Saratoga Business Journal - March 2022 by Saratoga & Glens Falls Business Journal

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

SARATOGA BUSINESS JOURNAL

VOL. 27 NO. 01

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Chowderfest Returns To Saratoga Highlighted Multi-Year, $6M Rehabilitation Project Is By Music, Activites, Sampling On March 26 Ongoing At Saratoga National Historical Park

Crowds jam downtown Saratoga Springs for the Chowderfest event in 2019. COVID put the outdoor, downtown event on a hiatus, but it returns this year on Saturday, March 26. Discover Saratoga will present Saratoga Chowder Fest ‘N Tour the week of Saturday, March 19, through Saturday, March 26. The main event will be the traditional Chowderfest celebration 11 a.m. to 4 p.m. on Saturday, March 26. This event is coordinated by Discover Saratoga and presented by Saranac and White Claw. During the preceding week, chowder lovers will have the ability to dine-in or purchase pints and quarts to-go at participating locations. “While we’re eager for a full return to

normalcy, health and safety remain our top priority,” said Discover Saratoga President Darryl Leggieri. “For this reason, we’ve decided to make Saratoga Chowder Fest ‘N Tour a weeklong event. This will allow those who may not be comfortable with crowds the opportunity to enjoy chowder all week long.” The events on March 26 will include live entertainment and family-friendly activities throughout downtown Saratoga Springs. Event goers can try $2 (4 ounce) samples of chowder Continued On Page 14

Saratoga National Historical Park will begin a $6 million multi-year project to rehabilitate the interpretive battlefield experience. The work is being funded through the Great American Outdoors Act. Park officials said the project focuses on improving accessibility and interpretation of the Saratoga Battlefield. The work includes rehabilitating the parking areas and pathways at all tour stops to address deferred maintenance, improve accessibility, and replace aging waysides exhibits to enhance the interpretation experience of the battlefield. This month, the Tour Road will be closed during the week to all traffic, including vehicles, pedestrians and bicycles. It will be available on weekends for pedestrian and bicycle use only. From April 9 through May 27, the Tour Road will be open on weekends only for use by vehicles, bicycles, and pedestrians. The south entrance parking area will be used as a construction staging area and closed for the duration of the project. The closures are in place for the safety of park visitors and to allow for the work to be completed faster, officials said. Modern, outdoor exhibits constructed of durable steel, aluminum, and bronze will replace existing waysides that are well beyond their intended design life. In addition to being more cost-effective by requiring less routine maintenance, the new exhibits will include replica objects and convey updated information about the battles, the landscape, multiple perspectives, and the roles of lesser-known participants to better connect visitors with the meaning and importance of the site. The design layouts are geared for easier reading; using added color contrast, appropriate fonts and font size, tactile bronze relief maps, braille, and installation heights that are beneficial

for all visitors. The current Tour Road experience is more than 50 years old, officials said. Despite massive efforts by park staff to maintain the aging infrastructure of the road and tour stops, a significant maintenance backlog has developed. Made possible by the Great American Outdoors Act (GAOA) Legacy Restoration Fund, the renovation will expand physical access and safety enhancements for more than 100,000 visitors annually and eliminate $4 million of this backlog, officials said. It will also be instrumental in preparing the park for the extra attention it will receive related to the upcoming 250th anniversary Continued On Page 15

Jennifer Vucetic Of EXIT Realty Empire Prosperity Partnership Ceases Operations; Associates Is NYSAR President For 2022 SEDC Still Main Economic Development Cog Local principal broker and owner of EXIT Realty Empire Associates Jennifer Vucetic is the New York State Association of Realtors (NYSAR) president for 2022. She was formally installed Feb. 7 by 2021 National Association of Realtor’s President Charlie Oppler as part of the organizations mid-winter business meetings. The celebration was held at the Crowne Plaza- Desmond Hotel in Albany. Vucetic is a 2012 graduate of NYSAR’s Leadership Academy and a 2020 graduate of NAR’s Leadership Academy. She was named Realtor of the year in 2016 by the Greater Capital Association of Realtors, has served as local NS NYS Women’s Council of Realtors president and regional vice president for the National Women’s Council of Realtors. Vucetic is also an 2019 Realtors Political Action Committee (RPAC) Hall of Fame inductee, 2020 recipient of the Lawernce B. Caldwell RPAC Service Award and currently Region 2 RPAC trustee. She also has several professional real estate designations. “Jennifer is a valuable member of our team and we offer our warmest congratulations on this appointment,” said Amanda LaForte, office administrator and Realtor of EXIT Realty Empire Associates. EXIT Realty is a real estate franchisor with offices across North America. Officials said it has to-date paid out more than a half a billion dollars in single-level

Jennifer Vucetic is the New York State Association of Realtors president for 2022. Courtesy EXIT Realty Empire Associates

residual income to its associates. A portion of every transaction fee received by EXIT Realty Corp. International is applied to its charitable fund, and to-date, $6.8 million has been allocated to charity. For more information, please visit www.exitrealty. com and www.joinexitrealty.com. EXIT Realty Empire Associates is located at 805 Route 146, Clifton Park. For more information, call 833-518-3948 or visit www.exitrealtyempireassociates. com.

The Saratoga County Prosperity Partnership board of directors recently voted unanimously to transfer the partnership’s responsibilities to Saratoga County. The county’s Planning and Economic Development Department will assume operational duties, according to the change laid out by Partnership and county officials. The economic development organization was founded by Saratoga County in 2014. Since that time, more than $5 million in taxpayer funding was put into the agency. There were few successes and few private-sector jobs were ever credited to the Partnership, according to both media reports and their own progress reports. The Partnership was formed after the county had a falling out with the Saratoga Economic Development Corp., a privatesector nonprofit with a long track record of success. SEDC refused the Saratoga County Board of Supervisors demand to appoint a member to the SEDC board. As a result, the county ended its funding for SEDC in 2013. According to SEDC, over the last decade, the agency and its 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. In 2019, the county brought SEDC back on board and created an alliance between SEDC and the Partnership. The relationship continued to encounter unresolved

conf licts. According to the Albany Business Review, The partnership has been managed since fall through a consulting contract with Tim Dunn of Dunn Strategies in Malta for $7,000 per month. That followed the resignation of partnership chief executive Shelby Schneider, who left for a state job in June 2021. The organization’s only other remaining employee resigned a month later in July. Dunn’s contract expires at the end of March. The partnership board voted in late February to cease operations and there are no plans to fill any staff positions. Remaining programs and activities will be handled by the county planning and economic development department, according to the Albany Business Review. SEDC continues to function at a high level. Its activities include identifying opportunities for new and/or expanded industrial and commercial site and park development; working with private and public sectors to make that development shovel-ready; helping local communities and private-sector developers secure financing for infrastructure expansions that will result in new investment and job creation; and conducting regular meetings with Saratoga County partners, including county and municipal officials and real estate stakeholders to coordinate marketing efforts.

2 • SARATOGA BUSINESS JOURNAL • MARCH 2022

Samantha Nass Floral Design Opens A New Storefront In Downtown Saratoga Springs

Personnel Briefs •

• Sterling Manor Financial announces the addition of Gina Sherman, as executive administrative assistant. Sherman has nearly 30-years of experience. The firm undertook an extensive search process, combing through more than 100 resumes to fill the position. With an administrative assistant certificate from Mildred Elley Business School, she also holds a paralegal certificate. She is a longtime resident of Saratoga Springs. *

The Adirondack Regional Chamber of Commerce (ARCC) announces that Tricia Rogers has been promoted to vice president of membership and community engagement. Rogers has acted as the membership director since September of 2016, bringing in new members and maintaining relationships within the business community. She serves on the board for the Tri-County United Way, Warren Washington Association for Mental Health, and the Glens Falls Civic Center Foundation.She also won the second annual Dancing with the Adirondack Stars competition hosted by Community, Work & Independence Inc. (CWI). Rogers lives in Hudson Falls. *

Densay Sengsoulavong, CEO of the Southern Adirondack Realtors, recently earned the Realtors Certified Executive (RCE) designation from the National Association of Realtors. It recognizes exceptional efforts made by Realtor association executives. Sengsoulavong is one of over 546 Realtor association executives who have achieved the mark of excellence. Local and state association executives who hold the RCE designation represent Realtors in 48 states and territories. Prior to becoming a candidate for the RCE designation, applicants must document their association management and academic experiences and successfully complete an exam. To retain the designation, RCEs must be re-certified every four years. *

Advokate, LLC, a design and marketing firm, announced the hiring of Candice Frye as marketing and communications associate. Frye has 10 years of experience working in the arts and nonprofit business

sector. She recently left her position as executive director of LARAC to pursue a new venture managing short-term rental properties in the Adirondack and Saratoga areas. She has also been involved in the Arts District of Glens Falls and is vice president of the Glens Falls Collaborative.

