoga Ave. Properties Ann Cerone & Stephen Cerone 277 Saratoga Ave. Mechanicville 12118

H and J Builders and Handyman Service Jeremy Ostrander 885 Middle Line Road Ballston Spa 12020

Doodles Grooming Herold Schmalz 30 Lakewood Drive Saratoga Springs 12866

Clifton Park Lawn Maintenance Dylan Dwyer 189 Johnson Road Mechanicville 12118

Coaching with Christy Christy Kannegiser 100 Gordon Lane Gansevoort 12831

Peace Of Green Catherine Robinson 104 Cooks Court Waterford 12188

Cap’n Ron’s Locksmith Ronald Shultes 5B Quiet Harbor Road Saratoga Springs 12866

Bellalucoco Designs Crystal Norton 19 Lamplighter Lane Saratoga Springs 12866

Trash Rehash Rachel Coppola 533 Sodeman Road Middle Grove 12850

Made By the Millers Johnathon Miller 56 Garnsey Road Rexford 12148

Glamour Nails and Spa Nga Pham 2100 Doubleday Ave. Ballston Spa 12020

Jill’s Candle Vauly Jill Petteys 130 Wells Road Porter Corners 12859

Purrfectly Clean Kitty Risdell 7360 Bills Road Middle Grove 12850

Junipers Naturals Lesly Branch 22 Center St. Ballston Spa 12020

Chapman Fields Lance Chapman Lauren Chapman 441 Fortsville Road Gansevoort 12831

518 Mrs Management Kristen Helm 52 Lake Tour Road Lake Luzerne 12846

ASAP Handyman Jeremiah Bennett 16 Jacob St. Ballston Lake 12019 Red Rose Videos Rosmaria Wetmore 1057 Ballston Lake Road Ballston Lake 12019 Kag Management Services Krista Grandinetti 50A Raylinski Lane Mechanicville 12118 Fiona Fox Johann Galanek 16 Glenwood Drive Saratoga Springs 12866 iDrunkbeer Stephen Kerber 97 West Side Dr. Ballston Lake 12019 Daydream Farmer Aliza Pickering 302 Wilton Road Greenfield Center 12833

Shop Fyvie Elizabeth Devlin 265 Maple Ave. Ballston Spa 12020 Crown Coffee Cartel David Shelmerdine 66 East St. Mechanicville 12118 Cement Smith Nicholas Flannery 1A Pyramid Pines Estates Saratoga Springs 12866 Melissa Simser Photography Melissa Simser Iovino 342 Jefferson St. Saratoga Springs 12866 Lydia’s Little Candle Shop Lydia Dominelli 70 Huntwood Drive Clifton Park 12065 New Swing Simulators Jason Walton 46 Bradt Road Rexford 12148

SARATOGA BUSINESS JOURNAL • JANUARY 2022 • 17

Hoffman Car Wash Sells Its Jiff y Lube Stores, Vermont-Based Product Supplier To Convert Will Continue To Expand Rest Of Operations Warehouse Into Storage And Assembly Plant

The Hoffman chain of car washes has sold its Jiffy Lube stores to Premium Velocity Auto LLC based in Pennsylvania. Tom Hoffman plans more expansion of his car wash operation.

BY JILL NAGY Premium Velocity Auto LLC has purchased nine Jiff y Lube franchises that were part of the the Hoff man Car Wash chain. The sale closed Dec. 15.

Th is is the fi rst venture into New York state for the purchaser, which operates 55 Jiff y Lube franchises in 10 other states.

The car wash chain decided to get out of the Jiff y Lube business and concentrate on expanding the car wash side of thingss, according to owner Tom Hoff man Jr. His last new Jiff y Lube franchise opened in 2004. Meanwhile, other companies were aggressively expanding their Jiff y Lube portfolios.

Hoff man recently opened a 23rd car wash in Yorkville, a suburb of Utica. Plans for 2022 include outlets in Rome, Gloversville, Cohoes, and Queensbury. When Hoff man opens a new car wash in Oneonta, they will be joined by a Premium Velocity Jiff y Lube franchise.

The newly purchased Jiff y Lube franchises “fit our network,” said Don Hill, president of Premium Velocity. The new owner purchased all of the assets of the Hoff man Car Wash Jiff y Lube outlets and plans to continue operating

all of them. Seven of the nine franchises are in buildings owned by Hoff man. The new owners will lease the buildings from Hoff man.

