Saratoga Business Journal - September 2021 by Saratoga & Glens Falls Business Journal

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

SARATOGA BUSINESS JOURNAL

VOL. 26 NO. 07

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HVCC, GlobalFoundries To Create Training Race Course Meet Eclipses $800 Million In And Apprentice Center On Site In Malta Handle To Set New Track Wagering Record

This is a rendering of a new training and apprenticeship center that will be built at the HVCC North extension center in Malta, near GlobalFoundries. Hudson Valley Community College and GlobalFoundries are expanding their partnership by creating a new training and apprenticeship center at the college’s HVCC North extension center in Malta. The center is part of the college’s $12.5 million expansion project aimed at boosting workforce training efforts in high-demand areas. The GlobalFoundries Workforce Training and Apprenticeship Center at HVCC North, announced on Aug. 5, will be created

Courtesy HVCC

through a philanthropic gift of $500,000, which includes specialized equipment for workforce training. Officials said that once completed, the center will allow the college to prepare more students though credit and noncredit workforce training programs and apprenticeships as well as through associate degree programs such as electrical engineering technology, semiconductor manufacturing, mechatronics and clean Continued On Page 17

Essential Quality, left, wins the 152nd Travers at Saratoga Race Course. The 40-day summer meet had a paid attendance of more than 1 million for sixth consecutive season. For the first time in its history, the 40-day summer meet at historic Saratoga Race Course generated all-sources wagering handle of more than $800 million, the New York Racing Association (NYRA) announced. Having established the new record on Sept. 1, with five racing days remaining in the season, the 2021 summer meet ended with allsources handle of $815,508,063, a 15.6 percent increase over the prior record of $705,343,949 set in 2019, officials said. With paid attendance totaling 1,046,478, and

Courtesy NYRA

excluding 2020 when fans were not permitted due to the COVID-19 pandemic, 2021 marked the sixth consecutive season of more than 1 million in paid attendance at Saratoga Race Course. Average daily attendance during the 40-day meet was 26,162. “Thanks to the energy, enthusiasm and support of the best fans in horse racing, the 2021 summer meet at Saratoga Race Course has been a tremendous success,” said NYRA President and CEO Dave O’Rourke. “This has Continued On Page 19

Saratoga Economic Development Corp. Precision Valve & Automation Moves From Relocates To Space On Quad Graphics Site Cohoes To 76,000SF Of Space In Halfmoon BY SUSAN ELISE CAMPBELL Saratoga Economic Development Corp. has relocated to 56 Duplainville Road, the Saratoga Springs headquarters of Quad Graphics. Dennis A. Brobston, SEDC president since 2008, said having upscale office spaces and conveniences will help the consulting firm “track companies looking to expand business into the area, especially foreign interests.” “A company coming from overseas needs a desk area and amenities,” Brobston said. “Quad Graphics is the largest printer with 700 people, $50 million invested in equipment, and a beautiful facility.” SEDC is renting space at Building 4 on Quad’s campus. Brobston said the nonprofit has access to professional offices, conference and event rooms, and an auditorium at Quad, plus the latest in audiovisual and teleconferencing technology. There is also a cafeteria, a health gym, and locker rooms that SEDC and their guests can use, and a medical center on site. The organization had leased 28 Clinton Street Suite 6 in downtown Saratoga month-to-month for 24 years, Brobston said, and was not actively seeking to relocate. “Quad Graphics actually reached out to us,” he said. “Because COVID-19 forced many employees to work from home, Quad Graphics made some changes in their business and had space available.” Prior to the pandemic, SEDC was courting businesses around the northeast looking to expand into Saratoga. There were also companies based in Ireland looking at Saratoga County, he said.

“We wanted to bring the foreign companies over last summer, but COVID halted that,” said Brobston. Instead, SEDC partnered with dozens of companies and embassies in Dublin on a three-day video conference in July, part of their “Spotlight Saratoga” series, he said. “We had 90 attendees from 65 different companies in Ireland that we helped to understand all that Saratoga has to offer,” said Brobston. Of the 30 businesses that had already shown Continued On Page 14

BY SUSAN ELISE CAMPBELL Precision Valve & Automation, a maker of dispensing, coating, and custom automation equipment, has “come full circle” by returning to Saratoga County at a new location at 6 Corporate Drive in Halfmoon, according to CEO and founder Tony Hynes. About 200 employees relocated from the 135,000-square-foot facility at One Mustang Drive in Cohoes that the company occupied since 2010. “We moved $15 million in production in one day,” Hynes said. The new headquarters opened officially on Aug. 23. Hynes started the company in the basement of his home in 1992 and was soon accepted into the RPI Incubation Center for manufacturing start-ups. “We had to petition to go there, do interviews, and present the business plan so they could appraise our potential for success,” he said. Hynes had seen room in the competitive field of dispensing and fluid dynamics to improve equipment for applying adhesives for robotics. By marrying technology with automation, today Precision Valve offers turnkey solutions to clients worldwide. From RPI, Hynes moved the business toward Albany Airport and then to Halfmoon, but the company kept outgrowing their facilities, he said. Because of the impact of COVID-19 on manufacturing and exporting, Hynes said business was down 45 percent but has bounced

back. “The company was hiring all along despite the pandemic,” he said. “It has been a very good year.” Growth was behind relocating to larger spaces in the past. But this time, “Amazon decided they wanted our 20-acre plot of land for a distribution center,” Hynes said. He owns other real estate around the Capital District and his agent is also an agent for Amazon. “My agent approached me with an interesting Continued On Page 7

2 • SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021

Commercial Photographer Tom Stock Has Been In Business In The Area For 30 Years

Personnel Briefs •

Flatley Read Inc., an environmental and community development services firm based in Schuylerville, hired Colin McKnight as director of community development programs. McKnight, formerly the deputy director of the New York State Rural Housing Coalition, will be working with small municipalities across New York state on issues such as affordable housing, historic preservation and other challenges to thriving, vital neighborhoods. A graduate of the College of St. Rose and Hudson Valley Community College, McKnight is a HUD-Certified HOME Program trainer/ compliance reviewer, a NeighborWorkscertified homebuyer group educator, and an experienced trainer and technical assistance provider in affordable housing development and preservation, economic development, and Main Street Revitalization. He has worked with the Housing Assistance Council of Washington, D.C. on assessment and capacity-building work for HUD grantees in California, Wisconsin and Indiana. McKnight has assisted communities to secure funding for historic preservation projects, tourism facilities, multifamily housing projects, single family rehabilitation, and nursing home expansion. He has also taught grant writing to community volunteers in partnership with USDA Rural Development. *

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Movement disorder specialist Dr. Kathrin LaFaver has joined Saratoga Hospital Medical Group – Neurology.. LaFaver joins Saratoga Hospital from Northwestern University Feinberg School of Medicine in Chicago, where she was an associate professor of neurology. Previously, she was the director of the movement disorders clinic as well as the Raymond Lee Lebby Chair in Parkinson’s Disease Research at the University of Louisville in Kentucky. After a residency in neurology at the Mayo Clinic in Minnesota, LaFaver completed a fellowship in movement disorders at Beth Israel Deaconess Medical Center in Boston. She went on to complete a clinical and research fellowship at the National Institute of Neurological Disorders and Stroke, part of the U.S. National Institutes of Health. LaFaver earned her medical degree from Albert-Ludwigs University in Freiburg, Germany. She is board certified in neurology. She is a fellow of the American Academy of Neurology, and a member of the International Parkinson and Movement Disorder Society and the American College of Lifestyle Medicine. A founding member of the Functional Neurological Disorder Society, LaFaver also serves on the organization’s board of directors.

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Tom Stock worked in Wilmington, Del., as a staff photographer and lab manager before starting his own business in Saratoga as the sole proprietor of Stock Studios Photography. BY SUSAN ELISE CAMPBELL Some people say that if you follow your passion, everything else in your business will fall into place. Thomas Stock, a Saratoga-based commercial photographer for 30 years, believes the adage works better when you flip it upside down. “First, get really good at something, then you’ll get passionate about it,“ he said. And that’s what he did a few years after graduation from Syracuse University where he studied graphic arts and majored in photography. “Syracuse had an art photo studies program but they also had a ski team,“ Stock said about another of his passions. He had skied in Germany for the U.S. Army and later received a veterans administration scholarship to help cover the cost of tuition and supplies at art school. After graduation, he worked in Wilmington, Del., as a staff photographer and lab manager for several years before starting his own business in Saratoga as the sole proprietor of Stock Studios Photography. Stock was raised in Gloversville and had cousins in Saratoga Springs who he visited in the summers for many years. “It always felt like a second home to me. My first apartment, on Lake Avenue, backed up to the lot where my cousins’ house was.The trees we used to climb were still there,” he said. In the early years of his photography business, he built a lab to process fi lm and do his own printing. The studio relocated in 2002 to a location which did not support the lab, so he took that opportunity to go completely digital. He relocated again in 2010 to the studio he now occupies at 216 West Ave. in Saratoga Springs. The value of his services to his clients, Stock said, is how well he can listen to their needs and understand the assignment. Talking through what the product does, its uses, or why it’s different, will help him create a better photo to represent that product. “When your name is on the photo, you want to get it right,” he said. “Anyone can snap a picture with a smart phone. But will it say those

thousand words you wanted it to say? I spend a lot of time researching and scouting a location ahead of time to choose the best time of day to shoot. That can be the difference between a good picture or a great photo,” he said. He fashions himself a problem solver, figuring out the best ways to produce an image for his clients that gets to the essence of the product, people, or location that he is photographing. “In this business, you’re only as good as your last job. If you don’t meet the client’s needs, someone else will,” he said. Stock said wherever he goes, he has fun and gives everyone his best. Some clients have been with him for over 25 years, one is the Saratoga Business Journal. Other clients include local banks, hospitals, SPAC, Stewarts, GlobalFoundries, Beechnut, GE, Saint Gobain, as well as New York state, several regional colleges and national product lines. From his aerial drone photos, studio portraits of local business professionals, promos for regional manufacturing facilities and national brands, Stock has photographed them all in his 30 years. A few memorable moments in his career have included Scuba diving to get underwater photographs for a client in the Florida Keys. He has also climbed a 100-foot tower to shoot high divers for the Great Escape’s marketing department. Additionally Stock remembers his experience photographing three childbirths to be used in a text book for a publishing client. Stock recalls a number of celebrities who have been before his lens including: Paul Newman, Alec Baldwin, Pat Riley, Buzz Aldrin, Marcus Luttrell, David Hyde Pierce, Jewel, Bo Derek, Steven Wright, Digger Phelps, YoYo Ma, Frank Abagnale, The Temptations and The Four Seasons. He loves to go to work every day and figures he still has many good years left in him. “I’m not quite ready for the pasture just yet,” he said. For more information visit www. saratogaphotographer.com.com

SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021 • 3

Saratoga Dry Aged Cuts Store In Ballston Lake Caffè Lena Creates Donate-To-Watch Offers Aged Beef And Other Meat Products Internet Platform To Stream Live Concerts