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Samantha Nass has gone from doing business at home to getting her own storefront at 61 Lawrence St., Saratoga Springs, now the home of Samantha Nass Floral Design. BY JILL NAGY Florist Samantha Nass—known as Sam—is enjoying the change from an appointment-only studio to a storefront in downtown Saratoga Springs. She opened Samantha Nass Floral Design at 61 Lawrence St. at the end of January. She said she considered Valentine’s Day as “a test” for the new venture and, “Now that we’re through Valentine’s Day, spring is knocking on our door.” So are a lot of people who walk by and walk in. “A lot of people have been very curious about us,” she said and she is pleased to have them come in and look around. So far, Nass said, business is “going great . . . a steady f low . . . nothing crazy yet.” Potted plants, terrariums, and terra cotta planters are selling especially well. She also offers “lots of beautiful orchids” as well as a variety of cut f lowers. At last count, she had 46 terrariums planted and ready to go. Nass’ previous business concentrated on weddings and other special events. It was housed in the old Elks Club building, a building “with an old kind of Victorian

Saratoga feel,” she said. It worked well as an appointment-only enterprise, but did not lend itself to a retail business. Nass still decorates for weddings and special events and the stock of the Lawrence Street shop offers items that can serve as gifts for members of the wedding party or favors for guests, along with candy, candles, water bottles and travel mugs. Everything they sell is wrapped, Nass said, and they offer free delivery in Saratoga Springs. Currently, five people work at Samantha Nass Floral Design. Come spring, Nass will offer classes in such topics as orchid maintenance, f lower arranging, and terrarium creation. The f lorist grew up in Italy and England and worked in banking in New York City. She got married in Saratoga to a man from Niskayuna and, in 2014, they moved to Saratoga with their two children, now 12 and 10 years old. She quit her banking job and, in July 2014, started a business of her own. The shop is open from 10 a.m. to 6 p.m. Monday to Friday and from 10 a.m. to 2 p.m. on Saturday. They are closed Sunday. A website is under construction. The telephone number is 518 886-9461.

SARATOGA BUSINESS JOURNAL • MARCH 2022 • 3

CDTA Unveils Program Wherein People Can Love Of Baking Leads To The Creation Of Rent Electric Cars By the Hour Or The Day ‘The Village Tart’ Cafe In Schuylerville

CDTA revealed the latest oﬀering of their mobility program, DRIVE, an electric vehicle car sharing program. DRIVE is a network of zero-emission vehicles available to qualified drivers.

A ribbon cutting was held recently at the Village Tart in Schuylerville, a new cafe that features oldfashioned pastries and desserts.

Courtesy CDTA

The Capital District Transportation Authority (CDTA) rolled out a series of milestones and bold initiatives to help transform the area into a regional mobility integrator during a State of CDTA event on March 3. Foremost among them is a plan to make electric cars available for rent. The event recognized what CDTA called “the momentum of 2021 and how CDTA is entering 2022 stronger and more resilient from the challenges of the pandemic.” “CDTA emerged out of the pandemic with renewed momentum as we look to the future,” CDTA board chairman Jayme Lahut said. “I am proud of the milestones recognized today and bold plans for the future as we work with community partners to support the region’s economic development.” CDTA revealed the latest offering of their mobility program, DRIVE, an electric vehicle car sharing program. DRIVE is a network of zero-emission vehicles available to qualified drivers 24 hours a day, seven days a week. Officials said car share, in tandem with CDPHP Cycle!, FLEX On Demand and SCOOT, continues CDTA mission to transform mobility in the region. “It is amazing to witness the impact and growth we have had on the region in just the past few years,” said CDTA Chief Executive Officer Carm Basile. “Our Bus Rapid Transit lines span nearly 40 miles, we have a network of electric vehicles, which now includes car share and we are expanding our footprint into Montgomery County to provide even more connections to the Capital Region.

The program will start small, with a fleet of six cars, in late May or early June. Drivers will be able to rent the cars for $5 per hour or $40 per day, CDTA officials said. The cars are available to anyone 21 years old with a valid drivers license. The driver must have no major accidents, no major moving violations, no DWIs, not more than two minor traffic violations in the last five years. They also need a valid credit, debit or bank card. Insurance, vehicle maintenance and roadside assistance are all included in the hourly and daily rates. In the event of an accident, drivers are responsible for a deductible. Cars can be reserved online or via mobile app. Users will lock and unlock the vehicle through the app. Users will be notified of their approved applications three to seven business days after applying. “We have emerged from the pandemic with forward-thinking ideas that reimagine mobility and transportation, but none of them would be possible without our community partners. I am beyond appreciative to those that have helped us get to this point and can’t wait for all that’s to come in 2022 and beyond.” Over the last 50 years, CDTA has grown into an organization with 735 employees, a budget of $101 million and served approximately 16 million customers annually, pre-pandemic. It has also grown its fleet to 300 buses and vehicles, which travel 10.2 million miles annually on 50 different routes.

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Courtesy Saratoga County Chamber of Commerce

4/8/2022 Updated with corrections BY JILL NAGY The Village Tart, a new cafe in Schuylerville, features old-fashioned pastries and desserts. Cynthia DeYoung, owner, chef, and baker, opened her eatery at 63 Broad St. in early February. “I just wanted my own little corner, to make the world how I think it should be, and share that with people,” she said. She always loved to bake and, over the years, she began to bake for shops in Saratoga. She also worked at several Saratoga Springs restaurants. As a baker, she is largely self-taught, she said, and gravitates toward older recipes. Almost everything served at the Village Tart is prepared in-house, including jams and salad dressings. The cafe is open for breakfast and lunch. People can also satisfy the late-afternoon munchies with sweet treats and locally roasted coffee. Breakfast favorites, so far, include a raspberry ricotta English muffin, a beef sandwich made

with a gruyere popover, and the Eye Opener, consisting of bacon, eggs, spinach and sriracha aioli on a gruyere popover, DeYoung said. A lunchtime favorite is an onion pie inspired by the German zwibelkuchen or onion cake and made with carmelized onion, bacon and sour cream. A month or so into the project, the business is “doing really well,” she said. She has one full-time employee and her 15-year-old son , who is homeschooled, is “learning a little bit of everything” about the business. The Village Tart is located on Schuylerville’s main street, across from a popular grocery store. DeYoung and her family live upstairs. Hours are 6 a.m. to 4 p.m. Monday, Thursday and Friday; 8 a.m. to 3 p.m. on Saturday; and 8 a.m. to 2 p.m. on Sunday. The cafe is closed Monday and Tuesday. The cafe can be reached on FaceBook at TheVillage-Tart-108959198367707. The telephone number is 518 507-6476. A website is being developed.

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4 • SARATOGA BUSINESS JOURNAL • MARCH 2022

Arnoff Global Logistics In Malta Begins The Construction Of 120,000-SF Warehouse

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Arnoﬀ Global Logistics has started building a 120,000-square-foot warehouse at its 40-acre Malta headquarters. The timeline for completion is highly dependent on the availability of materials. BY CHRISTINE GRAF Arnoff Global Logistics has broken ground on a new 120,000-square-foot warehouse at its 40-acre Malta headquarters, the former home of Racemark International. The company said the new warehouse will occupy a portion of the 18 acres of vacant land on the company’s sprawling campus. It will sit adjacent to Arnoff ’s existing warehouse which is currently operating at full capacity. The need for additional space has been fueled by demand for the company’s warehousing and order fulfillment services which account for one-third of its revenue. Arnoff Global Logistics also offers residential moving and storage services as well as logistical services for the transport of items that require special handling. “We’re starting to order materials now. Right now, the primary steel that we ordered for the building is scheduled for July. As of last week, we were on schedule. We would like to move in during the late fall. Maybe for Christmas,” said president Mike Arnoff. “We plan to employ an additional 50 people once that operation is up and running.” He said the construction timeline is highly dependent on the availability of materials. Supply chain shortages continue to plague the construction industry, making it difficult to predict product availability. The company’s plan for expansion also

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includes the construction of a 50,000-squarefoot building that would likely include a combination of office and warehouse space, said Arnoff. The original price tag for both warehouses was estimated at $18.7 million, but that number has already increased by 12 percent due to due to skyrocketing material costs. In order to offset the cost of the project, Arnoff Global Logistics has applied for various tax incentives through the Saratoga County Industrial Development Agency. According to Arnoff, relocating his 98-year-old company to Saratoga County five years ago is a decision he never regretted. “Here we are in the moving business, but moving from our long-time home of almost 35 years in downtown Albany was scary, but it’s been the absolutely best thing to happen to us. We have found ourselves immersed in a community that has embraced us.” Since relocating to Malta, the fifth generation family business has almost doubled in size to 110 employees. There are numerous positions currently available for warehouse workers and truck drivers, and the company offers training for those interested in becoming Class A drivers. Arnoff Global Logistics also has a satellite location in Duchess County. For more information, visit www.arnoff.com.