“So, we are now landlords,” Hoff man said.

All 145 employees will keep their jobs and benefits.

Hoff man said customers will not notice much of a change in service.

Hoff man is pleased his former employees stay with the Jiff y Lube outlets. He termed it the “silver lining” of the ownership change.

They will be working for a larger company, actively expanding, including in New York state. Hill also pointed to added opportunities for the employees as his company expands its holdings.

Both Hoff man and Hill reported that, like nearly everyone else, they are having trouble fi nding qualified employees. He said the company had to raise pay rates to keep their outlets adequately staffed.

Hill has headed Premium Velocity Auto since April 1. Before that, he was a national accounts manager for Shell Oil Co., which owns Jiff y Lube.

Neither party was willing to disclose the terms of the sale.

Ballston Spa Native Creates Painting Business He Hopes Grows Through The Region

BY JENNIFER FARNSWORTH Mike Meier of Ballston Spa is the owner of a new painting business, 518 Mr. Paint.

Meier said after receiving his degree in architecture from the University at Buffalo, he decided to find work in a trade. He said he really took to painting.

“I’ve been painting for almost 10 years. I’ve worked for various companies. A couple years here and there for each company. I would tell my employers that with my education, I can come up with estimates and project management, but none of them ever took me up on my offer,” said Meier.

Meier said when COVID hit his hours were cut and at that point he began to rethink his situation.

“Even though I knew I was very skilled and valuable, I was told I should feel lucky to even have a job. So while other more established companies

struggled to get painters and other painters went on unemployment, I started my company with only $1,500 in my bank account,” he said.

Meier moved quickly to get himself a work vehicle and create a list of potential clients. He has between 50 and 100 clients in Albany and Saratoga counties.

“I don’t know if starting during COVID was easier or harder, but I know it gave me an edge ... I enjoy seeing other independent blue collar companies invest in their image and brand. I’m working now to have a well branded and reputable business myself. I hope to become a recognizable staple business of the Capital District. I focus on the quality of the product and creating an overall enjoyable customer experience,” said Meier.

Meier can be reached at 518mrpaint@gmail. com, or call by phone at 518-764-4241.

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BY CHRISTINE GRAF Vermont-based electrical product supplier Green Mountain Electric Supply is moving forward with plans to convert a 64,000-squarefoot warehouse at 823 Main St. in Clifton Park into a wire cutting, storage, and assembly plant.

The Saratoga Economic Development Corp. assisted the company in applying for tax incentives which have been awarded in the amount of $338,329. In addition to a $33,000 mortgage tax exemption, the company was awarded a $57,400 sales tax exemption and a payment-in-lieu-of-taxes agreement that will amount to $247,929 over 10 years, officials said.

Green Mountain Electric Supply, a thirdgeneration family-owned company, has been in business since 1953. Since that time, it has grown to include 20 locations throughout Vermont, New Hampshire, and New York, and 280 employees.

“We distribute electrical products meaning that we buy material from manufacturers or rep agencies and sell it mostly to commercial contractors,” said Luc Choquette, vice president of operations.

Among its products are large reels of copper wire that are cut and repackaged on smaller reels.

“We take that 5,000 feet, and a contractor may need only three runs of 50 feet on a reel.

So, we will take it from the master reel and put it on smaller reels for a contractor,” said

Electric Car Chargers Continued From Page 4

heading to the Adirondacks.

The city also has about 100 public level 2 chargers, which are used for charging during a longer stop, while the new fast chargers are meant for rapid charging, officials said.

“The Saratoga Springs City Center is thrilled to be partnering with the New York Power Authority and the City of Saratoga Springs to help bring more electric charging accessibility to the region,” said Ryan E. McMahon, executive director of the Saratoga Springs City Center. “Since the machines have gone live I have seen vehicles charging almost every day and that is before the official notification went out. Saratoga Springs hosts many visitors each year and adding more green alternatives is important to our residents and guests.”

The clean energy initiative supports New York’s Climate Act (the Climate Leadership and Community Protection Act), the most aggressive climate and clean energy initiative in the nation, which establishes bold targets for decreasing climate-altering greenhouse gas emissions and air pollution from the transportation sector.

The state is making numerous efforts and investments to electrify the transportation sector

Choquette.

The company is not new to the area and currently has facilities in Halfmoon, Queensbury, and Albany. They plan to purchase the Main Street property for $5.2 million from developer Mark Rekucki, owner of M.J. Properties.