Aaron Schultz, left, and Ken Wheeler are the owners of Saratoga Dry Aged Cuts in Ballston Lake. The shop is located in the Stewart’s plaza just off Northway Exit 11. BY CHRISTINE GRAF What began as a hobby for former Dick’s Sporting Goods managers Aaron Schultz and Ken Wheeler has turned into a full-time profession. The Saratoga County residents opened Saratoga Dry Aged Cuts on Aug. 6. Their 2,000-square-foot butcher shop is located in the Stewart’s plaza just off Northway Exit 11 in Ballston Lake. Three years ago, Schultz, Wheeler, and two of their friends began dry aging beef as a hobby. Dry aging is a process by which large cuts of beef are aged over a long period of time, typically between 25 to 100 days. During this time, the meat hangs in a humidity-controlled environment that exposes all sides to proper airflow. The process is intended to allow the meat to develop a better flavor and make it more tender. “We loved to cook and make food ourselves, and it was something we wanted to try because we had heard it brings a different level of taste to beef,” said Schultz. “It was a lot of personal research and a lot of trial and error.” It took them more than two years to perfect their technique. As they became more involved in the process, they converted a portion of Wheeler’s basement into a full kitchen and added refrigeration space. “That’s when we really went full steam with our hobby because more and more people heard about what we were doing and we started selling the beef to friends of ours and friends of theirs,” he said. In the summer of 2019, Prime at Saratoga National became the first commercial customer. Schultz said the restaurant’s chef was so impressed with the beef that he began placing weekly orders. It was at that point that Schultz and Wheeler began seriously considering opening a retail store. “We started looking for a location and then COVID happened,” said Schultz. “We put the brakes on everything because there were so many uncertainties. We waited another 14 months before we started looking again.” Wheeler and Shultz have been working 70-80 hour weeks to get the shop up and running and have a staff of four part-time employees. Wheeler does most of the meat cutting and is the dry aging expert, while Shultz focuses heavily on the food prep aspect of the business. He has an

extensive background in the restaurant industry and prepares the various deli and pasta salads that are available for sale at the store. He also makes all of the dry rubs and marinades. In addition to dry aged beef and deli salads, Saratoga Dry Aged Cuts offers a wide variety of regular beef, pork, chicken, and Boar’s Head deli meats and cheeses. They also sell a selection of spices, sauces, and imported pastas. They are able to procure specialty items and recently ordered octopus legs for a customer. The shop has relied on word of mouth and heavy use of social media to attract customers. According to Shultz, sales during their first month in business have been strong. “Every day is a little bit better, and every week is a little bit better than the last one,” he said. One of their best sellers has been their dry aged prime ribeye. Dry aged beef is more expensive than regular beef because of the significant amount of overhead that goes into the process. Much of the meat’s weight is also lost due to the moisture loss that occurs during dry aging. “Our dry aged is selling well,” said Schultz. “We thought it would be a little bit of a struggle because of the price, but that hasn’t been an issue and people have been very receptive.” Once the shop is fully up and running, they hope to begin supplying their dry aged beef to local restaurants. Schultz and Wheeler are also considering leasing an adjoining vacant space. “We would like to combine the two and do a full kitchen next door where we could offer hot meals to go and do catering at the same time,” he said. The long-term business plan includes opening a second retail location closer to Saratoga Springs. They would also like to open a warehouse that would allow them to ship the meat throughout the country. “We want to make sure we are 100 percent with what we are doing at this location before we start on our next one. We don’t want to bite off too much at once,” he said. “But we are always moving forward. For us this has gone from a hobby to a passion to our dream of having an operation like we have here.” For more information, visit www. saratogadryagedcuts.com or follow them on Facebook.

As live music venues continue to feel the impact of COVID-19, Saratoga Springs’ Caffe Lena is moving its live streams off Facebook and YouTube to a new donate-to-watch platform called CaffeLena.TV. “Streaming is here to stay. It has become an essential tool in keeping artists and venues afloat and audiences engaged. We need to make it a great experience for the viewer, and economically viable for the producers,” said Executive Director Sarah Craig. Heading into a fall when the music industry was hoping to return to normal, the COVID delta variant is once again causing tour cancellations and venue restrictions, Craig said. “While our first choice is to have everyone here in person, it’s exciting to be connecting this legendary venue with a worldwide audience,” said Craig. “It feels like the right moment to move our streams off the free platforms. If streaming is going to be a core part of the performing arts, we can’t treat it like a give-away.” The service launched Sept. 1 with the opening of the Caffe Lena vault containing past shows. The first live show was Sept. 7 with the Chuck Lamb jazz trio performing with special guest saxophonist Luca Pino. Revenue collected from viewer donations is split between the performer and venue. “Through a virtual tip jar, viewers supported our live-streaming performers to the tune of $100,000 during the shutdown. But since we reopened for in-person audiences in April, donations and viewership have dropped significantly. Now the job is to figure out how to make this delivery system something people will want to pay for, and to drive home the message that live music will only survive if people support it,” said Craig Caffe Lena recently removed past shows from its YouTube channel out of concern for licensing restrictions. “This new donate-to-watch platform enables us to make our archive of past shows available, as well as the nightly live show,” said marketing manager Carolyn Shapiro. For a monthly donation of $15 or more, viewers will have unlimited access to the nightly shows as well as a large vault of past shows. During the last year, the online marketplace

Caffè Lena will be streaming shows online on its own station. Courtesy Caffè Lena

has filled with new streaming platforms serving concerts, yoga lessons, cooking classes and religious services. Caffe Lena picked UScreen.TV because it allows the venue to offer content on a flexible pay-per-view basis. “We’re setting a minimum donation rather than charging a flat fee. You can watch a single show for a donation of $5 or more. We hope people who can will chip in more because they know the money is keeping the music alive,” said Sharpiro. Concerts will be streamed through Caffe Lena’s high-definition broadcasting system. “While live streaming has become commonplace, the quality of Caffe Lena’s streams sets us apart,” Shapiro said. “We have an unfair advantage. Our streams are produced by seventime Grammy-winner Joel Moss. His sound mix is amazing.” Moss captures Caffe Lena’s performances with three robotic cameras and a state-of-the- art sound system. Founded in 1960, Caffè Lena is a premiere concert venue located in Saratoga Springs, known around the world for fostering the preservation and growth of independent music rooted in tradition.

4 • SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021

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Law Firm Little & O’Connor Attorneys Merges With FitzGerald Morris Baker Firth BY CHRISTINE GRAF Attorneys Michael O’Connor and Elizabeth Little of Little & O’Connor Attorneys PC of Glens Falls have merged their practice with FitzGerald Morris Baker Firth PC. Both attorneys and their paralegals have made the move to 68 Warren St. where FitzGerald Morris is headquartered. Prior to the merger, the firm employed 14 attorneys and a total staff of 32. According to FitzGerald Morris Baker Firth managing partner John Aspland Jr., he and O’Connor have been friends for many years. The idea of merging firms began to take root 10 years ago. “We had some communications about 10 years ago where we started discussing some of the synergies between what he does and what we do and the clients that we have that have some common interests. We started that conversation and occasionally over the years revisited the discussion. He is an icon in the local legal community and has some fantastic clients that are very active,” Aspland said. They recently revisited the idea and after determining that a merger would enable them to better serve their clients, they decided to move forward. The agreement was finalized on July 8 and took effect Aug. 1. “It just made a ton of sense, and the timing seemed right,” said Aspland. “From his client’s perspective, they have the benefit of Michael’s years of experience and the additional benefit of our experience and our team size. That’s a big thing for him and has always been a big thing for us. “We really approach all of our clients’ needs from a team-based aspect. We have people who tend to focus their legal practices in certain areas. Instead of trying to wear too many hats, we try to be very good at the one hat that we are wearing. That gives each of our practice areas a tremendous amount of backup.” O’Connor brings with him more than 50 years of experience in real estate, land use, and development. He will join FitzGerald Morris’ existing real estate practice as a senior council. “We brought in five decades worth of knowledge,” said Aspland. “From our end it was a great acquisition. Everyone is beyond thrilled.” Attorney Elizabeth Little specializes in litigation and also performs extensive nonprofit and pro bono work. She will continue in all roles at FitzGerald Morris and will also bring her mediation skills to the practice. “She a fantastic asset,” said Aspland. “She also has a mediation practice where she focuses on the alternative resolution approach. Instead of going to court on everything, she tries to resolve conflicts outside of court,” said Aspland. “That’s a bit of a new venture, and she has become certified as a mediator. I think that’s a great avenue for us to work with her on and we have the space for it.” The building at Warren Street is almost 25,000 square feet with conference rooms “that are well sized and well outfitted. Two of them have the technology to conduct virtual mediations and virtual depositions,” he said. According to Aspland, the firm’s pre-COVID investment in technology paid off when the pandemic forced the closure of their office. He credits practice manager Kyle Fish for ensuring

Michael O’Connor, left, and John Aspland Jr. have merged their law firms. that the firm was at the forefront with its technology which allowed the firm’s staff of 32 to work remotely. “We were right there ready to answer the call when the pandemic started. We had all of the pieces in place. A few friends of mine weren’t as ahead of the curve as we were, and it was a scramble in order for them to be productive from home,” he said. Their entire staff has returned to the office, but mediations, arbitrations, court appearances, and depositions remain predominantly virtual. “Some people can’t wait to get back to in person and I’m one of those people,” he said. “I like the personal interactions with the court and the other attorneys, but not having to drive to the courts is a benefit to our clients because they aren’t paying for us to travel.” The firm’s trusts and estate group has been unusually busy as a result of the pandemic. At a time when people are dying from COVID, many people have become concerned that they have no estate planning in place. “Those are the things that people put on the back burner like getting a will or health care proxy done or setting up a trust or doing estate planning,” said Aspland. “People have been more focused on that which means that they come to us. My partner that runs that group, Carl Baker, is at the top of the pile of statewide practitioners of trust and estates. He’s been doing this for probably 45 years or so, so he’s been getting a lot of calls from people.” With the addition of O’Connor and Little, Aspland said attorneys at the firm will be busier than ever. O’Connor brings with him 50 years worth of clients who will have access to attorneys with a wide variety of specialties and similar values. “We have a very similar philosophy. This is a personal relationship business, and people hire us for the work that in certain respects and at certain times is most important thing going on in their life,” he said. “When you have 50 years worth of clients that are coming into a new environment, from the client’s perspective they want to know ‘Do I still have the same team and is my team even better?’ And I think the answer is yes.”

SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021 • 5

Saratoga Bridges To Make Jane Mastaitis Its NBT Bank Names Mahoney Executive Vice New CEO After Valerie Muratori Retirement President And Wealth Management President Jane Mastaitis will become the new chief executive officer of Saratoga Bridges effective Oct. 1. Mastaitis will replace longtime CEO Valerie Muratori, who is retiring after 38 years of service to the agency. Since 1991, Mastaitis has been the agency’s chief financial officer. “Valerie Muratori has been not just the face of Saratoga Bridges, but the backbone of the agency. For 38 years, she guided us through tremendous growth as well as recent challenges,” said Dr. Lawrence Fein, the agency’s board of directors president, in a press release. He said the group’s succession team conducted an extensive search process and chose Mastaitis. “Jane has been a pillar of our organization as well for many years. She will be bringing her experience, leadership skills and enthusiasm to the CEO position during this very difficult period for agencies who provide services for individuals with intellectual and developmental disabilities,” Fein said. Mastaitis will provide leadership for all aspects of Saratoga Bridges operations and is responsible for implementing policies and programs to carry out the work of the organization with an emphasis on longterm goals, growth and sustainability in the alignment of their strategic plan. A results-driven nonprofit financial manager with sound knowledge of industry regulations and a firm grasp of successful fiscal management strategies, Mastaitis has extensive experience in accountability, strong leadership skills and a history of success in demanding environments She has kept the organization financially stable; developed numerous solutions to different business challenges; assisted in making strategic decisions; protected organizational assets with well-developed and maintained internal controls systems; enhanced budgeting processes by educating department leaders on financial concerns; assisted the board, CEO and administrators on budget and financial report analysis; enhanced agency functionality with forwardthinking recommendations based on in-depth reviews of their strategic plan; evaluated partnerships and acquisitions with strategic financial advice; and served as liaison between the organization and its stakeholders. Prior to Saratoga Bridges, Mastaitis was the controller at The Rehabilitation Center – NYSARC Inc. Cattaraugus County. She was recognized as one of the 2013 Albany Business Review’s CFOs of the Year and one of Saratoga Today newspaper’s 2016 Women of Influence, participated in The Arc NY’s Leadership Institute in 2020, graduated from Leadership Saratoga in 2012 and has served on the board

Jane Mastaitis will become the new CEO of Saratoga Bridges effective Oct. 1. Courtesy Saratoga Bridges

of Saratoga PLAN as treasurer since 2016. Mastaitis received her bachelor’s degree in accounting and business management from the University of Pittsburgh. Saratoga Bridges also recently welcomed Dorothy Broekhuizen as its new chief operating officer, replacing Greg Cuda who retired after 30 years with the agency. Broekhuizen is responsible for assisting the CEO in leading, developing and overseeing the day-to-day administration of services to ensure it remains at a consistent high level and with a person-centered focus while maintaining the programmatic structure and regulatory requirements. Broekhuizen has extensive experience in quality assurance and compliance across all programmatic departments. In her different roles, she has created teams to address many challenges concerning service delivery, fiscal standards, outside regulatory bodies, investigations, satisfaction surveys and family interactions. Prior to being promoted, Broekhuizen has held numerous other positions in the agency including assistant director of quality and compliance, compliance officer, quality assurance coordinator, day habilitation coordinator, program coordinator and direct support professional. She received the Saratoga Bridges General Excellence Award in 2005 and 1995 and graduated in 2018 from the organization’s Leadership Institute. Broekhuizen has a bachelor of arts degree from the State University of New York at Plattsburgh. One of the largest private non-profit organizations in Saratoga County, Saratoga Bridges has been providing programs to people with developmental disabilities and their families for more than 60 years.