SARATOGA BUSINESS JOURNAL

SARATOGA BUSINESS JOURNAL • MARCH 2022 • 5

Couple Experienced In Hospitality Industry ANCA’s Adirondack Buyer Days B2B Trade Will Open A Champagne Bar On Phila Street Show Set For March 29-30 In Saratoga

This is an interior look at Bocage Champagne Bar, a new establishment that will open in refurbished space at 10 Phila St. in downtown Saratoga Springs. BY CHRISTINE GRAF Two weeks after celebrating their October 2021 wedding at the Adelphi, Clark Gale and Zac Denham signed the lease for a 500-square-foot space at 10 Phila St. The New York City couple, both veterans in the hospitality industry, will be opening Bocage Champagne Bar in the former home of the Falafel Den. Clark, a native of Massena, has family in the Saratoga area. Denham is from Baton Rouge and fell in love with Saratoga after Clark introduced him to the city. “Saratoga to some degree has a bit of a southern flair like Baton Rouge, and for Zac it felt a little like home,” said Clark. The couple share a passion for champagne and followed through on their dream of opening a champagne bar after they stumbled across the space on Phila Street. Although new to Saratoga, both men have extensive hospitality industry experience. Denham is the general manager at Manhattan’s Casa Dani, a restaurant owned by celebrated Spanish Michelin-star chef Dani Garcia. Gale recently left his position as director of operations for Barcade, a company with restaurants in six different states. In addition to working as project manager for Bocage, he works as a hospitality industry consultant. “We’ve always wanted to do our own projects. Bocage has been a brainchild of ours, and it’s been a long time coming,” said Denham. The Phila Street space had to be completely gutted, and construction is expected to be completed by the end of March. If everything goes according to plan, Bocage will open its doors in April. The champagne bar can accommodate 20 to 30 people with mixed seating and standing space. Bocage features French country décor and was designed to feel welcoming. “We wanted to design it like you are entertaining in someone’s home,” said Clark. “It has that kind of intimate feel, and the bar is designed more like a kitchen island.” Although called a champagne bar, Bocage’s drink menu will be extensive and will include 14 different sparkling alcoholic beverages available by the glass. By using the Coravin wine preserver, they will be able to serve individual glasses while preserving the bottle. Bocage will also carry an extensive selection of New York state wines as well as a limited selection of liquor. “We want to have something for everyone,” said

Gale. Having something for everyone means that they will be offering beverages at a wide variety of price points. “When people think champagne, they think luxury, they think expensive. But the world has a lot of very beautiful sparkling wines available, and our glass list will start at just $12 a glass which is super reasonable. Our most expensive glass is $30. We will also have bottles starting at $30,” said Denham. “We aren’t necessarily catering to the Caroline Street crowd, but our doors are open for anyone who wants to stop by for a round.” Bocage will also offer a limited menu that will include caviar, oysters, foie gras, pressed sandwiches, and a selection of local meats and cheese. In the future, chef dinners and tasting menus may be available. Bocage can also be booked for private parties, and several private events have already been scheduled. “What’s appealing to us about the space and the way that we designed it is that there aren’t a lot of places where you could take over a whole spot and have a whole little restaurant to yourself,” said Gale. “There’s already been a lot of interest in that.” Clark and Denham plan to hire six employees but expect that number to increase to 10 during track season. Normal business hours will be from 4 p.m. to midnight, but these hours may be extended during the summer to include lunch service. The new business owners have found Saratoga to be very welcoming and believe the city is the perfect location for a champagne bar. “We feel like everyone seems to want us to succeed, and we think this really makes sense for Saratoga because there is always something to celebrate. Whether it’s a bachelorette party or a wedding or a smaller moment,” said Gale. The couple are so bullish on Saratoga that Bocage will likely be the first of their local business ventures. They plan to eventually relocate to the area. “What makes downtown Saratoga so special is that there is a niche for everything. Bocage is going to contribute to that fabric of downtown by giving visitors something that is unique to Saratoga, and we also have our eyes on some other properties in Saratoga for a couple of other projects down the pipeline. Stay tuned for that,” said Denham.

The Adirondack North Country Association (ANCA) will hold its Adirondack Buyer Days, an annual business-to-business trade show that features the work of artisan makers from across the Northeast, in an in-person format later this month in Saratoga Springs. As the COVID pandemic loosens its hold on New York state, businesses and communities, regional retailers are invited to connect directly with local makers and purchase handcrafted gift products for their shops, organizers said. The annual show, which was canceled in 2020 and held virtually in 2021 due to the pandemic, will return to its longtime home at the Saratoga Springs City Center on March 29 and 30. Adirondack Buyer Days is a nonprofit, juried trade show featuring makers of handmade gifts from northern New York and northern New England. Product categories include housewares, personal care, valueadded foods, garden and outdoors, apparel, jewelry, stationery and more. The show is for wholesale sales only and is not open to the public. Registration is open for buyers online at bit. ly/adkbd. “We are so excited to be back in Saratoga Springs this year. You really can’t beat the in-person experience,” said Lauren Richard, ANCA small business services coordinator. “When buyers are able to meet the makers face-to-face and see, smell and touch a wide variety of local products, it’s easier for them to make decisions about purchasing, plan for their upcoming sales seasons and add more local goods to their inventory.” Despite concerns earlier this year about hosting a large in-person event, ANCA Executive Director Elizabeth Cooper said the show’s timing now seems optimal for regional business owners who are preparing for a busy 2022 season. Gov. Kathy Hochul’s recent decisions to end mask requirements in businesses and schools reflects an easing up of pandemic-related restrictions and public health concerns across the state. “Visitors and shoppers will be returning to our towns and villages in large numbers this year,” Cooper said. “Now more than ever, locals and visitors are eager to support small

businesses and help them bounce back from the pandemic. Adirondack Buyer Days creates a win-win-win for local shops, their customers and the artisan businesses they support. We’re so glad ANCA can provide this interactive experience again for our region’s businesses.” Richard said she enjoys seeing products made by show vendors in stores across the region, like The Crow’s Nest gift shop at The Hedges on Blue Mountain Lake. The Adirondack Great Camp, which offers lakeside lodging, fine dining, outdoor activities and cultural programs, stocks its shop with a variety of locally made gifts. “Adirondack Buyer Days is great for connecting with a wide variety of regional artists and craftspeople who offer beautifully made products,” said Lynne Croucher, comanager of The Crow’s Nest. “This is a valuable resource for us to maintain our focus on U.S.made merchandise and small businesses. We’ve found a number of vendors that we’ve returned to for their wood and metal works, ceramics, jams, posters, mugs, holiday ornaments, candies and more. And there are always new ones to meet, which makes this a must-attend event for us.” Richard said she finds the camaraderie among artisan vendors inspiring and contagious. “Watching these small business owners meet each other, come up with new ideas together, and coach each other along the way is what Buyer Days is all about,” she said. “The buyers and makers who attend this show care about each other and the long-term success of our region’s small businesses. Seeing these relationships develop and grow is truly inspiring, especially during this time that has been so challenging for many businesses.” ANCA’s 14-county region includes Clinton, Essex, Franklin, Fulton, Hamilton, Herkimer, Jefferson, Lewis, St. Lawrence, Saratoga, Oneida, Oswego, Warren and Washington counties. Retailers are invited to register before the show, which will take place at the Saratoga Springs City Center on Tuesday, March 29, 9 a.m. to 5 p.m. and Wednesday, March 30, 9 a.m. to 4 p.m. Questions about the event may be directed to Richard at lrichard@adirondack.org.

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6 • SARATOGA BUSINESS JOURNAL • MARCH 2022

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SUNY Empire State College’s School of Business was approved by the State Education Department to oﬀer a Bachelor of Business Administration degree, which can optionally be completed online. SUNY Empire State College’s School of Business has been approved by the State Education Department to offer a new Bachelor of Business Administration (BBA) degree. The program will launch in the fall term, with the option for students to be enrolled fully online. Officials said the Bachelor of Business Administration (BBA) is a comprehensive business degree designed to serve adult learners working in business-related fields who want to advance their career by pursuing a bachelor’s degree in business or prepare for a MBA. The BBA program will require fewer liberal arts credits, making the new degree program an attractive option for students who want a strong knowledge base in all facets of business and community college graduates with an Associate of Applied Science (A.A.S.) degree, officials said. SUNY Empire State College Officer-inCharge Nathan Gonyea, Ph.D., said the launch of the new BBA degree program “reflects SUNY Empire’s ongoing commitment to helping students fulfill their academic dreams and

Courtesy SUNY Empire State

professional ambitions, while also addressing the employment needs of the economy. The BBA will fit around the busy lives of adult learners and enable them to shift their careers in exciting new directions.” “The time is perfect for SUNY Empire’s School of Business to offer a business degree program that contains all the subject areas that equip learners for successful business careers, with a design that is transfer friendly,” SUNY Empire State College Dean of the School of Business Julie Gedro, MBA, Ed.D., said. “Whether a student has an associate of applied science, an associate of science, or a trove of college-equivalent knowledge that we can help translate and acknowledge as credit applied toward the degree, our BBA provides an excellent degree for them to succeed in business.” SUNY Empire State College chair of the Department of Business, International Business, and Marketing, Dongho Kim, Ph.D., said the BBA will allow working adults “to make positive career changes with a flexible and quality education in business.”