“It’s a building that was pretty old and decrepit, and from my understanding, we are purchasing it from someone who has flipped it,” said Choquette.

Unlike the majority of the company’s other locations, Clifton Park will not be a branch location.

“This is just going to be a distribution and storage solution for us. Contractors aren’t going to be able to come through the door and ask for things like they do at other locations,” he said.

The company hopes to have employees in the building within the next several weeks.

Employment is expected to grow at a steady rate in the coming years.

“We will have anywhere from five to 30 or 50 employees down the road as things continue to grow,” said Choquette.

He doesn’t rule out future expansion in the Capital Region.

“There’s always potential for future growth.

We’re hoping at some point that something may line up and make sense for us to grow within the greater Saratoga County area as well. We are looking forward to being part of the local community.”

and reduce climate-altering greenhouse gas emissions and air pollution. Gov. Kathy Hochul recently signed legislation setting a goal for all new passenger cars and trucks sold in New York to be zero-emissions by 2035. Supporting Charge NY, a state initiative to get more electric vehicles on the road, other EV charging and deployment initiatives and programs are designed to get 850,000 zeroemission vehicles on the road by 2025. Under the state’s Drive Clean Rebate program, more than 52,000 rebates have been issued totaling more than $75 million and more than 100,000 electric vehicles have been sold in New York state.

Last month, Hochul announced that utility companies can fully implement New York’s groundbreaking EV infrastructure program known as “EV Make-Ready,” which will deploy more than 50,000 new public and commercial charging ports across the state by 2025 The Saratoga site has three 150kW Direct Current Fast Charger (DCFC) stations and one 350kW charger, which is capable of charging a compatible vehicle at speeds up to 20 miles per minute. Two of the charging stations are equipped with both fast charging connectors, Combined Charging System (CCS) and CHAdeMO, so all electric vehicles, including Tesla cars with an adapter, can plug in and charge. One parking space is ADA accessible.

18 • SARATOGA BUSINESS JOURNAL • JANAURY 2022

Wallie’s Of Greenwich Is Open For Business Again Following A Complete Restoration Voted # 1 Wine and Liquor Store In The Area 2010 ~ 2011 ~ 2012 ~ 2013 ~ 2014 ~ 2015 ~ 2016 ~ 2017 ~ 2018 ~ 2019 ~ 2020

CURBSIDE PICK UP AVAILABLE

Purdy s Sale Price

Goisot, Saint-Bris, Exogyra Virgula, $22.99 France, 2020 Villa Sparina, Barbera del Monferrato, Italy $15.99 ’ Luigi Bosca, Malbec, Argentina, 2019

$19.99

Marie Blanque, Madiran, France, 2018

$19.99

Bisol Jeio Brut Prosecco Superiore

$17.99

Pierre Ferrand 1840 Formula Cognac

$38.99

High West Distillery Limited Release Barrel Select American Prairie Bourbon

$49.99

518-584-5400 www.purdyswine.com

70-72 Congress Street Plaza • Saratoga Springs, NY Open 7 Days A Week • 1 Block off Broadway ~ Behind CVS

The Saratoga Area Abounds With Great Food & Drink Options

Saratoga Springs and Saratoga County are home to many amazing restaurants featuring a variety of cuisines. The diversity of menus and settings ensures that even the pickiest diner will find something to please their palate. In addition, downtown Saratoga Springs' nightlife scene is always hopping, whether you are looking for a friendly pub and a pint, some wine and some jazz, or a place to dance the night away. In addition, there are an abundance of craft breweries, wineries, and distilleries to help quench your thirst. Below are some of our favorite restaurants, nightlife hotspots, and craft beverage producers. Always contact your destination restaurant for current hours of operation.

The Brook Tavern

Saratoga Springs, NY Just a short walk from the Saratoga Race Course and walking distance from Congress Park, The Brook Tavern is a favorite neighborhood gathering spot nestled at the intersection of Union and Nelson Ave., right in the heart of historic Saratoga Springs.

Carson's Woodside Tavern

Malta, NY With spectacular views of Saratoga Lake and the Vermont mountains, our amazing outside patio, deck, fire pits, and bar are the place to be all summer long. Great food, drinks, entertainment, and fun await! Only 7 miles from Saratoga Springs.

Longfellows Restaurant

Saratoga Springs, NY This beautiful Saratoga Springs hotel and wonderful gourmet restaurant is located near the famed Saratoga racetrack. Just a short driving distance from town, discover amazing rooms & suites, excellent food, great wine list and a wonderful ambiance.