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NBT Bancorp Inc., the parent company of NBT Bank, has appointed Ruth H. Mahoney executive vice president and president of wealth management. Mahoney will join NBT’s executive management team. She has more than 30 years of experience in financial services, including wealth management, private banking, retail banking and regional leadership. Mahoney comes to NBT from KeyBank where she served most recently as Capital Region market president. “We are thrilled to welcome Ruth Mahoney to NBT as leader of our wealth management business,” said company President and CEO John H. Watt, Jr. “Her diverse and extensive experience in banking and her skill at building partnerships across business lines to provide clients with the most comprehensive suite of financial services position her well to lead our team of wealth management professionals.” NBT Wealth Management is a division of NBT Bank and a provider of investment services and consulting to individuals and businesses and organizations of all sizes. She is a graduate of Marist College with a bachelor’s degree in business administration and marketing. She is also co-chair of the Regional Economic Development Council, chair of the Capital Region Chamber of Commerce and is a board member for Albany Medical Center and the New York State Teachers’ Retirement System. Mahoney has earned many recognitions and was included on the Albany Business Review’s Power 50 List published in July. She also received the Women Who Mean Business Award from the Albany Business Review, the Executive of the Year Award from the Capital Region Business Review, the Women of Distinction Award from the United Way of Westchester and Putnam, and the Most Powerful Women in Banking Team Award from American

Ruth H. Mahoney is NBT executive vice president and president of wealth management. Courtesy NBT Bank

Banker. NBT Bancorp Inc. is a financial holding company headquartered in Norwich, with total assets of $11.6 billion at June 30, 2021. The company primarily operates through NBT Bank and through two financial services companies. NBT Bank has 140 banking locations in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine and Connecticut. EPIC Retirement Plan Services, based in Rochester, is a full-service retirement plan administration and recordkeeping firm. NBT Insurance Agency LLC, based in Norwich, is a full-service insurance agency. More information is available online at www. nbtbancorp.com, www.nbtbank.com, www.epicrps. com and www.nbtinsurance.com.

6 • SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021

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The Chamber of Southern Saratoga County P.O. Box 766 • Saratoga Springs, New York 12866 (518) 581-0600 • Fax: (518) 430-3020 • www.saratogabusinessjournal.com Editorial: RJDeLuke@saratogabusinessjournal.com Advertising: HarryW@saratogabusinessjournal.com

General Contractors Of America Says Finding Workers To Fill Jobs Is Still Problematic Construction firms are struggling to find enough qualified workers to hire, even as they continue to be impacted by pandemic-induced project delays and supply chain disruptions, according to the results of a workforce survey conducted by the Associated General Contractors of America and Autodesk. The survey results underscore how the coronavirus pandemic has created constraints on the demand for work even as it limits the number of workers available to hire, association officials said. The association and Autodesk conducted the Workforce Survey in late July and early August. Over 2,100 firms completed the survey from a broad cross-section of the construction industry, including union and open shop firms of all sizes. The 2021 Workforce Survey is the association’s ninth annual workforce-related survey. “Market conditions are nowhere near as robust as they were prior to the onset of the pandemic,” said Ken Simonson, the association’s chief economist. “At the same time, the pandemic and political responses to it are limiting the size of the workforce, leading to labor shortages that are as severe as they were in 2019 when demand for construction was more robust.” Simonson noted that nearly nine out of ten firms (88 percent) are experiencing project delays. Among these firms, 75 percent cite delays due to longer lead times or shortages of materials, while 57 percent cite delivery delays. Sixty-one percent of firms said their projects are being delayed because of workforce shortages. And delays due to the lack of approvals or inspectors, or an owner’s directive to halt or redesign a project, were each cited by 30 percent of contractors. An even higher percentage of firms, 93 percent, report that rising materials costs have affected their projects. These rising materials costs are undermining firms’ abilities to profit from the work they have, with 37 percent reporting they have been unsuccessful in passing those added costs onto project owners. As a result of these supply chain challenges, more than half of firms report having projects canceled, postponed or scaled back due to increasing costs. Twenty-six percent of firms report their projects have been delayed or canceled because of lengthening or uncertain completion times and 22 percent say changing market conditions have led to project delays or cancellations. The association said the market conditions are a key reason why 26 percent of respondents expect it will take more than six months for their firm’s

revenue to match or exceed year-earlier levels. And 17 percent are unsure when to expect a return to previous demand levels. While the pandemic has led to project delays and cancellations nationwide, contractor expectations of recovery do vary by region. Forty percent of respondents in the Northeast expect it will take more than six months for their firm’s volume of business to return to normal, compared to only 12 percent of respondents in the Midwest, 22 percent in the West, and 34 percent in the South, officials said. There are also some differences by project type and revenue size, Simonson said. For instance, 100 percent of building contractors and 97 percent of firms that work on federal government projects report at least some projects were canceled, postponed or scaled back, compared to 61 percent of utility infrastructure contractors and 56 percent of highway and transportation contractors. Two-thirds of the firms with revenues that exceeded $500 million increased their head count in the past 12 months, compared to just over half (53 percent) of midsized firms—those with revenues of $50.1 million to $500 million—and slightly more than one-third (36 percent) of firms with revenues of $50 million or less. The association said that despite these challenges, contractors report as much difficulty filling positions as they experienced before the pandemic. Eighty-nine percent of firms that are seeking to fill hourly craft positions report having a hard time doing so. And 86 percent of firms seeking to fill salaried positions are also having a hard time hiring. According to the association, there are two main reasons so many firms report having trouble finding workers to hire. The first is that 72 percent of firms say available candidates are not qualified to work in the industry due to a lack of skills, failure to pass a drug test, etc. The lack of qualified candidates affects union and open-shop firms almost equally: 70 percent of firms that always use union craft workers exclusively and 74 percent of open-shop firms report a lack of qualified candidates. And 58 percent of respondents report that unemployment insurance supplements are keeping workers away. As a result of these shortages, almost one-third of firms report they have increased spending on training and professional development. Most firms, 73 percent, report they have increased base pay rates during the past year. And just over onethird of firms have also provided hiring bonuses or incentives during the past year.

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Publisher & Editor Harry Weinhagen Associate Editor R.J. DeLuke Editor Emeritus Rod Bacon Sales and Customer Service Harry Weinhagen Production Manager Graphic Precision Photographer Stock Studios Photography Contributing Writers Susan Campbell Jill Nagy Jennifer Farnsworth Christine Graf Andrea Palmer Lisa Balschunat Saratoga Business Journal is published monthly, the second week of each month, by Weinhagen Associates, LLC and mailed to business and professional people in Saratoga county. Saratoga Business Journal is independently owned and is a registered tradename of Weinhagen Associates, LLC, P.O. Box 766, Saratoga Springs, New York 12866 (518) 581-0600. Saratoga Business Journal is a registered tradename in New York. Saratoga Business Journal has been founded to promote business in Saratoga county and to provide a forum that will increase the awareness of issues and activities that are of interest to the business community. Subscription price is $25.00 per year. Third class postage paid at Glens Falls, New York. Rights to editorial content and layouts of advertising placed with Saratoga Business Journal which are the creative effort of its contractors, and printing materials supplied by Saratoga Business Journal are the property of Saratoga Business Journal and may not be reproduced by photographic or similar methods, or otherwise, without the specific authorization of Saratoga Business Journal.

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SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021 • 7

NYS Changes Pandemic Recovery Funding To Make It Easier For Businesses To Apply New York state has made changes to its $800 million COVID-19 Pandemic Small Business Recovery Grant Program that it says will enable more small businesses to apply for funding. Businesses with revenues up to $2.5 million can apply for grants, up from the previous threshold of $500,000. Additionally, the limitation for businesses that received Federal Paycheck Protection Program loans has been increased from $100,000 to $250,000. “Supporting the small businesses across our state that got hit hard by the pandemic is a top priority for my administration,” Gov. Kathy Hochul said. “We simply cannot have a full economic recovery if the small business community continues struggling to survive. With the Pandemic Small Business Recovery Grant Program opening up to a greater pool of businesses, I strongly urge all the owners who qualify to submit their application so they can access this funding.” Launched in June, the program initially focused on small and micro-businesses across New York state, which were largely left out of federal business recovery initiatives. Empire State Development and its partners have worked hard ensure that these businesses have the technical assistance—including guidance during the application process and support to overcome language barriers—they need to be first in line for this program. Officials said more than $48 million has been awarded to over 2,380 small and micro-businesses in all ten regions of the state. The modifications ensure additional small businesses can more quickly access funding through the program. ESD and Lendistry, the minority-led Community Development Financial Institution that was selected to administer the program, will continue to accept and review applications. All current applicants—those who have not finished their applications, have not uploaded documents or have incomplete documentation—are encouraged

to finalize their applications as soon as possible. Empire State Development Chief Operating Officer and Executive Deputy Commissioner Kevin Younis said the coronavirus pandemic “was an unprecedented challenge to the state’s small business community. Having worked hard to ensure microbusinesses received support first, enabling additional small businesses access to recovery grants will assure the broadest possible rebound for New York state’s economy.” Assembly member Al Stirpe, Chair of the Assembly Small Business Committee, said expanding the eligibility for the grant program “is a commonsense step toward getting critical financial assistance to even more businesses and continued economic recovery, and I am thrilled it finally happened. Of this $800 million program, only $48 million has been distributed so far, meaning that funding is available for small businesses that have struggled to stay afloat during the pandemic.” Grants for a minimum award of $5,000 and a maximum award of $50,000 are calculated based on a New York State business’ annual gross receipts for 2019. Reimbursable COVID-19 related expenses must have been incurred between March 1, 2020 and April 1, 2021 and can include payroll costs; commercial rent or mortgage payments for New York state-based property; payment of local property or school taxes; insurance and utility costs; costs of personal protection equipment necessary to protect worker and consumer health and safety; costs for heating, ventilation and air conditioning, or other machinery and equipment; and supplies and materials necessary for compliance with COVID-19 health and safety protocols. ESD has created and maintains a website— NYSBusinessRecovery.ny.gov—that highlights the various resources available to support small businesses seeking pandemic relief. The website is continuously updated as more details and funding information becomes available.

Precision Valve & Automation Continued From Page 1

opportunity,” he said. “Now we needed to move and fit up the new space very quickly.” There were about a half-dozen sites to look at, but the company settled on the 76,000-squarefoot former home of the Sportsplex on 6 Corporate Drive. The building had six indoor soccer fields, so it was wide open and easy to convert to manufacturing. The space is smaller, but Hynes said he has contracted to purchase another 12,000 square feet at 5 Corporate Drive across the street and will move metal manufacturing there. Offices and final assembly are housed in the larger building. The company hired BBL Construction Services out of Albany and renovation work began last November.

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Business Report

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What Eviction Moratorium Means For Landlords

BY RYAN J. MCCALL, ESQ. Since former Gov. Andrew Cuomo signed the initial New York Eviction Moratorium on March 20, New York state landlords have received little to no assistance from state government. Landlords, many of whom rely on their income producing properties in order to pay their own mortgage, have been saddled with tenants who are over 18 months behind on rent, presumably most of whom have little to no intention to pay. While New York state has gone above and beyond to extend already very generous protections afforded to tenants, landlords have been mostly left out in the cold. During the initial eviction moratorium enacted by former Cuomo, one of the most controversial changes was the COVID-19 Tenant Hardship Declaration form. The form gave an individual facing eviction an automatic stay on their case until August 31. This has now been extended to Jan. 15, 2022, so long as they alleged that they experienced some level of financial hardship as a result of the pandemic. These protections have largely been interpreted by judges to extend to any and all tenants, occupants, and licensees, much to the chagrin of the landlord community in New York state. The inherent flaw with the Hardship Declaration form is the lack of enforcement or accountability on the part of the person facing eviction or removal. In theory, a squatter, unlawful occupant, or someone who simply did not want to pay their rent even though they continued to work full-time during the pandemic would be extended these same generous protections and be entitled to the same stay on their case. Under the new extension of the moratorium, landlords now have the right to request a hearing in order to determine the veracity of each individual claim of financial hardship experienced during the pandemic. Additionally, the extension of the moratorium

Ryan J. McCall is an associate at Tully Rinckey PLLC. Courtesy Tully Rinckey PPLC

provides more generous protections and avenues of removal for landlords who are experiencing disruptive or destructive tenants. This is presumed to be short-term fix while the state Legislature attempts to begin rolling approximately $2.7 billion in emergency relief for both tenants and landlords under the Emergency Rental Relief Program (ERAP). These funds could potentially be a compromise, giving landlords some financial assistance for their income production, something which has been absent over the past year and a half. Additionally, eviction moratoriums across the country have been heavily scrutinized and overturned by the U.S. Supreme Court for violating a landlord’s right to due process. The state legislature is presuming that these new carve-out protections such as the right to request a hearing to determine whether or not someone actually experienced hardship during the pandemic may be enough to withstand a challenge by the U.S. Supreme Court. Something that is almost guaranteed to be on the U.S. Supreme Court calendar by the end of year.