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SARATOGA BUSINESS JOURNAL • MARCH 2022 • 7

Business Briefs

State Parks, Campgrounds, Historic Sites Saw Strong Visitation Numbers In 2021 New York’s State parks, historic sites, campgrounds, and trails welcomed a recordsetting 78.4 million visits in 2021, continuing the robust level of visitation seen since the onset of the COVID-19 pandemic. “From Niagara Falls to Montauk Point, our State Parks and Historic Sites are a treasure that every New Yorker should be able to enjoy,” Gov. Kathy Hochul said. “During the pandemic, parks and public spaces have become more important than ever, providing New Yorkers with safe and enjoyable outdoor spaces for gatherings and recreation. New York was proud to welcome a record-setting number of visitors to our State Parks last year, and we look forward to modernizing our parks system as we approach its historic 100th anniversary in 2024.” Total visits statewide increased in 2021 by more than 427,000, driven by a dramatic rebound of more than three million visitors at Niagara Falls State Park compared to 2020, when international border tourism was curtailed due to COVID-19 protocols. More than nine million visitors went to Niagara Falls State Park last year. Officials said state park attendance has been steadily climbing, rising 41 percent since 2008. In addition to the total attendance, parks also set a new record for 2021 overnight visitation at campgrounds, with campsite, cabins and cottages booked for more than 787,000 nights. “I am grateful that even more people decided they wanted to go to our State Parks and Historic Sites in 2021, even as other recreation options were becoming more available to them. New York has invested significantly in recent years to make its facilities world-class and even more improvements are coming,” State Parks Commissioner Erik Kulleseid said. Hochul’s proposed 2023 budget includes $200 million in capital funding for parks, an 80 percent increase from the current level, to enhance the NY Parks 100 capital initiative. Empire State Development Vice President and Executive Director of Tourism Ross D. Levi said, “With more travelers increasingly looking

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Saratoga Spa State Park is part of the state park system and a National Historic Landmark. Courtesy NYS Parks and Recreation

for new ways to experience the outdoors, our world class State Parks system offers visitors unparalleled opportunities. I LOVE NY proudly encourages travelers from around the state, nation and world to include our parks, trails, historic sites and campgrounds as part of their next getaway and come be a part of all.” NY Parks 100 will focus on creating places to recreate locally, relieving overcrowded parks, welcoming new visitors, and protecting New York state’s environmental and historic legacy. This new plan will ensure people from all communities and across all ages and abilities can fully experience our outdoors, our culture, and our heritage. The New York State Office of Parks, Recreation and Historic Preservation oversees more than 250 parks, historic sites, recreational trails, golf courses, boat launches and more, which are visited by 78 million people annually. For more information on any of these recreation areas, visit www.parks.ny.gov, download the free NY State Parks Explorer mobile app or call 518-474-0456.

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The 2022 Ballston Spa Farmers’ Market, sponsored by the Ballston Spa Business and Professional Association (BSBPA), will run from June 11 through Sept.. 29. The markets will be held on Thursdays 3-6 p.m. and Saturdays 9 a.m. to 1 p.m. in Wiswall Park on Front Street in the heart of downtown Ballston Spa. The markets have been serving the local community since 2003. The mission is to bring together local farms and food/craft producers with consumers and to promote locally created products. The market is accepting vendors for the 2022 season. New and returning vendors can apply online at www.ballston.org/category/farmersmarket. The market bylaws are posted on the application page. The BSBPA is also looking for community volunteers to help on market days. Volunteer help assures that the Ballston Spa Farmers’ Market will continue to be a presence in the village. Contact farmers’ market chairperson Nora Osuchowski at nora@ballston.org to find out more. *

Saratoga National Bank and Trust Co. was recognized in January as a 5-star bank by BauerFinancial, Inc., a bank rating and research firm. Saratoga National has earned this designation for over 12 years securing its prominent position as an “exceptional performance bank.”

The 5-star rating indicates Saratoga National Bank and Trust Co. is one of the strongest banks in the nation. To earn this top rating, the bank must excel under a rigorous, independent analysis of its financial condition in areas of capital quality, asset quality and profitability. Based in Coral Gables, Florida, BauerFinancial has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983. No institution can pay for or opt out of a BauerFinancial rating. *

The 2022 Saratoga Showcase of Homes Committee is planning this year’s edition of its new home tour. Celebrating its 26th year, the annual community event has contributed over $1.4 million dollars to local charities. The 2022 Saratoga Showcase of Homes will be held on five days over two weekends this fall, Oct. 8-10 and Oct. 15-16. It features local builders showcasing new construction. The Showcase of Homes Committee will have an extensive marketing and promotional campaign, which will include official media sponsors in newspapers, magazines, television, online, social media and more. Companies interested in entering a new home or becoming a showcase sponsor can contact Barry Potoker, executive director at 518-366-0946 or email bpotoker@saratogabuilders.org.

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8 • SARATOGA BUSINESS JOURNAL • MARCH 2022

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Women in Business

Empowering Women Helps To Improve Lives Laura Brown Offers Pain Therapy Process That Of Those Making, Selling, Buying Products Avoids The Need For Medication Or Drugs BY TAMMY J. ARQUETTE, ESQ. We know that investing in women makes good business sense, whether that be in promoting women within a company, supporting women owned businesses, or supporting local programs that benefit women. Women play an important role in every aspect of business locally and globally. Women are business owners, executives, employees, producers and consumers. As such, empowering women presents an incredible opportunity for business to improve the lives of people making, selling, and buying products. As a woman owned business, there is a struggle not only to be successful in business, but to manage time and resources in a way that allows us to also support our own, our family and our community needs. We think of work-life balance as a balancing of our work time with our family time, but it is also a balancing of our community investment time. How can we do it all? How can we make the best of our current resources and commitments in order to make the biggest impact on those community needs that are most important to us? Volunteerism and community activity can be done in a way that maximizes our personal, business and volunteer goals. Joining with existing local programs and organizations can make this possible. Involvement with local programs and organizations, whether that be by joining a board, becoming a member, volunteering with programming, making financial contributions to their programs, advertising during their events, participating in their external events, and sharing their messages on our social media, are all ways to combine our investment in our business, our self and community. In doing so, we are expanding our connections with other companies, expanding our own personal growth and development, and making a difference in our community. Our commitment to volunteering can take many shapes and forms. Just as we have had to adapt ways of working during the pandemic, we must also adapt ways of giving and volunteering that embrace different means that meet the goal of helping our community. We do not all have the capacity to get involved in larger volunteer projects, but we can engage in smaller acts of kindness and less time intensive ways of contributing. Technological changes brought about by the recent pandemic have increased opportunities to participate in organizations through the use of video-conferenced meetings, thereby reducing time commitments to travel. Many organizations have transitioned their in-person volunteer activities to virtual volunteering. And these organizations are looking for

Tammy J. Arquette, Esq., owner, The Arquette Law Firm, PLLC, in Clifton Park. Courtesy Arquette Law Firm

volunteers to put their unique skills, from marketing to engineering, to work. According to a study from Deloitte, creating a culture of volunteerism within your company doesn’t just help others; it also improves your organization. It helps build employee morale, provides an opportunity for employees to cooperate with each other towards another mutual goal, improves workplace atmosphere, and increases employee productivity. This can be done by partnering with local organizations to provide volunteer opportunities that align with your company mission. The needs of women and girls in our communities have also been exacerbated by the recent pandemic. Local programs like CAPTAIN, Wellspring and Soroptimist International of Saratoga County, provide opportunities for women and women owned businesses to support our community. They offer opportunities for financial donations, volunteering of time and expertise, and grass roots organizational activities. They also provide opportunities to support their fundraising activities with sponsorships, financial donations, in-kind donations, and participating in their events. By joining an active organization that supports women and girls in our community, we have the benefit of maximizing our impact while regulating our time and resources commitment. As Heather French Henry (former Miss America title holder) once said, “Volunteering is at the very core of being a human. No one has made it through life without someone else’s help.” The easiest way to make a large impact is to start your efforts in your own community.

BY CHRISTINE GRAF Clifton Park physical therapist and massage therapist Laura Brown is on a mission to help chronic pain sufferers eliminate their need for opioids. According to the National Institute of Health, 25 million Americans suffer from daily chronic pain and lack effective non-opioid treatments to manage that pain. “I want to get people off the opioids and the narcotics. You can’t live on that stuff and you shouldn’t have to,” said Brown. “My mission is to give people a little bit of their life back.” In order to help patients suffering from chronic neuropathic and oncologic pain, Brown purchased an $80,000 FDA-approved pain therapy device called a Calmare. The device delivers gentle electrical stimulation, and clinical studies have shown that its technology successfully reduces pain in more than 80 percent of treated patients without the adverse side effects commonly associated with drugs. It is not effective in treating pain caused by inflammation. Brown first learned about Calmare from one of her massage clients, a physician whose daughter found relief from chronic pain after receiving Calmare pain treatment therapy. Intrigued, she set out to learn more. “I saw that it didn’t just have a bunch of advertisements,” she said. “It had clinical studies and publications. Johns Hopkins uses it, the Mayo Clinic uses it, VA centers across the country use it.” Because she is a physical therapist, Brown met the medical standard requirements necessary to become a Calmare practitioner and was able purchased the device in December 2019. Just as she completing the necessary training, the COVID shutdown forced her to close her office for three months. Since reopening, she is working to spread the word about the revolutionary pain treatment therapy she offers. “It’s non-narcotic, it’s non-invasive, and there’s no pain or discomfort to the patient. It’s for people who don’t want to swallow any more pills and are trying to avoid surgery and are in pain every day and just want to get their lives back,” she said. “There are no side effects. The worst thing that can happen is that it doesn’t work, and we will know in the first session whether or not it will work.” On average, a patient requires ten 60-minute treatments to achieve maximum pain relief. Treatments are not covered by insurance and cost between $200 and $250 per session. “The national average is ten treatments, but some people are done in six. For some people