Harvey's Restaurant and Bar

Saratoga Springs, NY At Harvey's Restaurant and Bar, we are proud to be at the forefront of hospitality in the downtown Saratoga region!

Winslow's Restaurant

Gansevoort, NY Open since 1948, Winslow's Restaurant is steeped in heritage and tradition. Located just a few minutes north of Saratoga Springs, Winslow's serves up classic American cuisine like steak, grilled pork chops, and oven roasted turkey.

The Hideaway

Saratoga Springs, NY The Hideaway at Saratoga Lake Golf Club is open to the public seven days a week and features a menu with something for everyone. Indoor and outdoor seating is available, and they offer a banquet space for weddings and events.

The Palette Cafe

Saratoga Springs, NY Whether you're in the mood for a cup of coffee or a bite to eat, The Palette Cafe is the place to be.

Located in downtown Saratoga, this local coffee shop offers an excellent selection of coffee, tea,

baked goods, breakfast and lunch items, and more.

Salt & Char

Saratoga Springs, NY Salt & Char is a Modern American Steakhouse with an inviting and stylish atmosphere that creates the perfect dining experience. Step inside or join us on the veranda for second to none views of Broadway while dining for lunch or dinner.

Morrissey's Lounge & Bistro

Saratoga Springs, NY Morrissey's Lounge & Bistro in Saratoga Springs is located within The Adelphi Hotel and is the perfect place for good food, drinks, and conversation. They offer an all day menu and three unique dining areas.

The Wishing Well Restaurant

Gansevoort, NY Award winning restaurant Serving the Saratoga region's finest selection of premium steaks, live lobsters, fresh seafood & wines. Stone fireplaces, a piano bar & attentive service are hallmarks of The Wishing Well.

Lake Ridge Restaurant

Round Lake, NY Only minutes away from Saratoga Lake, we're the food critics' choice (4.5 out of 5 stars), offering first-rate Continental cuisine in an elegant setting.

Exceptional food, great prices and friendly service will keep you coming again and again.

The Adelphi Wine & Beer Garden

Saratoga Springs, NY Located at The Adelphi Hotel in downtown Saratoga Springs, the Adelphi Wine & Beer Garden offers sommelier-selected wines, delicious craft beer, and the region’s most inventive and flavorful sushi.

Wheatfields Restaurant

Saratoga Springs, NY You can't go wrong with freshly made pasta prepared right on-site using local ingredients! But Wheatfields is much more than pasta: Patrons rave about the hand-stretched pizza, the salmon entrée, and the fried calamari appetizer, to name a few.

The Kettle Restaurant

Saratoga Springs, NY Providing Breakfast, Lunch and BBQ family

Wallie's of Greenwich owner Ted Bearor said the restaurant and pub has gone through a complete restoration on both the interior and exterior of the building at 52-54 Main St.

BY JENNIFER FARNSWORTH After decades of sitting vacant, Wallie’s of Greenwich is once again open for business.

Owner Ted Bearor said the restaurant and pub has gone through a complete restoration on both the interior and exterior of the building at 52-54 Main St., while still maintaining the charm for which it was once known.

Bearor said renovating and re-establishing the business was something he felt confident in taking on because of his industry related background. Taking his experience in the restaurant business, Bearor said, and opening up his own place with a silent partner, felt risky at times, but it was well worth the wait.

“I have been director of food and beverage at the Whiteface Lodge in Lake Placid as well as the director of operations at the Lodge at Six Flags. Following my hotel work, my business partner and I have been involved in other area restaurants, notably the iconic George’s in Lake George from 2013 to 2020, and finally opening Wallie’s. We have been challenged, along with many other businesses, during this time due to the pandemic, however we have been fortunate to have great staff and community support,” said Bearor.

First-floor renovations included taking out apartments to make room for what is now the pub area. He said during the demolition phase, the building was discovered to have had five

©2022 Saratoga Photographer.com

to six additions over the past century or so.

Other renovations included replacing the roof, kitchen, bathrooms, ventilation equipment, along with adding in a separate walk-in cooler that can hold up to 12 kegs “Other than a wall-mounted bottle opener, no equipment was salvageable. However, maple dining chairs made in Vermont were restored with new upholstery and wood finishing,” he said. “Each demolition day brought a new surprise. Although, some pleasant surprises, like newspapers from August 1914 reporting on the opening days of WWI, were found, along with other neat finds,” said Bearor.