“This was our first opportunity to work with BBL on any scale,” Hynes said. “We needed a quick turnaround and they have a stellar reputation. It was a very good partnership.” Space at headquarters is dedicated to a gym, cafeteria, barbershop, medical center and physical therapy center. “Our health care centers are open 24/7 and are free to employees,” Hynes said. “You just don’t find these amenities today even in the biggest companies.” Hynes said their health care group is working to navigate the Delta variant and keeping staff up-to-date. “That’s the only cloud I see on the horizon,” he said. Visit PVA.net for more information.

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SARATOGA BUSINESS JOURNAL

Insurance / Employee Benefits Adirondack EAP Provides Employees In The Area With Counseling And Training Services BY SUSAN ELISE CAMPBELL The Employee Assistance Program of Warren, Washington, and Saratoga Counties (Adirondack EAP) will turn the corner on 40 years with a new executive director at its helm. Richard J. Demers is soon to retire as executive director after 36 years. Over the decades Demers and his staff established Adirondack EAP as a valuable community resource providing free and confidential assessment, counseling, and referrals for employees of member organizations and their families, according to Tracey Riley, president of the board of directors and vice president of human resources at Finch Paper. Adirondack EAP is a local, rather than a national EAP, with its main office at 559 Glen St. and affiliated offices in Plattsburg, Saratoga Springs, Albany, Clifton Falls, and other locations. Today there are 60 member companies and 25,000 employees and their families have been served, Riley said. EAP counselors work in a consultative role with managers and supervisors of member companies, providing them mindfulness training or other assistance, such as helping with transitions if there has been a tragedy in the workplace, McManus said. “Rick has exemplified what an EAP should be, providing wonderful services for employees to work through whatever issues may be affecting their work,” said Tracey Riley, president of the board of directors and vice president of human resources at Finch Paper. Riley announced that the directorship will be assumed by Susan K. McManus, who joined the staff as program director in April. McManus is a licensed clinical social worker who is completing her EAP credentials as Demers transitions to retirement. Her history with the community, particularly her experience with substance abuse and recovery, will help inform her role and her goals with EAP, as drug and alcohol abuse has been

increasing in the area, according to McManus. “The opiate crisis in the U.S. was leveling off in 2018 because of community awareness,” she said. “But the problem has been growing again since COVID because isolation is a fearful thing for people struggling with substance abuse.” The mission of an EAP is to address a broad and complex body of issues affecting mental and emotional balance. This can include stress, grief, family problems, and psychological disorders, and can extend to situations in the workplace such as accidents, violence, or other traumas. “We look for patterns to areas where people in the community are struggling and address how to manage them,” said McManus. One struggle is the growing number of employees who are caregivers to family members with dementia or Alzheimer’s disease, she said. “They work full-time and have another 40hour, full-time job caring for their loved ones,” she said. There were four major enterprises who in 1982 founded Adirondack EAP after determining “they needed to respond to employees and the issues they were facing in life,” said McManus. “First we help employers help employees, and then help with a breadth of services that employees can connect to,” said McManus. “The employer does not know when an employee has reached out to EAP,” Riley said. EAP provides “a private and safe resource through personally challenging times.” “Our goal is to keep our name fresh in the minds of employees,” said McManus. “We give human resources a supply of our business cards and provide a monthly newsletter to employees. Word-of-mouth is very powerful. If an employee has a good experience they will tell their peers about it and suggest contacting EAP.” The efforts of EAP can help an entire community “understand mental wellness and become more healthy in every area of life,” she said.

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Business Report Cyber Insurance Is Important

BY MELISSA DAVIDSON Cyber insurance, which not too long ago was thought of as a want and not a need, is now considered a primary component in many business insurance policies. Cyberattacks are on the rise with breaches becoming more frequent and losses becoming more severe. According to AM Best, “The loss ratio for cyber insurance rose dramatically in 2020, [up] to 67.8 percent from 44.8 percent in 2019. However, the increase was not limited to just a few insurers—the loss ratio rose for 15 of the 20 largest cyber insurers.” Cyber liability insurance generally covers a business’s liability for a data breach involving sensitive customer information: such as Social Security numbers, credit card numbers, account numbers, driver’s license numbers and health records. Those costs can include lost income due to a cyber event, costs associated with notifying customers affected by a breach, costs for recovering compromised data, costs for repairing damaged computer systems and more. Moreover, cyber coverage is not automatically included in general liability coverage and is generally excluded. This coverage needs to be purchased separately. Cyber insurance claims can be triggered by an assortment of incidents, but currently the most common are ransomware, fund-transfer fraud attacks, and business email compromise scams. The cost of cyber insurance will depend on the size of the business and the annual revenue generated. Since the market is changing rapidly so is the application process. The application process is becoming more involved as companies are conducting cyber assessments—to evaluate if adequate cyber security defense is already in place—before approving coverage. Many carriers are now requiring companies to use nultifactor authentication (MFA). Factors are something only you know, like a password. Other factors may include a device only you have access to, like a token or a smartcard, or it could be biometric identification through a fingerprint. For example, being asked to input a code texted to your cell phone after entering a password on your computer is MFA. Adding MFA helps to protect a business by adding an additional layer of security, making it more difficult for cyber criminals to gain access to sensitive information. Unfortunately, having just a password does not offer enough protection as they are frequently compromised and posted on the dark web. Therefore, best practices include requiring employees to use complex passwords and having multifactor authentication in place to keep

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Melissa Davidson, licensed sales executive at Northern Insuring Agency. Courtesy Northern Insuring Agency

your organization’s cyber defenses resolute and robust. Have you ever received an email that looks exactly like a co-worker’s email address? Social engineering, or phishing, is an attempt to convince a user to take an action under false pretense. It is an effective way for attackers to get around existing technological defenses. It is highly advised that all employees receive periodic security awareness and phishing training to ensure that they are following policies and procedures regarding security threats. The best way to minimize your exposure is to employ regular training and phishing exercises which can closely replicate all types of social engineering tests. Companies should have a comprehensive written policy and program in place just as they would for workplace safety and other important topics. You may have heard the statement, “It’s not a question of if your organization will suffer a breach, but when.” As the frequency of cyberattacks continues to increase, the way cyber insurance operates will continue to evolve. Cybercriminals continue to wreak destruction on businesses of every size. According to the National Security Institute, the average ransom fee requested has increased from $5,000 in 2018 to around $200,000 in 2020. Ransomware is an ever-growing issue in the cybersecurity space and continues to shape the insurance landscape today. Take the steps to prevent an attack and data loss within your organization. The alternative isn’t worth the risk.

SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021 • 9

Fingerpaint Helps Pay State Lowers Employer Stewart’s Shops Offers Its Employees Free Workers’ College Debt Retirement Payments Access To CDTA Route Network In The Area BY LISA BALSCHUNAT Ninety staffers nationwide at Fingerpaint Marketing are getting help paying off their college student loans. Edward Mitzen, founder of the Saratoga Springs-based company, saw an opportunity to assist employees in reducing or paying off their student loans. He gave each of them $30,000 for that purpose, with no strings attached. “We recruit the best and the brightest,” Mitzen said. “We always look for ways to do right by staff. We cover 100 percent of their health care premiums. We offer paid sabbaticals … We had student loan program that paid out about $100 per month to a staffer. It was a nice program, but it wasn’t helping enough. It barely covered the interest on a monthly loan payment.” Fingerpaint is a health and wellness marketing firm with a global team of more than 580 people. Known for its innovate and datadrive approach, the firm provides marketing solutions to healthcare clients specifically in the pharmaceutical, rare disease and gene therapy sectors. “We conducted a staff survey about how much debt people were carrying due to college student loans,” he said. “What we found was that some people’s monthly payments were bigger than a monthly mortgage payment. Someone with a $40,000 loan who is paying into it for five years will still owe $40,000 in five years due to the interest.” Mitzen, a Voorheersville native and Syracuse University graduate, worked in Columbus, Ohio, then returned to the Capital Region and created Fingerpaint Marketing in 2008. He said after reviewing the staff survey results he decided to do something drastic to assist a staff that he values and respects. In Mitzen’s opinion, the real answer to helping young professionals overcome student debt is for the government to wipe out the interest. Not expecting that anytime soon, he opted to offer each $30,000. What has come out of Mitzen’s philanthropic effort has been life changing for many. He said he’s received “amazing cards, letters and phone calls from staffers” saying what a strong impact it had to be releived of the financial weight. “Business is good,” Mitzen said. So much so, that he and his wife, Lisa, established Business for Good, an initiative by which they acquire and accelerate small businesses in the Capital Region. Over the past 13 years, Fingerpaint has grown exponentially, honing in on the healthcare pharmaceuticals market. It has expanded it locales to include Arizona, California, New Jersey and Pennsylvania. Fingerpaint was named 2021 Agency of the Year by Med Ad News, and in 2018, received the Heart Award from the publication for its commitment to philanthropy and social causes. The firm has been on Inc. Magazine’s list of the 5,000 FastestGrowing Companies for the past eight years. For more information, visit Fingerpaint.com.

State Comptroller Thomas P. DiNapoli has announced reductions in employer contribution rates to the New York state and Local Retirement System (NYSLRS) for both of its systems—the Employees’ Retirement System (ERS) and Police and Fire Retirement System (PFRS). He said the adjusted rates will impact payments in the State Fiscal Year 2022-23. In addition, DiNapoli lowered the longterm assumed rate of return on the Fund’s investments from 6.8 percent to 5.9 percent. “The fund’s strength gives us the ability to weather volatile markets. Our prudent strategy for long-term, steady returns helps ensure our state’s pension fund will continue to be one of the nation’s strongest and bestfunded,” DiNapoli said. “While the reduction in employer contribution rates is welcome news for taxpayers, our investment decisions are always made based on what is best for our 1.1 million working and retired members and their beneficiaries.” The estimated average employer contribution rate for ERS will be lowered from 16.2 percent to 11.6 percent of payroll. The estimated average employer contribution rate for PFRS will be reduced from 28.3 percent to 27 percent of payroll. According to the fund’s actuary’s estimates, the expected total employer contributions for Feb. 1, 2023 are $4.4 billion, which is $1.5 billion less than the expected employer contributions during the same period for 2022, the lowest level since 2011. Th is marks the fourth time that DiNapoli has lowered the state pension fund’s assumed rate of return as economic and demographic conditions have changed. In 2010, he decreased the rate from 8 percent to 7.5 percent, in 2015 to 7 percent and in 2019 to 6.8 percent. The median assumed rate of return among state public pension funds is 7.0 percent as of August 2021, according to the National Association of State Retirement Administrators. Th irty-four out of the 133 state public pension plans listed had assumed rates of return of less than 7 percent. Employer rates for NYSLRS are determined based on investment performance and actuarial assumptions recommended by the Retirement System’s Actuary and approved by DiNapoli. A copy of the Actuary’s report can be found here. Employers can use this projection in the preparation of their budgets. Projections of required contributions vary by employer depending on factors such as the types of retirement plans they adopt, salaries and the distribution of their employees among the six retirement tiers. There are more than 3,000 participating employers in ERS and PFRS, and more than 300 different retirement plan combinations.