Laura Brown uses an FDA-approved pain therapy device called a Calmare. Courtesy Laura Brown

it might be 12. It depends on the person, their diagnosis, the severity,” she said. “As for how long it’s going to last, I can’t tell you either. Maybe six months, maybe 10, maybe you never come back. For patients with stenosis, which is a structural problem—a narrowing of the spinal canal—I tell them not to expect full relief and that they may need a monthly booster.” Calmare pain therapy treatment has been proven highly effective in treating pain associated with neuropathy, diabetic neuropathy, migraines, sciatica, phantom limbs, complex regional pain syndrome, failed back surgery syndrome, chronic cancer, and other neuropathic conditions. Brown mentions that some chronic pain sufferers have such heightened pain responses that they are barely able to tolerate wearing clothes. The treatment does not help individuals suffering from inflammatory conditions such as arthritis or multiple sclerosis. Because she does not want to offer false hope, Brown requires prospective clients to receive a diagnosis from their doctor before beginning treatment. Calmare therapy remains relatively unknown, and by the time a patient comes to Brown, they have usually attempted numerous alternative therapies without success. Many of these alternative treatments are very costly and have no clinical data to support them. “People are spending a lot more money on things that aren’t even working,” she said. “No one’s heard of Calmare, so I’m usually the last stop.” Continued On Page 13

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Chen Has Saratoga-Based Writing Center On Workman’s Comp Unit Soroptimists Schedule A Trajectory To Offer Instruction Globally To Push Women’s Goals May Golf Tournament BY SUSAN ELISE CAMPBELL Jane Chen left Wall Street to start a writing center for youth in a career leap that surprised her peers in the world of investment banking. But helping children read and write is something Chen has been devoted to since she was 16 years old. Her business, Eyre Writing Center, was launched January 2020 from Saratoga CoWorks and Chen has already helped 900 middle school children “take the mystery out of writing well,” she said. “At the end of my time in asset management on Wall Street I was writing a curriculum for a new writing center for the new age,” said Chen, whose parents named her after The literary character, Jane Eyre. “My task was to break down the foundations of writing and make it a science.” The center would focus on middle school students because “we have great elementary schools and, depending on the district, great high schools,” she said. “But middle schools are underperforming so it is difficult for students to jump from eighth to ninth grade. When I saw what books were on the recommended summer reading list for seventy or eighth grade, I realized I had these titles on my reading list in fifth grade.” She said she doesn’t know exactly what is behind the drop in basic skills, it was “aggravated by COVID,” she said. “I don’t look at data to see where the problems may lie, but I know anecdotally that there has been a deterioration in the quality of writing.” As Chen edited college essays on the side she was “learning what the students weren’t learning. Switching tenses, poor sentence structure and punctuation are fundamentals that should have been addressed 10 years earlier,” she said. Chen said she “personally had an interesting education.” She was a youngster in the New York City school system who was fortunate to get a scholarship to Trinity School, a prominent prep school, where “the discrepancies became more vivid.” Later she would attend Harvard University for her major in history, minor in economics, and a calling for “educational empowerment.” About 10 later when she presented a business plan to fellow Ivy Leaguers on Wall Street, they told her, “This plan is untenable.” But Chen went forward. Her market would be children and their parents in lower income communities. “I was accustomed to financial stability and starting a business is always challenging,” she said. Chen wanted to hire the best instructors and graders, “and that is a high fixed cost,” she said. “I was going to have a school with a price tag that’s affordable,” she said. “How was I going to scale that to make a profit?” Chen felt there were enough people like her devoted to the mission of helping youth read and write with more clarity who would “give their time at a lower hourly rate than the private schools, whose students came from wealthy families, were paying them.” She hired two part-time professionals to be instructors, editors and graders alongside Chen. Today the staff of three are full time. One is in Cambridge, Mass., focusing on marketing. A recent graduate of University of Albany’s master’s program is assigned with the administrative tasks, editing and graphics. As of this year, Chen is the sole instructor of all the classes. In-person classes began from the workspace coop on Broadway in January 2020, but were shuttered

Jane Chen launched her business Eyre Writing Center in January 2020. Courtesy Jane Chen

when the pandemic hit. Two years later Chen is making another far-reaching change in the business model. She is recording 100 hours of on-demand videos and offering them in addition to live classes. “We are testing out the video model with the students and have found that may preferred videos over live instruction,” Chen said. That decision led to a four-tiered pricing system for enrollment. The flex plan offers only videos. The live plan is videos with lectures. The edit plan is videos, no live lectures, and editing of writing assignments. The all-in plan offers the full spectrum of instruction and editing. All students have a live option, which can be book club or a community event. Each course level, of which there are five, progressively teaches the fundamentals of how to read, write sentences, and write paragraphs. A writing project is done over the 12-week semester. “The writing project will be either creative or analytical,” said Chen. “We teach every type of writing except business writing.” Papers are then published in EWJ, the EWC Journal, found online at ewcjournal.com. New students do not have to decide which course level is best for them. Chen developed a 45-minute placement module and enrolls the student in the correct level based on their answers. Then it is up to the student and parents to select live and video options based on their preferences and learning style. Chen said she would like to “find a way to work with after school programs or other partnerships” and has a pilot program running now that is exclusively ondemand videos. “The students like this program, but it’s success is purely qualitative,” she said. “I am bringing a person on board to talk to all the families and quantify our results.” From there she hopes to build out software on writing instruction. “My mission is to be a high quality writing resource and make it affordable for families across the community, the nation, and even the world,” Chen said. Eyre Writing Center has opened EWC Book Club to the public. It meets twice a month on Zoom and the reading list and registration form are on the website. More student essays and a blog that includes past book club discussions are also accessible. Visit www.eyrewritingcenter.com for more information.

NYSIF, New York state’s largest workers’ compensation carrier, says it has far exceeded its established annual MWBE participation goal of 35 percent for fiscal year 2020-2021, and will continue to recruit MWBE financial firms to further increase their participation in 2022 and beyond. That pronouncement was made March 1 at NYSIF’s 12th annual Minority- and WomenOwned Business Enterprises (MWBE) Investment Symposium in New York City. “NYSIF continues to be a leader in meeting and surpassing the goals of the state’s MWBE initiative” said Kenneth Theobalds, NYSIF board of commissioners chairman. “But we must reaffirm our commitment and strive to do even better so that our values of encouraging diversity and inclusion continue to reflect in the pursuit of our core mission, delivering superior financial returns and value to NYSIF’s customers.” For state fiscal year 2020-21, NYSIF allocated nearly 44 percent of dollars paid to asset management firms and financial institutions to MWBE-certified firms. In all, 54 percent ($1.9 billion) of the $3.6 billion in NYSIF’s externally managed assets were under the management of MWBE firms, including 100 percent of NYSIF’s equities portfolio. “NYSIF’s commitment to identifying opportunities for diverse MWBE firms is foundational to our strong support for New York businesses,” said Gaurav Vasisht, NYSIF executive director and CEO. “As the state reemerges from the COVID-19 pandemic, NYSIF will redouble its efforts to utilize a variety of outreach programs in order to cultivate relationships with MWBE firms, boosting innovation and benefiting New York Sstate employers.” Now in its 12th year, NYSIF’s MWBE Investment Symposium is a forum to further spark statewide job growth and expand investment opportunities to a diverse group of financial firms. This year’s event was held in a hybrid format to accommodate both virtual and in-person attendees. It featured programs and panel discussions that addressed a wide range of topics, from informative conversations on increasing diversity in capital markets and the pros and cons of being a woman-owned firm, to transforming environmental, social and governance impact in the financial sector. The MWBE Investment Symposium is one of several events that NYSIF participates in to attract MWBE vendors in all categories and helps to advance the organization’s commitment to hire MWBE asset managers to invest a portion of NYSIF funds. NYSIF’s efforts in financial services participation are governed by Workers’ Compensation Law, which establishes NYSIF’s MWBE Asset Management and Financial Institution Strategy. For more information, visit nysif.com.

Soroptimist International of Saratoga County (SISC), a member of Soroptimist International of the Americas (SIA), has opened registration for its second annual Spring Fever golf tournament to raise funds to aid women and girls in our community and beyond. The event will be held Wednesday, May 18, at Saratoga National Golf Course, 458 Union Ave., Saratoga Springs. Golfer check-in will start at 11:30 a.m. The tourney will commence with a shotgun start at 1 p.m. A dinner will follow at 6 p.m. Tickets must be purchased in advance by May 11. Registration for the event can be done online at soroptimistsaratoga.org and includes 18 holes golf, golf cart, access to the driving range, lunch, and dinner. The event is open to players of all levels. CBS golf analyst Dottie Pepper is once again the honorary chair of the event. Pepper is the lead reporter for CBS Sports coverage of the PGA Tour, Masters and PGA Championship. After an accomplished junior, college and amateur golf career, she went on to play 17 years on the LPGA tour, winning 17 times, including two major championships and one additional win on the JLPGA Tour. She represented the United States six times in the Solheim Cup matches, compiling a 13-5-2 record. Following COVID guidelines last spring, attendance was limited, but the event still raised over $30,000. SISC, is an all-volunteer organization of business and professional women, working to empower and improve the lives of women and girls in Saratoga County. Contributions directly support SISC efforts including: • Grants for women who are head of household trying to complete higher education degrees or skill training that will lead to better employment opportunities through the Live Your Dream Award. • Providing high school girls facing obstacles to future success connections to professional role models, career education and resources with participation in the Dream It Be It program. • Helping women who are the victims of domestic violence with education and mentoring to develop the skills they need to achieve independence, personal empowerment, and fi nancial literacy. For more information about the Spring Fever golf tournament contact Tammy Arquette by email at tarquette@arquettelaw. com.