The dining room decor is centered around a 1940’s theme with dark floors, white walls, and red curtains. It The restaurant is permitted to seat 150, spanning over several different spaces throughout the dining and pub area. They also plan to have outdoor seating in the warmer months.

The menu is currently pub fare, including chili nachos and fried cheese curds, soups, salads and entrees including sandwiches, fish and chips, and hamburgers. The pub area, Bearor said, will have an sports pub vibe.

Wallie’s is open 4 p.m. to 9 p.m., Wednesday to Sunday. Seating is first-come, firstserved, and there is also take-out. For more information, visit walliesofgreenwich.com or call 518-531-4573.

Economy Can Grow In 2022 Continued From Page 14

be damaging to investors or to the economy. If this does help moderate the growth of inflation then the moderate increase in interest rates will have been well worth it. We view rampant inflation as a major concern regarding the ability of the economy and ultimately the stock market to continue on a path of growth in 2022 and beyond.

As in past years, we remain committed to focusing on the long-term financial goals or our clients in helping them formulate and implement an investing strategy. Economic and market conditions change over time, but the benefits of asset allocation and patience are timeless qualities for investors.

As far as stocks go, we favor a barbell approach with roughly equal weightings of growth and value holdings. As we look ahead to the potential of continued and perhaps packages for Eat-in, Takeout or Delivery Open; 8am-2pm Thurs. thru Sunday Phone: (518) 5849734 We accept MasterCard , Visa

Country Corner Cafe

Saratoga Springs, NY Serving Breakfast & Lunch ,OPEN 7 Days at 25 Church St., one Block off Broadway, behind the Post Office! Home style comfort food, a relaxed atmosphere and fast, friendly service, our specialties. Take out available. OPEN 7 days, 7 am. - 2 pm.

increased levels of inflation, many companies whose businesses are cyclical, such as within the financial sector, could be poised to thrive.

Many of these companies fall under the value umbrella.

As for bonds and fi xed income, our focus is on short duration assets and inflation protected securities. Assuming the Fed rate increases are gradual, investors should benefit from higher yields on bonds.

Assuming moderate inflation and gradual tapering by the Fed, we remain optimistic as far as the markets go for 2022. Although, we may not see the level of growth that we saw in 2021 and over the past three years. Dealing with the pandemic will continue to shape our lives and may certainly impact the markets in general, and have an impact on specific companies and sectors.

The Saratoga City Tavern

Saratoga Springs, NY Looking for an upscale tavern in Saratoga? Stop

by Saratoga City Tavern in Downtown Saratoga.

We have five floors of fun and extraordinary features such as our private rooftop deck. Our venue is the perfect place for a night out in Saratoga Springs!

Listings Courtesy of Saratoga.com

SARATOGA BUSINESS JOURNAL • JANUARY 2022 • 19

Buell Is Regional Chamber Board Chair

•

•

LI ST IN EW N

27 Liz Ann Drive, Saratoga Springs $899,000 Relax and enjoy a perfect country setting just minutes from downtown Saratoga Springs, I-87, parks & shopping. This 4 BR, 2.5 bath custom home has been meticulously maintained and sits on over an acre on a mature, dead end street. Extra amenities include hardwood floors, first floor office w/ french door, spacious kitchen with newer stainless steel appliances, walk in pantry, ceiling fans in all bedrooms, gas fireplace, walk-in shower, security system, whole house generator.5 zone heating Atrium door leads to a beautiful, fenced-in outdoor living space with huge deck, patio, in-ground pool.

Listing Agent: Kate R. Naughton | 518.441.8527 knaughton@roohanrealty.com

Halfmoon Garden Apartments And Canfield Apartments Purchased By Latham Company

The Canfield Garden Apartments in Gansevoort have been purchased by Sunrise Garden Apartments, which also bought Halfmoon Garden Apartments.

Courtesy Sunrise Garden Apartments

Sunrise Management & Consulting in Latham has grown its multifamily apartment portfolio with the purchase of Halfmoon Garden Apartments in Clifton Park and Canfield Apartments in Gansevoort.

The sale was brokered by Dean and Ryan Taylor of Continuum Commercial Realty, and SEFCU financed the transaction.

Sunrise will manage the communities.