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Stewart’s Shops has partnered with CDTA to offer the Universal Access program to its employees. The program allows workers to ride CDTA buses free of charge. Stewart’s Shops has partnered with CDTA to offer the Universal Access program to its employees. The partnership provides Stewart’s Shops employees in the Capital Region with unlimited access to the CDTA route network. The pilot program, which began in August, allows them to ride CDTA buses free of charge with just a swipe of their CDTA Navigator card. The program already has 150 people using the benefit. The company anticipates that number to climb to nearly 1,000 in the coming months. “We are proud to welcome Stewart’s Shops to our growing CDTA family,” said CDTA CEO Carm Basile. “Universal Access lets tens of thousands of Capital Region employees, students, faculty and staff navigate to and from their designated destinations using everything that CDTA has to offer. “Adding Stewart’s Shops to this expanding

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roster further reinforces our dedication to providing local businesses with new opportunities and advantages that guarantee a positive impact within the community.” “Being able to offer our Partners a reliable ride to and from work is yet another great benefit,” said Stewart’s Shops President Gary Dake. “CDTA’s Universal Access will provide free transportation for our partners and will have a positive impact on the environment. This added benefit will not only help with staff retention, but also with future recruitment.” As CDTA’s 50th anniversary year concludes, the partnership expands on its initiative to encourage community development within the region as they continue to broaden their signature transportation services and programs. Stewart’s is the 25th employer to join the CDTA Universal Access program, officials said.

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10 • SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021

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Home / Energy

CEG Launches Region’s Largest Offshore Showcase Of Homes Marks 25th Anniversary, Wind Industry Attraction Initiative Returns To In-Person Event This October The Center for Economic Growth (CEG) is involved in an initiative to bring more offshore wind (OSW) development to the Capital Region and beyond in New York state. The agency, dedicated to driving economic growth in an eight-county region that includes Saratoga, Washington and Warren counties, said there are two companies that are working with the technology. Through them, CEG will help bring the energy source to the region. “With Equinor and Ørsted/Eversource planning major offshore wind component manufacturing operations in the Capital Region, we have the wind at our back. We want to further build out here the supply chain for this emerging industry on the East Coast that will drive the creation of thousands of jobs,” said CEG Chief Economic Development Officer Katie Newcombe. CEG promoted local OSW opportunities at the Business Network for Offshore Wind’s International Partnering Forum (IPF) in Richmond, Va., in August. IPF is the largest offshore wind conference in the Western hemisphere, bringing together the global offshore wind supply chain for business growth and networking opportunities. At IPF, CEG and its partners looked to build on the momentum for the Capital Region’s emerging OSW component manufacturing industry created through the state’s awards of wind energy solicitation from 2019 (1,700MW) and 2020 (2,500MW).

As a result of these awards, Sunrise Wind, a joint venture of Ørsted A/S and Eversource Energy, plans to make advanced foundation components in the Capital Region. Equinor plans to manufacture concrete gravity-base foundations at the Port of Coeymans and at the Port of Albany it will create the nation’s first OSW tower and transition piece manufacturing facility for its projects. The Port of Albany OSW facility alone is expected to create up to 350 direct jobs. Since 2018, CEG has been raising awareness with international OSW developers about the capabilities of the Capital Region’s ports while also readying a regional supply chain and workforce. This work has included: • Raising the Capital Region’s profile with international OEMs by participating in 11 OSW conferences. • Working with NYSERDA and OEMs to build out the region’s OSW supply chain. • Connecting local manufacturers with OSW original equipment manufacturers (OEMs). • Organizing the Virtual Offshore Wind Tour, presented by the Ministry of Foreign Affairs of Denmark and CEG. • Assisting WRI Energy in Glens Falls make connections with the OSW industry. • Highlighting Wind Energy R&D capabilities in the Capital Region. For more information on CEG, visit www.ceg. org.

This home built by Witt Construction at 39 Hyde St. in Saratoga Springs is one of the 13 that will be on display as part of the 2021 Showcase of Homes, which is marking its 25th year. BY JENNIFER FARNSWORTH The Saratoga Showcase of Homes is back this fall, celebrating its 25th year, and executive director Barry Potoker said it will not disappoint. With a lineup of some of the area’s highend homes, Potoker said it’s the perfect event to get people out to enjoy all that Saratoga has to offer. The 2021 Saratoga Showcase of Homes is being presented over two fall weekends: Oct. 9, 10 and 11; and Oct. 16 and 17. Tickets will also be available at any showcase home during tour hours of 10 a.m. to 5 p.m., or can be purchased online at www.saratogashowcaseof homes.com. The site includes an interactive map of home locations. “Last year with the pandemic, we had to pivot and have the showcase as a TV show special. It was so important to us to be able to honor this tradition in its 25th year, and so we are so happy to be able to bring it back as an in person event, which is the best way to really show off what these spectacular

homes have to offer,” said Potoker. This year’s edition has 13 homes on display from 12 builders in Saratoga County. Participating builders include The BDC Group, Beechwood Homes, Bella Home Builders, Belmonte Builders, Bonacio Construction, Caruso Builders, Kodiak Construction, Kohler Homes, McPadden Builders, R & M Homes, Trojanski Builders and Witt Construction. The show is produced by the Saratoga Builders Association, a nonprofit, specialized professional trade organization that has donated over $1.3 million to local community charities over the past 24 years through the showcase event. “Through this event we have been fortunate enough to give back to some very special charities,” said Potoker. Proceeds from the Saratoga Showcase of Homes benefit Rebuilding Together Saratoga County and Habitat for Humanity of Northern Saratoga, Warren and Continued On Page 18

SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021 • 11

Those Working At Home Advised To Have Space That Is Both Productive And Pleasing BY CHRISTINE GRAF Because of the COVID-19 pandemic, more Americans are working from home than ever before. The remote workforce grew from 22 percent in 2019 to forty-two percent in 2020. In some white-collar professions, 80 percent of workers continue to work remotely, and because employers are realizing that employees can be just as productive from home, remote work options are expected to become common even after the pandemic ends. For those who are spending more time in their home offices, interior designers suggest having a space that is both productive and aesthetically pleasing. According to Shelly Walker, interior designer and owner of Finishing Touches Home Décor in Malta, home offices have become a staple in people’s houses. “People really want to make their home offices comfortable because they are going to be there a lot. Some of my clients say they aren’t even going back to the office and will be working from home from now on,” she said. “People are definitely dressing up their space behind the computer for having Zoom calls. They also want the lighting to be right for being in the meeting and for just being in the room. You want a lot of light including natural light.” Proper lighting in a workspace can increase productivity while poor lighting can cause eyestrain and headaches. Research shows that poor lighting can also contribute to depression and other deficiencies in the body. Adequate light has been shown to improve both mood and energy levels. According to Lake George Design owner, interior designer Katelyn Moskos, those who don’t have access to natural light have various options. “You can layer lights if you don’t have natural light. Don’t just use the light on the ceiling, and use accent lamps. You want lights coming from all different angles as opposed to just head on.” According to Walker, more people are choosing to purchase height-adjustable desks as well as ergonomic chairs and keyboards. Height-adjustable desks can be easily raised and lowered and allow a person to work while sitting or standing, and an ergonomically designed workspace can reduce the risk of musculoskeletal injuries including strains and aches. While minor in the short-term, they can develop into serious injuries over time. When deciding on a color scheme for a home office, Moskos suggests that her clients chooses colors that inspire them. When it comes to furnishing the space, she believes less is often more. “Simple and minimal goes a long way. You don’t want to overdo it. You are what you surround yourself with whether it be clutter or chaos or things that are simple and peaceful. A lot of people make the mistake of doing open shelving and having all of their chaos on the shelving exposed.

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Shelly Walker, interior designer and owner of Finishing Touches Home Décor in Malta. Courtesy Finishing Touches Home Decor

“All of your storage should be in storage, and open shelving is for things that just make you smile. I also suggest de-cluttering weekly because a cluttered workspace clutters productivity.” Both designers agree that having a designated work space is especially important for parents who have children at home. “It’s easy to get stuck in the rut of being at home especially when you have kids at home. You need to remind yourself that it is a work space,” said Moskos. Walker’s clients are choosing to make their home offices more cohesive with the rest of their homes. They are adding comfortable accent chairs,colorful patterns, and rugs to make the space more welcoming. “People are starting to get away from all of the whites and grays, and they are choosing lighter woods,” she said. “Another trend is that people are going with more wallpaper, and it’s becoming a staple in everyone’s house--especially temporary wallpaper that can be removed. Big patterns are very popular.” Wallpaper—both traditional and temporary— is also popular with Moskos’ clients. Many are choosing what she describes as a busier design. “They are doing a very simple room with that one bold accent wall,” she said. When it comes to color, white remains popular at Lake George Design. Because it reflects so much light, white makes rooms looks brighter “People are really responding to white. People like the lightness, the cleanness, and the simplicity of it,” said Moskos. “They also like more natural products and combining different textures—maybe a fluffy pillow with a leather pillow and switching out the throw pillows every couple of months. It brings new light to the space that you are looking at every day.” According to Walker, her clients also gravitating towards products made of natural materials such as wicker at rattan.

Business Report Estate Planning For Back To School

BY DEBRA VERNI It is that time of year when parents pack up their college bound child and drop them off at college. When making a “to do” list of what our children need to be prepared for college the last thing on a parent’s mind is estate planning or advance directives. Have you thought about the fact that now that your child is 18, you can no longer make decisions for them, as they are an “adult” in the eyes of the law? Although we all know, “adulting” is overrated, just the same, your child is an adult and you can no longer make financial or health care decisions for them. Why is this important to know? When my son went away to college, I made sure he executed a health care proxy that appointed me as his agent. I gave a copy of his health care proxy to student health services and after a few trips to the ER at the local hospital; they had it on file as well. Without a health care proxy on file, health care providers did not have anyone to contact if my son could not make medical decisions for himself. The health care proxy gave me the ability to make health care decisions for him if he could not make decisions for himself. Now that we have the heath care proxy covered, what about a power of attorney? Why would you want one for your child/young adult? A power of attorney allows you to step into the shoes of your child. With a valid power of attorney, you will have access to all of their accounts if something goes wrong, you can communicate with the Financial Aid Office and have access to Medical records as well as any other financial information. I know it sounds like “helicopter parenting”, but when the school does not receive the checks from the student loans or the rent is not paid they are ready to boot your child out of college, you have the power to make phone calls to find out

Chuck Ciaccia 27 years

Jude Gosh 32 years

Debra Verni, principal of the Herzog Law Firm in Saratoga Springs. Courtesy Herzog Law

what is going on. I know it is a lot to think about when all you want is for your child to be safe and excel at school, but if your child has these documents in place, you have everything covered. It is an awful feeling to be hundreds of miles from your child when something goes wrong and you have no power to help them. The good news is that health care proxies and powers of attorney do not have an expiration date. My son has been out of school for several years and his documents are still valid. He recently had surgery and when he came out of surgery he told me, they asked if he had a Will. I said a living will. He said yes. I assured him that he was covered as his documents have been in place since he was 18. So when you are packing up for back to school, remember to pack copies of your children’s advance directives and if your child has not executed advance directives then you should get them in place before they go back for the spring semester.

Dave Weiss 21 years

Spencer Agan 23 years

Dennis Choiniere 46 years

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12 • SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021

SARATOGA BUSINESS JOURNAL

SPECIAL SECTION

Health / Fitness

Planted Platter Of Saratoga Springs Provides Capital District Sport & Fitness In Round Cooking Classes And Wellness Programs Lake Re-Opens With Expanded Facilities For plant-based cooking and nutrition instructor Deb Czech, the ongoing COVID pandemic and its health impacts have expanded the reasons why people are starting to put more plants on their plate. Czech is the owner of Planted Platter of Saratoga Springs, a business providing plant-based cooking classes, coaching services, and customized workplace wellness programs. Planted Platter also collaborates with Capital Region nonprofits on plant-based cooking events for their members and clients. To address rising consumer interest in plant-based diets, Planted Platter is offering a dozen online classes this fall that people can mix and match to their own health needs. “The fundamental principles of a wholefood, plant-based diet remain the same across all classes,” said Czech. “What changes is the presentation of medical information and research specific to a given condition, whether that’s Type 2 diabetes or heart disease or anxiety or menopause or something else.” More information about classes is available at plantedplatter.com. Plant-based diets have been scientifically proven to prevent and even reverse many diet-related chronic diseases and that supporting research is shared in the classes. For most of Planted Platter’s programs (offered via Zoom due to COVID), Czech teaches curriculum developed by the medical team at the Physicians Committee for Responsible Medicine, a nonprofit organization founded by plantbased nutrition expert Dr. Neal Barnard. Class participants learn how plantbased diets can help people attain a healthy weight, prevent and sometimes reverse chronic diseases, boost immunity, and lower health risks. “These Food for Life classes not only teach people the health benefits of plantbased eating, but also show them how to put together simple, affordable meals. We discuss practical strategies to shift to eating more plant foods, while respecting everyone’s need to make changes at their own pace,” said Czech.