10 • SARATOGA BUSINESS JOURNAL • MARCH 2022

SPECIAL SECTION

SARATOGA BUSINESS JOURNAL

Banking / Asset Management •

Business Report More Businesses Eye Outsourcing Accounting

BY MICHAEL POVEDA According to the UHY 2022 Middle Market Trends Survey, over 20 percent of business owners have explored the option of outsourcing their accounting function and given today’s challenging business environment, that percentage is expected to grow. Today’s business owners have their hands full just focusing on sustaining and growing their businesses, with little time to focus on their businesses’ accounting operations, despite that function’s importance. In fact, according to a survey by SCORE, a small business mentoring organization, a full 40 percent of small business owners say bookkeeping and taxes are the single worst part of owning a business. Yet, it is data from the accounting operations that should lay the foundation for important business decisions. Given that and given that few companies have full accounting capabilities inhouse, outsourcing their businesses’ accounting functions is increasingly more attractive to business decision makers. That is where Client Accounting Advisory Services (CAAS) comes in. CAAS allows a business to outsource its finance, back-office and accounting operations. It is a service offered by many accounting firms. It has benefits beyond outsourcing those activities. Since CAAS gives the accountant involvement in all data, transactions, trends, monitoring, capturing and analysis of the business’ financial activities, the accountant is in a unique position to provide informed advice on all business decisions and intelligent input on risk/reward situations. The expertise and experience of the accountant becomes a valued asset to the business. So how do you know it is time to consider outsourcing your accounting function? One indicator is if a business owner no longer has the time to be involved in every business discussion and decision. Having a group of

Official: Community Bank NA Branch Shows Its ‘Commitment To Saratoga-Glens Falls’ •

Michael Poveda, managing director, UHY Advisors NY, Inc. Courtesy UHY Advisors NY Inc.

professionals managing the finance function frees up time they would otherwise spend managing accounting and allows business owners to focus on growth. You can spend your energy elsewhere and remain confident that the financial information is in the hands of qualified professionals who have the organization’s best interests in mind. Another area to be mindful of is your technology capabilities. Do you need more data from your financial reports? Are you looking for systems that integrate and speak to each other? CAAS professionals can review your business needs and make recommendations specific to your goals. There are several benefits to outsourcing your accounting and finance, especially as a growing business in an ever-changing environment. Consider speaking with a CAAS professional if improving performance and efficiencies is on your list of 2022 priorities.

Paul T. Wersten is the vice president, commercial banking officer, at Community Bank NA branch in Saratoga Springs. The office will serve commercial customers in Saratoga and Warren counties. ©2022 Saratoga Photographer.com

BY JILL NAGY Community Bank NA opened an office in Saratoga Springs last November, filling a gap between its outposts in Latham and Whitehall and providing a more convenient location for commercial banking customers in Saratoga and Warren counties. Jeffrey M. Levy, Community Bank’s newly named president of commercial banking, who heads the new office, said that it “demonstrates our commitment to the Saratoga-Glens Falls community.” The office is located on the second f loor of The Washington building, 422 Broadway, upstairs from Northshire Bookstore and Kilwins. At least initially, the office will serve commercial clients with lending, insurance and wealth management services. The office will not accept deposits and there are no teller cages. Its four employees are “just the start,” according to Levy. Two of them will concentrate on making loans and one each will provide insurance and wealth management services. Community Bank has 11 branches in

the Capital Region, including Albany, Latham, Whitehall, and Lake Placid. Their southernmost office is in Albany’s Corporate Woods. Their community focus places them in non-metropolitan areas, i.e., not in large cities. In addition to the Capital Region, the bank has offices in Northeast Pennsylvania, Vermont, Western Massachusetts, and every county in Upstate New York, Levy said. There are no immediate plans for further expansion, Levy said, but noted that Gens Falls “fits in with our whole model.” Levy has been with Community Bank since 2018. Before that, he held executive positions with NBT Bank and M&T Bank. “Today, I am from Saratoga Springs,” he said. He has lived in the city for three years, after 21 years in Guilderland. “My hours are 24/7,” he said, but admitted that the office keeps bankers’ hours, 9 to 5. Generally, clients come in by appointment. They are easy to find on the web: at CBNA. com. The telephone number is (315) 4452282.

SARATOGA BUSINESS JOURNAL • MARCH 2022 • 11

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Business Report Staying The Course In Uncertain Times

BY KENNETH J. ENTENMANN As the world watches the events unfold in Ukraine, it goes without saying that what we are witnessing is tragic and the human toll is something that cannot be understated. Military action always brings uncertainty, and it is difficult to assess the full extent of the situation while it is unfolding. The Russia-Ukraine conflict is no exception, and it has resulted in stunning market volatility. However, strictly from an investment and economic perspective, geopolitical events rarely cause major bear markets or recessions. The markets tend to view them like natural disasters. That is, they are highly regionalized, they cause significant loss of property and life, but tend to be short-lived. Historically, dating back to the Iraq invasion of Kuwait in 1990, there have been nine global military “interventions.” The time period from the onset of the event and the market bottom ranges from 0 days to 70 days. For example, the market bottomed out 10 days after the 9/11 attack in 2001. The average decline in the S&P 500 is -6.9 percent. Importantly, the markets tend to recover quickly. The average one-month return after the bottom is 2.2 percent, the three-month return is 5.4 percent and the one-year return is 13.5 percent. Like all geopolitical events, the Russia-Ukraine conflict is impossible to predict. That said, it is likely to follow history’s pattern for a few reasons. First, when we look at the global economy as a whole, the Russian and Ukrainian economies are small. The U.S. economy is the largest in the world at $21.4 trillion and nearly 25 percent of the total global GDP. By comparison, the Russian GDP is $1.7 trillion and 1.94 percent of global GDP while Ukraine’s GDP is estimated to be $156 billion. Both economies are commodity driven. Economic sanctions will certainly impact the Russian economy, perhaps reducing it by as much as 50 percent, making it an even smaller part of global GDP. Therefore, regardless of the duration and extent of the situation, it is unlikely to have a major impact on global economic growth. However, it certainly will be disruptive and negative for growth in the short-term. Russia is a significant energy producer, and it is not surprising oil prices have jumped dramatically. The Wheat, Corn, Palladium and Nickel markets will be impacted as well. The conflict will be more damaging to Europe than the U.S. as it is estimated that less than 1 percent of the total revenue of the S&P 500 is derived in Russia. In addition, U.S. energy companies have limited exposure to Russia and divested after the Russian Crimea annexation in 2014. However, Europe has a deeper trading partnership in the region. European energy companies have several joint ventures in Russia, many of which they have been forced to divest this week. Nearly 40 percent of all energy consumed in the European Union comes from Russia. Many have argued that this energy dependence was a great enabler of Russia in this conflict. Indeed, there have yet to be sanctions placed on the Russian energy industry, amplifying Europe’s dependence.

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Kenneth J. Entenmann, CFA, chief investment officer and chief economist, NBT Bank. Courtesy NBT Bank

Overall, the global markets have been stunningly volatile but remarkably resilient. The equity markets were already weak prior to the conflict and recent events have accelerated that weakness. Nonetheless, the markets seem to be concluding this conflict will be short and contained. The net effect will bring modestly slower global economic growth and higher inflation. Oil prices are trading well over $100 per barrel and will lead to higher inflation in the short-term. Concerning, but not catastrophic. Indeed, slower global economic growth may come with a surprising, unintended consequence. Slower growth could slow the pace of inflation, reducing the need for the Federal Reserve Bank to aggressively raise interest rates. In fact, interest rates have declined since the start of the conflict. The yield of the 10-year Treasury note has declined from nearly 2 percent to 1.80 percent since the onset of the conflict. The futures market for Fed Funds has removed the prospect of 50 basis point rate hike in March. While expectations still call for the first rate hike in March, this situation gives the Federal Reserve an excuse to take a slower approach to monetary policy changes. It is too early to assess the duration and longterm impact of the Russian-Ukraine situation. Given the history of market reaction to military interventions and the current circumstances, it is likely that global economic growth will slow, but not plummet. Inflation will remain more persistent, if not accelerate in the near-term. However, it is likely to ease in the long-run but remain well above the Fed’s target level of 2 percent. Market volatility will reign as emotions swing with the headlines. Most importantly, the prospect of an economic recession in the United States is small. From an investment perspective, recent market volatility demonstrates the need for a long-term strategy that doesn’t waver in times like these. Whenever the markets experience strong equity returns—like we’ve had the last 2 years—it’s tempting to give in to chasing easy money in hot Continued On Page 13