“Halfmoon Garden Apartments and Canfield Apartments are valuable assets that fit nicely into our portfolio,” said Jesse Holland, president of Sunrise Management & Consulting. “We were impressed with the way the longtime owners cared for the properties and wish them well in their retirement. We look forward to getting to know the residents.”

Canfield Apartments in Gansevoort includes 49 one- and two-bedroom apartments, a

We’d like to promote your commercial or residential property. Call us, 581-0600.

G

Jeff Buell, principal at Redburn Development Partners LLC in Troy, is the chairman of the Capital Region Chamber board of directors for 2022.

The rest of the slate of officers incudes Andrea Crisafulli, president, Crisafulli Bros. Plumbing & Heating Contractors, Inc., chair elect; President and CEO Mark N. Eagan, Capital Region Chamber; David R. Harris, Ph.D., president, Union College, secretary; Christopher Cannucciari, partner, Lutz, Selig & Zeronda, treasurer; and Ruth Mahoney, executive vice president and president of wealth management, NBT Bank, immediate past chair.

Officers for The Chamber of Southern Saratoga County board are Christopher Dowd, president and CEO, Ballston Spa National Bank, chair; and Lisa Avila, CEO, Kitware, secretary/treasurer.

Officers for the Center for Economic Growth are John Bennett, MD, president and CEO, CDPHP, chair; and Laura Poltynski, director, customer and community engagement, National Grid, secretary/ treasurer.

Officers for the Albany-Colonie Regional Chamber board are Raimundo C. Archibold, managing director, Schwartz Heslin Group, Inc., chair; and Rose U. Miller, senior director of strategic relationships, GTM Payroll Services, Inc., secretary/treasurer.

Officers for The Chamber of Schenectady County board are Kirk Lewis, executive director, Schenectady ARC, chair; and Heather Peterson, partner, Peterson, Campoli & Associates CPAs, PLLC, secretary/treasurer.

The Capital Region Chamber and its Center for Economic Growth affiliate drive economic prosperity with one voice, one mission, as one region. The Chamber, with 2,800 memberbusiness from throughout Albany, Saratoga, Schenectady, and Rensselaer counties, provides catalytic leadership, advocacy, and broad-based member services. The Center for Economic Growth is the eight-county regional economic development organization.

Available Commercial & Residential Properties

laundromat and an office. The community is located in a suburban setting where residents can stroll on the property’s lawns. It is an easy commute to Saratoga Springs or Glens Falls.

Halfmoon Garden Apartments in Clifton Park consists of 44 one- and two-bedroom apartments. It is centrally located near shopping and restaurants and is just a few minutes drive to Clifton Park Center Mall.

Sunrise Management & Consulting provides development consulting, marketing, leasing, and property management services for multifamily investors across the northeastern United States.

Its professionals utilize innovative management and consulting programs to deliver consistent, dependable results that exceed industry performance standards.

For more information, visit www.sunrisemc. com..

20 • SARATOGA BUSINESS JOURNAL • JANAURY 2022

Expanded Teaching Classes, More Tubing Prime At Saratoga Nationals Unveils Heated Lanes Part Of West Mountain Growth In 2022 Pods For Extended Outdoor Dining Options

After nine years of an infrastructure rebuild, West Mountain will now embark on Stage 2 of development, a luxury ski/stay resort development at the north side of the mountain.

West Mountain kicked off its 2021-22 season, opening Christmas weekend for skiing, riding and tubing.

“The progress continues at West Mountain,” said Sara Montgomery, general manager of West Mountain. “Our snow sports school continues to grow, and this year we have expanded our learning center to accommodate more skiers and riders. We are excited to welcome newcomers who will be making their first winter sports memories at West. It’s going to be a fun-fi lled season.”

West Mountain offers beginner through advanced terrain and will be open for day and nighttime skiing, riding, and tubing. There are some additions to the mountain, as well as a continuation of West Mountain’s lesson programs.

That includes a newly expanded learning terrain/bunny hill and more snow tubing lanes added to the Tubing Park. Being continued are the individual and after school program, the Academy and Club Race Team membership offerings for athletes ages 6-19, and continuation of events like Fire on the Mountain, Slush Cup and more.

Officials said during non-holiday periods, West Mountain will offer ticket promotions such as Monday and Tuesday $35 for a fourhour ticket specials and breakfast or lunch plus lift ticket specials.

West Mountain’s Bar and Eatery will be

Courtesy West Mountain

open at full capacity with daily specials such as Burgers, Beers and Bands Wednesdays, Fiddlehead and Fettuccine Fridays and Bloody Mary Sundays.