Deb Czech is the owner of Planted Platter of Saratoga Springs. Courtesy Deb Czech

Each class covers important nutrition topics with short videos from the Physicians Committee’s medical experts followed by Czech showing participants how they can put this information into practice at home in delicious and easyto-prepare recipes, such as plant-based burgers, global cuisine, and healthy desserts. Czech, owner of Planted Platter of Saratoga Springs, became a licensed Food for Life instructor with the Physicians Committee in 2019 and has been a plantbased eater and cook since 2012, when she earned a certificate in Plant-Based Nutrition through eCornell and the T. Colin Campbell Foundation. Designed by the physicians, nurses, and registered dietitians of the Physicians Committee for Responsible Medicine (pcrm.org), Food for Life is an awardwinning nutrition education and cooking class program that provides an innovative approach to diet-related chronic diseases. Since 2001, Food for Life has been a pioneer in delivering hands-on information about the direct role of plant-based nutrition in health and disease prevention to communities around the world.

BY CHRISTINE GRAF After being closed for four months during the height of the COVID-19 pandemic, Capital District Sport & Fitness (CDSF) has expanded their facility at 21 Wood Road in Round Lake. Owners Mike Sirani and Dan Jones are Capital Region natives who met while on the baseball team at Springfield College. Both men have degrees in exercise science as well as extensive experience working with professional, collegiate, and high school athletes. Opened in June 2018, CDSF specializes in small group, semi-private training and offers customized workout programs that are developed based upon a client’s movement assessment, goals, health history, and injury history. With their 1,500-square-foot expansion, they are able to offer additional gym space as well as a baseball pitching cage that runs the length of the gym. A CDSF membership is not required to book the pitching cage coaching sessions that are available to athletes in middle school through college. “Dan’s background is in strength training but also as a pitching coach for numerous high schools and travel teams, and he also worked as a grad assistant in college doing that,” said Sirani. “We have so many baseball players here (at CDSF) that the market was there for us to be able to blend the pitching coaching with the strength training.” According to Sirani, the partners didn’t expect the pitching cage to be heavily utilized until October when summer and fall baseball winds down, but that has not been the case. “We’ve actually gotten a good response right away. We’ve had a lot of sessions set up both from people who are already members of the gym but also from people who aren’t members. That will be another feeder for us for the gym,” he said. The expansion of CDSF’s workout space has proved to be valuable because it will allow the facility to accommodate more members in a socially distanced setting. Unlike many conventional gyms, CDSF is not heavily packed with equipment “We have minimal equipment,” said Sirani. “It’s a lot of learning how to move your body well and gradually adding things like dumbbells, kettlebells, and barbells.” Sirani and Jones began planning and saving for the expansion not long after opening in 2018. The pandemic not only put their expansion plan in jeopardy, it put their entire business at risk. “We were saving money for our expansion and headed in that direction when COVID hit,” said Sirani. “For us, it was immediately about figuring out how we were going to stay afloat financially and pay our bills.” With monthly memberships paused, they implemented a pay-as-you-go model. In addition to designing customized home workout plans, Jones filmed online workouts that could be accessed both

live and on-demand. “Our members were amazing and supported us with all of those offerings,” said Sirani. “We also stayed very active on social media with those offerings and it helped keep everyone in the gym connected.” While the gym was closed, Sirani also worked for his father’s painting company, Sirani and Sons. It was a very stressful time, and both he and Jones wondered if their business would survive. According to the National Health & Fitness Alliance, approximately 22 percent of U.S. fitness clubs and studios have closed permanently since the start of the pandemic. After reopening in July, all workouts were held outside under a tent, and group size was reduced from 12 perople per hour to five. When allowed to move indoors in September, that number increased to eight. They do not expect to return to full capacity until next spring. “We’re still at eight because we are being very cautious,“ said Sirani. “But our semi-private business model is set up to work very well in a COVID world because pre-COVID, we never had more than 12 people in our 3,000 square feet at once.” As soon as they were allowed to reopen, Sirani said members flocked back. As a result, he and Jones were able to move ahead with their expansion plans. “It was incredible. I think it has to do with us sticking to our plan when we were closed in terms of keeping everyone from the gym connected online, offering workouts, and being available just to talk. We have more of a personal connection with our members than a more generic gym, and we truly enjoy helping people.” For more information, call (518) 289-5004 or visit www.capitaldistrictsportandfitness.com.

SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021 • 13

Local Health Experts Have Advice For People Who Gained Weight During Pandemic BY CHRISTINE GRAF According to a study conducted by the American Psychological Association, more than 40 percent of adults have reported gaining unwanted weight, an average of 29 pounds, since the start of the COVID-19 pandemic. Saratoga County professional life and health coach Laura Conklin said that many people have turned to food for comfort during the pandemic. The owner of HELD Life & Health Coaching, Conklin offers individualized weight loss programs to her clients and works with them to uncover the root causes of their weight gain as well as their motivation for losing weight. “If you are struggling with your health or weight, chances are that there are some things going on in your mind that need some balancing and reframing. When people come to me wanting to lose weight, we start getting into some core issues of what they believe about themselves. It’s about a deeper level of transformation than just body weight,” she said. “Without strong motivation, it’s easy to put aside all of the strategies and revert back to overeating.” There is no one-size-fits-all model for weight loss. Conklin said there is often trial and error involved. “I am very holistic and multi-faceted, and it’s not as simple as saying ‘Eat these foods.’ I believe in using your body as a laboratory and discovering what works best for your body.” Life and health coach Lisa Wolfe of Moreau also incorporates metabolic testing when working to develop individualized plans for her weight loss clients. By using a machine that measures oxygen consumption, she is able to determine the number of calories a person burns while at rest. Based on those results, as well as an analysis of a person’s activity level, she said she can calculate a daily calorie consumption target for that individual. Wolfe also counsels clients on nutrition and offers meal planning and recipe advice. Because she is a personal trainer and group fitness instructor, she is also able to assist clients with exercise plans. Registered dietician MaryBeth McCue of Saratoga Nutrition draws on her functional medicine and nutrition background when working with clients who are trying to lose weight. “This is not conventional dieting for weight loss because that doesn’t work,” she said. McCue stresses the importance of eating whole foods that contain no herbicides or pesticides. She also suggests limiting or eliminating junk food, white flour, gluten, and dairy. “The science tells us that if you have toxins in your fat stores, it’s going to be more difficult to access fat for energy. You also need to understand what carbohydrates, proteins, and fats are and have a combination of each one of those nutrients at each meal,” she said. “These are the basics and where we start, but if someone comes to me and they have been a dieter for 20 years and want to lose weight, I can almost guarantee you that they have other things going on that’s causing them to be overweight. It’s usually digestion. Imbalance in the GI is common with about 99 percent of my clients.” Weight gain and anxiety and depression often go hand in hand, and the pandemic has

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exacerbated this country’s already serious mental health crisis. Researchers at Boston College found that during the first nine months of the pandemic, Americans reported rates of anxiety and depression that were six times higher than those reported the previous year. Individuals suffering from clinical depression should seek help from certified mental health practitioners but can also turn to Conklin, Wolfe, or McCue for additional support. All three teach a variety of stress reducing techniques including breathing exercises and meditation to their clients. They also recommend a healthy lifestyle that incorporates exercise. “People are feeling very run down because of the pandemic. Everything that we need as human being has been challenged,” said Conklin. “Undoing stress is key to a healthy mind and body. It’s about finding what you love to do that can bring you some joy and also get your body moving. Play tag with your kids. Chop wood. It doesn’t have to be about going to the gym.” Wolfe focuses heavily on mental health in her coaching practice and is a board member of 4s4Life, a foundation that sponsors free local mental health events, as well as an ambassador for NAMI (National Alliance on Mental Illness) New York. She specializes in the working mother demographic, and many of her clients are feeling especially stressed and overwhelmed because of the pandemic. When they reach out to her for help, she provides guidance in four main areas— nutrition, exercise, self-care, and creating healthy boundaries. “If you can get those four areas in balance, people automatically start to feel better,” Wolfe said. “My goal is to teach them how to put themselves first without feeling guilty, because if they are not the best version of themselves, they are not going to be able to help anyone. I teach my clients how to regain control over their lives.” For those who are struggling emotionally, she suggests avoiding the news as much as possible. Wolfe also said it is important for people to surround themselves with positive people. According to McCue, most of her clients who are experiencing anxiety and depression have other underlying issues.

Business Report Planning For A Healthy Fall

BY JODI TAMBURRINO, RD, CDN Whether you’re returning to the office or working from home, the change in seasons is the perfect opportunity to reset after a busy summer and prepare for a healthier fall. Stay hydrated. Although you may be tempted to indulge in extra caffeine as you readjust to a new schedule, what you should be drinking is water—and lots of it. Water eliminates excess calories by filling you up so you do not snack unnecessarily between meals. Adequate hydration also prevents constipation, f lushes toxins from the body, promotes kidney function, and lubricates muscles and joints. When it comes to daily intake, Mayo Clinic recommends 15.5 cups (124 ounces) of water for men and 11.5 cups (92 ounces) of water for women. If you struggle with hydrating throughout your day, here are some things you might want to try: Invest in a quality water bottle, maybe one that keeps your drinks very cold. Take it with you everywhere and challenge yourself to fill it up a few times throughout the day. Mix it up by freezing berries to use as ice cubes. Cucumbers and mint are good options to add a bit of f lavor, along with fresh slices of lemon or lime for sugar-free options. Make a goal and track your progress. You can download an app or set hourly alarms on your phone. Drink a full glass of water (8 ounces) before each meal. It will help you meet your recommended intake and keep you feeling full so you eat less. Ask a co-worker or a family member to hold you accountable. You might even suggest a friendly competition to help you consistently reach your goal. Eat to fuel your body, not to fill it. Along with adequate hydration, concentrate on filling your body with healthy foods. That means making deliberate choices to consume balanced meals rather than eating just to satisfy a craving. When you’re making a grocery list, focus on nutrient-dense foods and non-starchy vegetables. Filling half your plate with nonstarchy vegetables—asparagus, peppers, radishes—can help you achieve a more well-rounded diet, and nutrient-dense foods provide higher amounts of vitamins and minerals per serving. Examples include: lean proteins, like skinless chicken or turkey; fruits and vegetables; whole grains; seafood; low-fat or fat-free milk

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By Jodi Tamburrino, RD, CDN, is an outpatient dietitian at Saratoga Hospital. Courtesy Saratoga Hospital

products like cottage cheese or Greek yogurt; legumes, beans, and seeds;nuts, including natural peanut or almond butter; and seeds. Planning is key to eating healthy meals and avoiding the drive-through at the end of a busy day. Think about these nutrient-dense foods as you’re figuring out what you would like for dinner throughout the week and purchase those supplies. And remember that home-cooked meals are also a great way to spend time with your family. Invite your kids or spouse to join you in choosing and preparing healthy meals and snacks. Modeling healthy habits is proven to inspire those around you to make better choices. Make time to exercise. Experts agree that consistent physical activity is one of the best things you can do to stay healthy. Aerobic exercise—biking, jogging, swimming—strengthens bones and muscles, which reduces your risk of getting injured as you move through your daily activities. A minimum of 150 minutes of moderate activity per week reduces your risk of cardiovascular disease, type 2 diabetes, high blood pressure, and certain types of cancer. The benefits of regular exercise extend to your mental health, too. A brisk walk or yoga class can provide a quick energy boost, put you in a better mood, and ultimately improve the quality of your sleep. Make a game plan for staying active, especially as the days get shorter. If time is an issue, or you’re picking up the habit again after some time away, try to squeeze in a few five-minute walks throughout the day rather than a single 30-minute one. Small bouts of activity are better than no activity at all.