Business Report The Benefits Of Accelerated Depreciation

BY CARISSA CONLEY AND BRYCE KAHLER Every year, business owners across the country try to find ways to lower their taxable income and pay less taxes to the government. The easiest way to reduce tax is through operating expenses, which are necessary to run the business on a day-to-day basis. One of the most important expenses a business owner should take time to understand is depreciation: the expensing of business assets. Depreciation requires you to spread the cost of an asset over its useful life as it loses value. The easiest method to understand is straightline depreciation, where the cost of the asset is expensed evenly over its useful life. If all assets were depreciated using the straight-line method, the business would have the same depreciation expense each year until the assets were fully depreciated. If the asset had a five-year life, it would take five years to get the full benefit of its cost. But there are a lot of other depreciation methods and tax elections available to the business owner that create opportunities to manage their taxable profit in the year of purchase as well as in future years. There are current tax laws that offer more favorable options to accelerate depreciation and immediately expense the cost of assets, thus lowering your taxable income for the year. It also enables you to match the expense with the cash outlay or, maybe even better, expense the property faster than you’re repaying the debt and thus put more money in your pocket now (which is why real estate investments are attractive). Federal tax law lets you use Section 179 or what is known as Bonus Depreciation to expense certain assets immediately. Each option has its own rules, including which assets it can be applied to, and its own pros and cons. An important note regarding Bonus Depreciation: Currently federal tax law provides for immediate expensing of 100 percent of the asset cost, but it wasn’t always 100 percent, and likely won’t be 100 percent indefinitely. Also, each state adopts is own accelerated depreciation rules and not all follow the federal tax treatment. Our state allows 179 expensing but not Bonus Depreciation, so this is an important consideration when determining which method to use. There are a few potential disadvantages to recognize if you decide to use accelerated depreciation. If you sell a fixed asset before it is technically worthless based on your depreciation schedule, and your sales price is higher than the adjusted value, this gain will have to be reported as ordinary income instead of capital gain. Also, if your business is

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Co-managing partner Carissa Conley of the tax advisory firm Bucknam & Conley CPAs. ©Dania Bagyi Photography

Bryce Kahler, tax and accounting associate, Bucknam & Conley CPAs. Courtesy Bucknam & Conley CPAs

growing and you expect to have more profit in future years, the lower future deductions could result in more tax. When making the decision whether or not to apply one of the methods of accelerated depreciation, be sure to consider its interaction with the current tax laws. A new business loss limitation has gone into effect which limits the amount of business loss you can use each year to offset other taxable income. The NOL laws that were made favorable again during Covid and allowed business owners to utilize 100 percent of the NOL and carry it back to prior years to generate a tax refund, are no longer available. In addition, if you’re subject to the business interest limitations, reducing your taxable income as much as possible could result in losing deductions for interest expense. Thus, careful planning of capital expenditures Continued On Page 13

12 • SARATOGA BUSINESS JOURNAL • MARCH 2022

SARATOGA BUSINESS JOURNAL

SPECIAL SECTION

Economic Development Corporations SEDC: Building An Economic Future EDC Warren County Touts Building ‘The For Saratoga County For Some 43 Years Economy Of Now’ As COVID Eases Up 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

Dennis Brobston, president, Economic Development Corp.

Saratoga

Courtesy Saratoga Economic Development Corp.

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 Continued On Page 14

BY JIM SIPLON It is certainly not news to say that the last two years of COVID have reshaped our area economy and the work we do to support it. One of the often acknowledged aspects of the COVID era is the observation that the pandemic often exposed and accelerated shifts that were already underway but perhaps not yet fully understood. Our economy and its dynamic elements , things like an aging workforce and a lack of new housing, are perhaps the greatest example of this. Constructing the framework that will underpin the post-COVID economy requires us all to lean into this together-to understand and retool around the “Economy of Now.” EDC Warren County has long been focused on the strategic work required to attracting, growing and retaining business for our community. Classically, this was a process built around enticing new business to locate here and utilize our workforce to run them. Our programs, incentives and resources were deployed primarily in ways designed to capture transitory or relocating business ventures. While that work continues, it is transitioning before our eyes to a model that flips the traditional approach on its head. We are now in a competition for workforce, and those areas that have it will attract and grow the most successful business and economic entities while those that do not will struggle to build a sustainable economy. This need for workforce is not new, in fact it has been building slowly in the demographics for years. Baby boomers are aging out, birth rates have declined and flight of our young has been going on for some time. But today this problem is not limited to the North Country or other less populated areas but is now almost universal. A recent piece from the Washington Post said “the pool of potential workers has shrunk so much that getting back to the number of people employed before the pandemic would require unprecedented success in connecting job seekers and employers. Assuming more people don’t start looking for work, it would require an unemployment rate of 2 percent, lower than at any point since the measurement began in 1948.” So how do we address such a disconnect?

Jim Siplon, president and CEO, EDC Warren County Courtesy EDC Warren County

Simply working harder to recruit more businesses to locate here, or even those already here to grow, is not the answer if there are not enough workers to fuel that opportunity. Maximizing our regions workforce participation has never been more important. Increasingly another opportunity is shifting to mobile professionals that can live, and now work remotely, almost anywhere. For the past year, the EDC and its many partners in the business and larger community have been stepping into this shift in an effort to understand and be visible to a new wave of professional relocation. The things needed for someone looking to locate somewhere new and bring their job with them are the same things we all need. It starts with a place to live and a broadband connection. You can see this shift in the real estate market all around us. The Glens Falls MSA saw the ninth greatest rise in home prices in the U.S. during 2021. The EDC has developed a private-public partnership of sorts to dive into housing across the market from affordable to workforce to new formats to urban mixed use and work on the elements that will drive investment and expansion. This will be an area of intense work for the Continued On Page 16

SARATOGA BUSINESS JOURNAL • MARCH 2022 • 13

Officials: War In The Ukraine Has Adverse Effect On Area Employment, Supply Chain BY PAUL POST Some restaurants aren’t serving lunch, Gore Mountain can’t keep all of its lift lines running, and one area paper company is so desperate for help that it’s put up small roadside signs, hoping to attract new workers. An already serious labor shortage could grow worse, creating serious problems for the Lake George-Saratoga Region economy if the Ukrainian crisis keeps young Eastern Europeans from filling hundreds of hospitality and tourism industry jobs this summer, local officials say. “Such a heartbreaking situation,” said Amanda Metzger, Lake George Regional Chamber of Commerce marketing director. “This could affect a larger region than only the Ukraine. We are prepared to market the available jobs as we had to last year, but it is with such a heavy heart that we prepare for this potential workforce shortage, thinking of what the people of Ukraine are facing.” In a Facebook posting, the Lake George restaurant 10 McGillis Public House said, “All over the Capital Region and especially here in Lake George, we rely on the international students and J1 Student work program to staff our local businesses and boost our economy. With the exception of the pandemic in recent years, hundreds of students come to our area to work each summer. Most of them work two or even three jobs at a time and they are an integral part of some business’s success for the tourist season.” Many student come from Poland, Belarus, Russia and Ukraine. “Not only do our businesses depend on these students and their hard work, but many of us have made lifelong friendships and remain in contact years after they’ve returned to their home country,” the 10 McGillis Public House statement said. Many foreign students find local summer employment through New York City-based InterExchange. In a statement, the agency said: “As we prepare for summer 2022 student arrivals, we are closely following developments in Ukraine, Russia and Belarus. Given the current uncertainties, with border and U.S. Embassy disruptions, we do not know if participants from these countries will be able to arrive in the U.S.. Though some have arranged

Chuck Ciaccia 27 years

Jude Gosh 32 years

visa appointments in other countries, we don’t yet know how many will be able to obtain visas and flights.” EDC Warren County President Jim Siplon said the larger nationwide labor shortage has been slowly developing for several decades, off the radar of many leading economists. “For 50 years we haven’t had a birth rate at replacement value and yet we’ve never really talked about it,” he said. “It’s not surprising when you look at the data, but it seems to have crept up on pretty much everyone. “Clearly the pandemic accelerated some of this,” Siplon said. “What would have been 10 years worth of graceful retirement for people in that 55- to 65-year-old age bracket happened almost instantaneously. They left the workforce and aren’t eager to come back in.” “So we’ve had that contraction on one end and we don’t have that replacement factor,” he said. “The third facet is that through a series of policy decisions and the pandemic, our borders closed. Of course we have a labor shortage. There’s not enough young people coming in. Old people left at an accelerated rate and we decided not to let anyone in at the border.” “It’s a perfect storm of events,” said Laura Oswald, Washington County Economic Development director. “There isn’t a business out there I’m aware of that hasn’t experienced difficulty in some way, shape or form with labor shortages. That’s basically all the way from larger businesses like the Fort Miller Group and Irving Tissue all the way down to small businesses. It’s impacting every industry out there.” A steady exodus of people across New York to southern states with warmer climates and lower taxes has contributed to the problem. “To a certain extent there are also skills issues,” Oswald said. “There may be job openings, but many people don’t have the right skills. That’s another thing we have to get better at—creating the correct training opportunities to fill the jobs that are open everywhere.” Both she and Siplon said lack of adequate, affordable housing is one of the biggest reasons for labor shortages locally. “We have very few rentals in Washington County,” Oswald said. “It’s mostly single-family homes and a lot of that is old. There’s a need Continued On Page 15

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Pain Therapy Process Continued From Page 8

Brown is among the very limited number of independent practitioners to offer Calmere therapy. In many parts of the country, people must travel hundreds of miles to find a certified provider. Because of the treatment’s efficacy, she is surprised that more clinicians aren’t investing in the device. “It might be that it sounds too good to be true and that people put in it in the ‘snake oil’ category. But it’s really not,” she said. “It’s the real thing, and there’s nothing to lose but your pain.” Brown has more than 25 years of experience in physical therapy and massage therapy and

also offers various types of massage at her 800 Route 146 office. She specializes in therapeutic massage which is helpful for individuals suffering from arthritis, migraines and other ailments. “I can certainly do the Swedish spa-type experience, but that’s not what I’m there for,” she said. “Because I have PT experience, I’m there for people who have a problem or for people who have M.S or have had surgery or are post-cancer and are feeling a little bit scared to get a massage.” For more information, visit www. calmaremassage.com.