After nine years of a complete ski area infrastructure rebuild, West Mountain officials said they have completed its Stage 1: Ski Area Infrastructure. West will now embark on Stage 2: a luxury ski/stay resort development at the north side of the mountain.

The completed Stage 1 includes new chairlifts, 40,000 feet of new snowmaking pipeline, a new snowmaking pump house, a new cafeteria, a new rental ski and snowboard fleet, new LED trail lighting, 100 percent snowmaking and night skiing, a new tubing conveyor lift, an expanded Bunny Hill and a remodeled Northwest Lodge.

The resort built in Stage 2 will consist of a suite-style hotel and conference center, a West Athletic Club and Spa, fractional-share and full-share condos, as well as duplexes, apartments and custom homes, according to officials.

“The northwest side is an idyllic setting, set on an old farm property with beautiful locust tree groves and rows of cobblestone fences,” said Spencer Montgomery, co-owner and operator of West Mountain. “The walking paths have views of the ski mountain as well as the Green Mountains of Vermont. It’s a total getaway for the mind and soul, while

Prime at Saratoga National announced the opening of The Village at Prime, seven solarpowered, heated pods for dining on the patio through the winter months.

The Village at Prime will be available during the restaurant’s regular lunch and dinner hours, currently Wednesday through Saturday beginning at 11:30 a.m. for lunch and 5:30 p.m. for dinner.

The SolarFi pods are solar powered and range in size to accommodate from two to 10 people.

They are each uniquely decorated and include medical-grade hepa air filters and USB charging ports. They are 100 percent UV resistant and made from 100 percent recycled material. SolarFi partners with restaurants by offering lease, or revenue share opportunities, according to the company.

“People are looking for special dining experiences, even during the pandemic,” said Heather O’Neil, general manager of Prime at Saratoga National. “The Village at Prime is a way for people to enjoy a special night out, while staying safe and practicing social distancing.”

The Village at Prime is a partnership with SolarFi, the same company who provides the outdoor pods at New York City’s Eataly and New York Fashion week. The company’s focus is on providing a safe way to enjoy the outdoors utilizing clean energy, accessibility and comfort.

Mazzone Hospitality, the owner of Prime at Saratoga National is one of the latest industry giants to collaborate with SolarFi.

“We are honored to partner with the leading hospitality group in upstate New York,” said Antonio Dixon, SolarFi’s creative director.

“Mazzone Hospitality and Prime at Saratoga National are more than a caterer and restaurant.

They are the best of the best.”

To tour the spaces and learn more about making a reservations at Prime at Saratoga National, call 518-583-4653 ext. 2, 518-306-2330, or email devins@mazzonehospitality.com.

being only two miles off I-87.”

There are many promotion programs at West Mountain scheduled for the season, including live music and special appreciation days. There are also teaching and trainings programs, as well as racing programs.

Among them is the mogul freestyle development program. This six-week program is designed for intermediate/advanced skiers ages 9-17 who have an interest in learning the Olympic disciplines of mogul skiing and slopestyle skiing. The program is offered on Tuesday evenings with a coaching staff that includes World Cup mogul freestyle champion John Witt. It will teach technique on a new dual mogul freestyle line that will be built on Go-Go trail and run into the Banister Terrain Park. The program will focus on technique including turns, airs and speed as well as slopestyle skill building.

The Academy and Club team programs, led by head coach Steve Lathrop, are for available for U12- U19 alpine ski racers. The Academy program is customized for U12-U19 racers who are looking to advance or have advanced

to post season competition and beyond. For more information, visit westmountain.com/ racing.

For all program and promotion details, as well as hours of operation,details, visit westmountain.com.

Officials said several health measures are in place and they are asking guests’ cooperation to meet the state recommendations, as they are a priority. West Mountain remains attentive to changes in the state’s health and safety guidelines, and operations could vary rapidly depending on the situation, officials said.

More about West Mountain’s Mountain Safety initiatives can be found online at www.

WestMountain.com/safety.

An established ski and outdoor activities year-round community with a family-friendly atmosphere, West Mountain provides an authentic upstate experience on the mountain.

Family-owned and operated, it continues to evolve to meet the needs of families as well as skiing and riding loyalists and year-round outdoor enthusiasts.

These solar-powered, heated pods were added at the Prime at Saratoga National. ©2022 Saratoga Photographer.com