14 • SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021

REGIONAL STOCKWATCH Stock Name

Closing Price 08/20/21

Closing Price 08/27/21

Closing Price 09/03/21

Closing Price 09/10/21

Albany Int’l

76.80

79.60

77.42

77.06

Arrow

35.33

36.47

36.51

35.08

AT & T

27.57

27.13

27.56

27.18

Ball

94.63

94.37

97.38

94.83

Ballston Spa National Bank

53.10

Bank of America

40.37

42.49

41.05

40.27

Best Buy

112.63

117.50

114.02

111.35

Citizens Bank

42.34

44.74

43.07

42.85

Espey

14.90

14.11

14.33

14.02

General Electric

100.05

106.09

104.75

102.00

Hilton

121.77

127.56

123.08

127.40

Home Depot

329.24

323.38

330.34

331.95

Int’l Paper

58.76

60.13

59.92

58.35

Key Corp

19.91

20.70

20.05

19.87

Lowe’s

208.21

205.90

205.98

204.33

Martin Marietta

375.00

384.35

374.48

369.49

M&T Bank

135.70

142.18

138.96

135.76

McDonald’s

238.49

237.48

238.82

239.18

National Grid

66.90

64.66

65.05

64.70

NBT Bancorp Inc.

36.30

36.75

35.13

33.87

Plug Power

24.23

26.60

26.40

24.16

Quad Graphics

4.20

4.28

4.11

4.06

Starbucks

114.63

115.12

117.19

119.34

Sysco

76.79

80.25

77.35

76.56

Latham Group Inc

21.74

22.12

22.20

18.20

Target

253.40

249.18

244.31

244.54

The TorontoDominion Bank

67.17

66.04

65.83

64.85

Kaspien Holdings

19.69

21.30

19.75

20.15

Trustco Bank

32.79

32.67

31.59

31.57

Verizon

55.52

54.77

55.43

54.23

Walmart

151.45

146.52

149.25

145.89

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

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Business Report Managing Market Corrections

BY STEPHEN KYNE, CFP With market indices at, or near, all-time highs, it’s natural for some to wonder if they can go any higher? Never mind the fact that every all-time high has necessarily been prefaced by every other all-time high, loss-aversion makes many investors wary of a cliff. This is when you may start hearing the word “correction” tossed around. So, what is a correction? The standard definition of a market correction is a 10 percent pullback in the value of an asset, like a stock, or of an index, like the S&P 500. These pullbacks can happen slowly over a period of time, or as quickly as in a single day. Corrections can vary in length, as well, from just a few days to a several months. Market corrections are notoriously difficult to predict, however they generally happen when the price of assets far exceed their fair value, and markets become overly inflated. How inflated an asset must become is the great unknown. Understandably, a 10 percent drop in the price of assets sounds like something that should be devastating. In the short-term it can be, but in the long-term corrections can be a boon to the market. Since market corrects tend to be overly broad, can they provide opportunities for investors to rebalance their portfolios and reallocate from areas that are truly overvalued, to those which may be undervalued. While eliminating the effects of a correction may be impossible, mitigating the effects can be much more feasible. A properly diversified portfolio, a basic tenet of investing, can be your best defense against the impacts of a correction. Although diversification can’t guarantee against losses, it can help soften the blow when the eventual correction happens by. So, what can be done during a correction? The biggest mistake investors make during a correction is to panic. People are naturally tuned to loss-aversion, which tends to make them react exactly when they shouldn’t. Selling into a down market only drives prices further down, and exacerbates the effects of the correction. Savvy investors know that, for this very reason, corrections provide a buying opportunity. Knowing, and doing, however, is the tricky part! It’s important to remind yourself that, historically, every single time the US markets have

SEDC

Continued From Page 1 interest, Brobston said 13 are companies with equine support products and services. “One company manufactures a blue light lamp that helps calm the horses,” he said. “There is also software support for equine health services that can be tracked on a smart phone or tablet.” SEDC serves as an advocate for companies it deems have a “fit with the needs of the area,” he said. “With the racing industry ever changing, we can help facilitate cutting through the red tape” and potentially getting new products made and sold locally to stimulate economic growth. As the first point of contact for all aspects of the

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

experienced a correction, they have eventually recovered to find new highs. 100 percent of the time. Now, this isn’t a guarantee by any means, but as far as track records go, it should help you sleep better at night, and help keep you from making any rash changes to your portfolio. The accompanying chart shows you the intrayear lows and eventual annual return of the S&P 500, going back forty years. Note that in 2020, the index was down as much as 34 percent, and if you sold at the bottom that would have been your return. If, however, you had stayed invested, you would have been rewarded with a 16 percent gain. You’ll find similar stories in many other years. Is there a correction around the corner? Nobody can say for sure. What we do know is that corrections can provide opportunities, and that long-term investors should generally not let themselves be spooked by their eventuality. Afterall, you probably wouldn’t rush to sell your home next month, just because of a drop in value. Work closely with your certified financial planner to determine how best to position your assets so that, when a correction does come around, your portfolio is ready. Be sure to communicate with your CFP to create an investment policy around your portfolio so that you both know if and how you’ll react. Ultimately your needs will determine the proper course of action. economic development process, SEDC “bridges the gap between government and the business community,” according to www.SaratogaEDC. com. “We act as an ombudsman to get at what a company needs to know and how to get it done,” Brobston said. Right now SEDC is working with 85 companies at different stages. “It can take years to push through a project, which COVID slowed down for many,” Brobston said. “There may be 125 or more companies contacting us in any given year.” Thus far in 2021, five projects with $16.4 million in investment have completed, he said. “These resulted in retaining 32 jobs and will create 102 new jobs, with total payroll at $6.6 million,” Brobston said.

SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021 • 15

Hotel & Lodging Group Says Business Sixth Annual Saratoga Giant PumpkinFest Travelers Are Scaling Back Their Travel Plans Weigh-Off To Take Place On September 25 U.S. business travelers are scaling back travel plans amid rising COVID-19 cases, with 67 percent planning to take fewer trips, 52 percent likely to cancel existing travel plans without rescheduling, and 60 percent planning to postpone existing travel plans, according to a new national survey conducted by Morning Consult on behalf of the American Hotel & Lodging Association (AHLA). Despite an uptick in leisure travel over the summer, the new survey highlights the dim outlook for business travel and events, which account for more than half of hotel revenue and aren’t expected to return to prepandemic levels until 2024. The lack of business travel and events has major repercussions for employment both directly on hotel properties, and in the broader community, according to AHLA. Hotels are expected to end 2021 down nearly 500,000 jobs compared to 2019. For every 10 people directly employed on a hotel property, hotels support an additional 26 jobs in the community, from restaurants and retail to hotel supply companies—meaning an additional nearly 1.3 million hotel-supported jobs are also at risk. The survey of 2,200 adults was conducted August 11-12. AHLA said that “Of these, 414 people, or 18 percent of respondents, are business travelers—that is, those who either work in a job that typically includes work-related travel or who expect to travel for business at least once between now and the end of the year.” According to the study, key fi ndings among business travelers include the following: • 67 percent are likely to take fewer trips, while 68 percent are likely to take shorter trips. • 52 percent say they are likely to cancel existing travel plans with no plans to reschedule. • 60 percent are likely to postpone existing travel plans until a later date. • 66 percent are likely to only travel to places they can drive to. The survey also tested attitudes among 1,590 people (72 percent of respondents) who are likely to attend large gatherings, meetings, and events—all key drivers of hotel

revenue. Findings among those respondents include: • 71 percent are likely to attend fewer inperson events or gatherings. • 67 percent are likely to have shorter meetings or events. • 59 percent are likely to postpone existing meetings or events until a later date. • 49 percent say they are likely to cancel existing meetings or events with no plans to reschedule. According to a recent Deloitte survey, corporate travel is projected to remain at only 30 percent of 2019 levels through the end of 2021. AHLA said the lack of corporate travel would cost the hotel industry an estimated $59 billion in 2021, according to leading economists, underscoring the need for targeted federal relief such as the Save Hotel Jobs Act. “Hotels were already on pace to lose more business travel revenue this year than we did in 2020. And now rising COVID-19 cases threaten to further reduce the main source of revenue for our industry,” said Chip Rogers, president and CEO of AHLA. “Hotel employees and small business owners across the nation have been pleading for direct pandemic relief for over a year now. These results show why now is the time for Congress to listen to those calls and pass the Save Hotel Jobs Act.” He said hotels are the only segment of the hospitality and leisure industry yet to receive direct aid despite being among the hardest hit. The poll was conducted August 11-12 among a national sample of 2,200 adults. The interviews were conducted online, and the data were weighted to approximate a target sample of adults based on gender, educational attainment, age, race, and region. Results from the full survey have a margin of error of plus or minus 2 percentage points. AHLA is a national association representing all segments of the U.S. lodging industry. Headquartered in Washington, D.C., it focuses on strategic advocacy, communications support and workforce development programs to move the industry forward. Learn more at www.ahla.com.

Washington County New Business Registrations AUGUST Peters Logging and Tree Removal 16254 Route 22 Putnam Station, NY 12861

MYS Sporting Goods 23 Quarry Circle Way Hudson Falls, NY 12839

Timeless Creations 214 Main St. Hudson Falls, NY 12839

Bedlam Store 3121 County Route 30 Salem, NY 12865

Beauty by Hayl 100 County Route 10 Whitehall, NY 12887

A 1 Auto Repair and Service 280 Broadway Fort Edward, NY 12828

George M Green 106 Cooke Hollow Rd. Valley Falls, NY 12185

ABH Designs 233 Williams Rd. Fort Edward, NY 12828

Diamonds in a Rough Concierge Services 11 Potter St. Whitehall, NY 12887

Lundy Lawns 1131 Big Burch Hill Rd. Granville, NY 12832

Reiki with Kendyl 4 East Main St., Apt 2B Granville, NY 12832

Sages Heavenly Baked Goods 47 Archibald St. Salem, NY 12865

Christi Michaels Events 26 Pine St. Hudson Falls, NY 12839

Mary Rozell Creative 5630 County Route 30 Granville, NY 12832

Quest News Features 1122 East Way Whitehall, NY 12887

Adirondack Independence Movemint 272 County Route 36 Hudson Falls, NY 12839

Giant pumpkin growers from the Northeast will again compete at the Saratoga Giant PumpkinFest Weigh-Off at the Saratoga Springs City Center Parking Garage. Courtesy Saratoga County Chamber of Commerce

The Saratoga County Chamber Of Commerce, the Saratoga Springs City Center, and the Saratoga Farmers Market will host the sixth annual Saratoga Giant PumpkinFest Weigh-Off on Sept. 25. It will be held at the Saratoga Springs City Center Parking Garage. Giant pumpkin growers from the Northeast will again compete at the festival to find the biggest pumpkin of the year. In 2019, there were 40-plus giant pumpkins and a crowd of 10,000 people in attendance, according to the Chamber.. Last year, the pumpkins were weighed and then safely transported to locations for families around the county to view during the month of October. The Saratoga Giant PumpkinFest is a free,

family friendly event. These giant pumpkins begin arriving in the early in the morning, with the weigh-off starting at 11 a.m. There will be the Saratoga Farmer’s Market next door on High Rock Avenue, with food vendors, and special exhibits. The schedule is as follows: 6-8:00 a.m., registration opens for weigh-off. 8:30 a.m., vendors arrive at the parking garage for setup. 10 a.m. the Spa City Farmer’s Market opens, and food vendors and exhibits open. 11 a.m. weigh-off begins. 3 p.m, Farmer’s Market closes. 4 p.m., Giant Pumpkin Contest winners announced and giant pumpkins removed. More information is available at www. saratoga.org/tourism/giant-pumpkin-fest.