Accelerated Depreciation Continued From Page 11

and related depreciation deductions is more important now than ever. Also, you cannot decide not to take depreciation. Many times we’ve gotten a new client with a rental property to find out that their prior accountant didn’t depreciate the property. Depreciation is a use-it-or-lose-it expense. You cannot choose to not depreciate a business asset so that you have a lower gain when you sell it.

If you don’t depreciate it from the beginning, when you sell the asset down the road, you still must calculate the gain as if you did take it. That means you never got the benefit of the deduction, but now you’re paying tax on a gain as if you did. No two businesses are the same. Each year that you invest in capital assets, it is important to assess your individual situation and decide which depreciation method works best for you.

Staying The Course Continued From Page 11

areas of the market. While a long-term strategy with proper diversification can be viewed as “old school” and a drag on performance, the RussianUkraine conflict provides yet another example of how swift and sudden events can disrupt the latest trends. As I’ve already noted, investors have been rewarded for sticking with forward-looking,

steady investment plans during times of military interventions. So, even after the weak start to 2022, the recent geopolitical turbulence, and the S&P 500 index -8.70 percent decline (as of March 2), there is reason to be concerned but not panicked. Instead, stay patient, stay invested, and turn any desire for action toward a more humanitarian response.

14 • SARATOGA BUSINESS JOURNAL • MARCH 2022

Saratoga County Economic Future Continued From Page 12

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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 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.

Chowder Festival Continued From Page 1

and vote for their favorite. “We encourage visitors to come to Saratoga Springs and make a weekend out of it with special hotel rates offered at participating locations,” said Leggieri. “People travel from all over the region for the taste of chowder done right, and to experience the excitement of Saratoga.” Official Saratoga Chowder Fest ‘N Tour Guides, which include a list of participating chowder vendors and activities, can be picked up at participating locations, including the Saratoga Springs Heritage Area Visitor Center and the Saratoga Springs City Center. Voting will take place online at www.

discoversaratoga.org/chowderfest/vote. Only one vote per device will be accepted. Winners will be announced at the Saratoga Springs Heritage Area Visitor Center at 6:30 p.m. on March 26. Discover Saratoga will sell T-shirts and hats at the Saratoga Springs City Center parking garage, and there will be chowder vendors, live music, and activities for kids on the ground floor. For more information, including a list of participating chowder vendors and discounted hotel rates, visit www.discoversaratoga.org/ chowderfest or call (518) 584-1531.

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.

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. Listings Courtesy of Saratoga.com

SARATOGA BUSINESS JOURNAL • MARCH 2022 • 15

Available Commercial & Residential Properties

Ukraine Affects Local Hiring •

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building and trades industry as contractors haven’t bee able to obtain the materials needed to complete construction jobs, or in many cases these goods have only been available at much higher prices. “The supply chain isn’t affecting any one product or industry, it’s across the board for a variety of reasons,” Oswald said. “Things typically coming from Canada aren’t getting here. Some of it is a change in manufacturing capacity, and there’s a huge shortage of CDL drivers across the country.” Locally, specialized manufacturers such as medical device firms have been affected, Siplon said. “Even with papermakers like Finch. It’s not so much that their stock of timber has been affected. Sometimes its the supply of chemicals used in their process, or specialized components they can’t get replacement parts for.” Hostilities in the Ukraine could exacerbate global supply chain issues, he said. “Components and raw ingredients come from all over. Any time world events like this occur it’s going to cause disruption in those routes, total mounts of supply and transport. There’s no doubt we will have impact. I’m certain they will begin to emerge.” While there’s no immediate solution, firms should be taking long-term steps to shorten supply chains by providing goods and services for markets closer to home, officials said. “For example, how do we shorten the path between timber in the Adirondacks and a need for products in New York City closer and tighter? That’s something we’ll be working on for years to come,” Siplon said.

to increase the capacity for non-substandard rental properties.” “Last summer, in all of Warren County, there were less than 50 homes under $500,000 for sale and less than 250 available apartments,” Siplon said. “Meanwhile, at that same time, we had 2,000 open jobs. Glens Falls Hospital alone had hundreds of jobs available.” “It makes no sense to try to attract new business when we can’t staff the ones we have,” he said. “We have to figure out how to win in the battle for talent, make sure we retain the workforce we have and that we’re able to at least incrementally, even if it’s only modestly, add to our workforce here. The good news is that people want to be here, they’re attracted to the quality of life, and we don’t need 10,000 of them.” EDC Warren County recently moved from the Travelers Insurance Co. building to the Empire Theater on South Street in Glens Falls, which is better equipped to host virtual and in-person meetings designed to support local businesses. Groups focused on specific issues, such as economic recovery, broadband and housing have been meeting weekly, Siplon said. “We have to help existing businesses and help them transition to more sustainable business models,” he said. “It’s not just how do we weather the next six weeks or six months, but how do we take the next number of years to position ourselves effectively so that we can play the role we’re destined to play in a very rapidly changing world economy, and having that be sustainable.” Similar to labor issues, the COVID-19 pandemic also triggered widespread supply chain problems. This greatly impacted the

Continued From Page 13

Park Rehabilitation Project Continued From Page 1

commemorations of the signing of the Declaration of Independence in 2026 and of the battles in 2027. Finally, historical scholarship surrounding the pivotal events which occurred here in September and October of 1777 has significantly advanced. This project has allowed us to reflect this deeper understanding on the landscape. Parking areas and walkways will be revamped at all 10 tour stops to meet universal standards for accessibility, including seating with companion seating. Audio description for the new exhibits will be provided on an app for public use. The battlefield grounds can be accessed by foot via the Wilkinson Trail at the Visitor Center. Equestrians may use the lower visitor center parking area for their trailers and access the Horse Trail via the entrance road, officials said. Visitors

should use extra caution when crossing the Tour Road and when passing through or near tour stops actively under construction. Construction vehicles will be traveling in both directions along the road. The Tour Road and most of the tour stops are expected to be open seven days a week between Memorial Day weekend and Labor Day. Visitors should be aware of active construction zones, traffic delays, and construction vehicles on the Tour Road. For safety and for the safety of the construction personnel, people are asked to adhere to the construction closures and follow instructions from park staff and contractors. Updates on park hours and the project are available on the park website, www.nps.gov/sara/ learn/tour-road-improvement-project.htm.

1986 Crawford Road, Rotterdam $995,000 This gorgeous barn was moved from Fonda and reimagined in 2011. The interior was meticulously designed and maintained, with no detail overlooked in nearly 8,000 square feet. The soaring ceilings boast a multitude of skylights that fill the space with natural light. 4 bedrooms, 3 and a half baths and room for more. A gorgeous two-sided fireplace adorned with slate shingles from the original barn roof is just one of many unique features. Sitting on a 38 acre parcel along the Moccasin Kill, this is a beautiful piece of land to overlook from the two tiered rear deck. Bring your friends and family, the 6 car garage and circular driveway has room for everyone.

Listing Agent: Dan Roohan | 518.527.7895 dan@roohanrealty.com

16 • SARATOGA BUSINESS JOURNAL • MARCH 2022

The Economy Of Now Continued From Page 12

coming year for not only the EDC but for all who have an interest in filling the thousands of open positions in the local economy. We need to help our entire region invest their economic development efforts around ideas and businesses that build on our unique

assets and will not be at odds with the realities of an economy that is largely in the Adirondack Park. These ideas helped fuel a recent effort by the timber and paper industries who invested in reducing the carbon footprint of the existing entities while developing regional applications

for fiber that would reduce plastics and shorten carbon intense supply chains. Another idea in development is investing in fresh water management and protection. This is built around regional efforts such as the Fresh Water Institute and the Jefferson Project on Lake George. Imagine the future with a thriving ecosystem that can show the region, country and world how to implement fresh water preservation practices birthed here. We all know now that we must find ways to accept and adapt to the major shifts the last

few years have exposed in our communities and regional economy. The EDC is digging in with its weekly forums, regular community engagement events and intense focus on the new challenges of professional relocation, placemaking, housing development and broadband advocacy along with traditional business support. We believe we can manage this period of transformation together and look forward to partnering with all who are ready to join us in stepping in to the Economy of Now.

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