16 • SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021

Business Registrations

Shelters Of Saratoga Partners With Group To Provide Apartments, Support Services Shelters of Saratoga (SOS) has entered a partnership with The Business for Good Foundation to provide affordable apartments with support services to lowincome residents. The foundation gifted long-term use of the building at 1 Franklin Square, Saratoga Springs, to build the availability of supportive and affordable housing in the city. “The gift works to fill the community need for affordable apartments with supportive care,” said Duane J. Vaughn, executive director at Shelters of Saratoga. “Access to health care, food, employment, and community services promotes selfsufficiency and stable housing.” Known for their continued charitable giving in the Saratoga community, Ed and Lisa Mitzen formed Business for Good with a mission to invest in people to build better businesses, stronger communities, and a more equitable world. “With a shared mission to fight housing instability in Saratoga Springs, Business

for Good is honored to support Shelters of Saratoga in its effort to make an even greater impact in the community for those in need,” said Jahkeen Hoke, Business for Good chief executive officer. Shelters of Saratoga operates 11 affordable apartment units with support services for 16 residents in downtown Saratoga Springs. The agency recently purchased the former Spa Motel on Ballston Ave, Saratoga Springs. The nine-unit motel will open as part of the supportive housing program in 2023. More information about Shelters of Saratoga , which has a mission to transform the lives of its neighbors facing homelessness with supportive services, safe shelter, and a path to independence, is available online at www.sheltersofsaratoga. org. Additional information about The Business for Good Foundation and its initiatives can be found online at www. businessforgood.org.

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Schuylerville Family Chiropractic Tricia Pasos 21 Broad St. Schuylerville 12871

Butterﬂy Transformation Lisa Gerow 19B Majesty’s Way Mechanicville 12118

Dutch Dog Groomer Ramon Pruisscher 241 Milton Ave. Ballston Spa 12020

Governor’s Taphouse Samina Butt 6 Round Lake Road Ballston Lake 12019

Trex Customs Anthony DeLessio 20 Farmington Ave. Gansevoort 12831

Donna’s Deals Donna Fowler 36S Alpine Meadows Road Porter Corners 12859

Lynch’s Precision Tile James Lynch 641 Route 67 Ballston Spa 12020

On The Grind Joseph McKeever 397 County Road 75 Mechanicville 12118

Ridgeview Property Management David Czub 78 South Shore Road Northville 12134

New 2 You Melina Lotz 1332 Saratoga Road Gansevoort 12831

56 Consulting Paul Neilson 27 Carriage Road Clifton Park 12065

Mona Lisa Maid and Cleaning Service Brian Cannon 110 Brookline Road Ballston Spa 12020

Miranda Enterprises Food Concessions Charles Miranda 16-B Ferguson Lane Waterford 12188

Sugarplum Hearth Katherine Happel 32 Route 9 Malta 12020

Sky Lark Ballooning Daniel McDevitt 5934 Jockey St. Galway 12074

Tirelife Robert Jazowski 125 West Ave. Saratoga Springs 12866

CJ Excavation Clifford Jones 654 Locust Grove Road Greenﬁeld Center 12833

42 Degree Design Joseph Major 4357 Route 9N Porter Corners 12859

John’s Lawn Service John MacDuff 133 Curry Road Mechanicville 12118

Noble Jennifer Branco 182 Parkhurst Road Gansevoort 12831

Saratoga Therapist Jessica McGuire 128 Locust Grove Road Saratoga Springs 12866

Bultree Sustainability Christopher Jacobs 131 Ashdown Road Ballston Lake 12019

KC Rentals Christopher Cittadino Katelyn Cittadino 22 Carriage Way Ballston Spa 12020

Well Organized Angela Case 1085 West Line Road West Charlton 12101

Wax Haus Andrew Delgado 91 Hudson Ave. Mechanicville 12118

GREAT FUTURES START HERE

Rusty Bucket Property Management Gavin Gamache 128 Gailor Road Gansevoort 12831

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FOR MORE INFORMATION OR TO REGISTER, call 518.743.2238 or visit www.sunyacc.edu/continuing-education-catalog Follow SUNY Adirondack on our social channels

Boldt Paving and Sealcoating Jacob Boldt 218 Purinton Road Gansevoort 12931

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Leah Marie Massage Therapy Leah Bennett 110 Lake Hill Road Burnt Hills 12027 Relief Therapeutics Abigail Sherin 31 Windy Hill Road Greenwich 12834 Top Quality Home Improvedment Thomas Quintana 83 Green Road Greenﬁeld Center 12833

Soul Sparrow Elizabeth Sagnelli 1A Brickyard Road Mechanicville 12118

So Fetch Amy Zounes Katie Shanahan 2 Vista Court Clifton Park 12065

Earth Beat Music Shop Chelsie Henderson 90 Broad St. Schuylerville 12871

Dawn LaCarte Coaching and Consulting Dawn LaCarte 17 Myron Road South Glens Falls 12803

Essential Beautanics Kathy Rowney 8 Kashmiri Terrace Clifton Park 12065

NJM Detailing Nicholas Miller 27 Myron Road South Glens Falls 12803

Little Yellow Desk Jessica Nonneman 41 Longkill Road Ballston Lake 12019

Joy Life Coaching Theresa Felton 31 Cherry Tree Lane Wilton 12831

SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021 • 17

HVCC, GlobalFoundries Training Center

Business Registrations •

Breathe Safe Indoors Paul Gizara 6 Carriage Way Ballston Spa 12020

GC Stables Ginger Williams 2 Congdon Road South Glens Falls 12803

Twin Build Technologies Eric Ross Joslyn Ross 23 Jenee Way Saratoga Springs 12866

Chelsea’s Canvas Chelsea Vereen 167 Kingsley Road Burnt Hills 12027

ATR Masonry Tyrone Myette 237 Hudson Ave. Mechanicville 12118

Paul Valentine Phoitography and Digital Editing Paul Coleman 543 Gansvoort Road Fort Edward 12828

Carrie Baeza Mental Health Counseling Carrie Baeza 20 Locust Road Malta 12020

Nikki’s Attic Nicole Grant 3901 Lewis Road Ballston Spa 12020

Miss PS Home Goods Payton Graham 338 Lake Ave. Saratoga Springs 12866

Simply Rogue Stephanie Wood 32 Terrel Way Gansevoort 12831

Laurie Morse Esthtics Laurie Morse 234 Reynold Road Fort Edward 12828

MHF Photography Farrah Dobbins 21 Carr Road Saratoga Springs 12866

JMC Geriatric Connections Joanne Clark Morrell 24 Komar Drive Charlton 12019

Martha Naseem Creation Elishba Bhatti 1282 Saratoga Road Gansevoort 12831

Exotic Gecko Addiction Alan Miller 374 Colebrook Road Gansevoort 12831

Edison Club Golf Shop Craig McClean 891 Riverview Road Rexford 12148

Adirondack Tissue Supply Michael O’Connor 4087 Buck Creek Trail Ballston Sopa 12020

Innovative Design Solutions Jerry Burt 15B South Barney Road Clifton Park 12065

BT Systems William Treacy 3 Queensbury Court Clifton Park 12065

Plants and Pots Carolyn Machina 10 Heron Place Rexford 12148

Fithiggy Lora Higgins 7 Marine Drive South Glens Falls 12803

Sam’s Services Samuel Wells 569 County Road 24 Corinth 12822

MrZee Auto Customs and Repairs Wazim Sookhai 883 Saratoga Road Burnt Hills 12027

Trek Training Ryan Plumadore 5 Sandpiper Lane Rexford 12148

Lori Cronk Photography Lori Cronk 11 Glen Drive Saratoga Springs 12866

TCS Mariangela Coppola 5 Southside Drive Clifton Park 12065

Bikes Bass and Brass John Prylo 3205 Birchton Road Ballston Spa 12020

Wild Raven Candle Company Penny Walsh & Thomas Grisanti 45 Gates Ave. Victory Mills 12884

Saratoga Paving and Excavation Alexander Morgan PO Box 290 Stillwater 12170

Amorcita Beauty Gia Cabrera 1400 Cresent Road Clifton Park 12065

SMS Beautiful Homes Sherry Scott 3901 Lewis Road Ballston Spa 12020

Dirt Devils Rhiannon Durkin 43 Main St. South Glens Falls 12803

Tutu Perfect Dancewear Boutique Diane Carola 3065 Route 50 Saratoga Springs 12866

George and Pearl’s Naturals Margaret Dagles 629 Gansevoort Road South Glens Falls 12803

Legends Machine Werks Jason Savaria 936 Route 67 Ballston Spa 12020

Ken’s Taxi Kennon Englemann 38B Conifer Drive Mechanicville 12118

Tranquil Heart Nicholas Carbuta 4 Grissom Drive Clifton Park 12065

MAC Masonry Alan Winney 2 Madeline Drive Springs 12866

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energy management to fi ll key positions at GlobalFoundries and in other companies and industries throughout the region. GlobalFoundries’s gift will also help the college to create a new advanced radio frequency/vacuum technology laboratory and a new innovative mechatronics laboratory, as well as allow for the conversion of the mock clean room laboratory currently located at TEC-SMART to a Class 10,000 ISO clean room. The news comes just weeks after GlobalFoundries announced plans to build a new chip fab over the coming years in Malta, which is expected to double the site’s capacity and create more than one thousand jobs for Capital Region residents. Officials said the increase in open positions, combined with the urgent need for qualified workers in Saratoga County, makes the HVCC North project even more timely, as the facility will increase access to credit and non-credit career programs and allow the college to train a larger share of the workforce faster. The HVCC North expansion project includes renovations to current facilities at TEC-SMART and the creation of a new twostory, 14,500 square foot STEM Education Center, which will include brand new, stateof the-art labs for microbiology, anatomy and physiology, chemistry and biology, and new classrooms, student support spaces and offices. Once completed, HVCC North will create the space and resources to allow the college to increase access and broaden education and workforce training opportunities in the highly specialized and growing fields of healthcare, STEM, and skilled trades. According to the college, all of these industries are experiencing an urgent shortage of qualified workers and a skills gap that continues to widen exponentially with time. HVCC North will allow the college to train hundreds of graduates to enter the in-

demand fields and address urgent industry needs while keeping the workforce local and providing a significant economic boost for the Capital Region. “Hudson Valley Community College is thrilled to partner with GlobalFoundries to create a new Workforce Training and Apprenticeship Center as part of our HVCC North expansion project,” said HVCC President Roger Ramsammy. “GlobalFoundries has long been a valued partner to the college, and we very much appreciate their support in kicking off our HVCC North fundraising with this generous donation. Hudson Valley recognizes the significant economic growth that GlobalFoundries continues to create in our region, and as an institution committed to training the Capital Region’s workforce of tomorrow, the college is pleased to continue to grow and strengthen our partnership with such a prominent workforce development leader.” “GlobalFoundries’ $500,000 donation continues a long history of collaboration between Hudson Valley Community College and GlobalFoundries,” said Peter Benyon, Fab 8 vice president and general manager at GlobalFoundries. “It is critical to the industry to have a partner in education that keeps pace with the rapidly evolving semiconductor industry. There is real value in the proximity of HVCC North to GlobalFoundries, and through our continuing partnership, we envision opening our doors to each other for the benefit of Hudson Valley, GlobalFoundries and the entire Capital Region. “We hope GlobalFoundries’s corporate contribution will inspire other regional businesses and community organizations interested and vested in the future of the Capital Region to come on board and support this important capital project that will expand opportunities in STEM and skilled trades and will provide benefits and longterm success for us all.”

18 • SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021

1863 Club At Saratoga Race Course Remains Open To Host Events During Track Offseason

The 1863 Club, which debuted during the 2019 season, will for the first time be available for private events during the racing offseason now through June.

Showcase of Homes Continued From Page 10

Washington counties. There are also other special events in the works to help commemorate the special anniversary. Potoker said each showcase ticket holder will receive a free tote bag at the first home they visit. Hundreds of those in the real estate industry also take part in an awards ceremony where they honor all different aspects of the homes on display. The event, Potoker said, takes about 300 volunteers to bring it together. He said they did run up against some challenges with builders waiting on materials and

labor, challenges that were felt across the industry. “We did have some lag time with supply chains for materials, and of course the labor market has been tough. So, with all that, we are especially grateful to be at this point. People love it and we are so happy to do it,” said Potoker. Tickets are $25, available at all Adirondack Trust Co. branch locations, Curtis Lumber in Ballston Spa, Saratoga National Bank on South Broadway in Saratoga Springs and Roohan Realty on Broadway in Saratoga Springs.

A Culinary Journey Through Saratoga Restaurants Special Occasions, Unique Oﬀerings & Quality Fare When you visit Saratoga, you want to experience the incredible restaurants this region is known for. We've rounded up some of our favorites below, from fine dining establishments for when you're celebrating a special occasion on your getaway, to those unassuming gems that offer up fare you'd be hard pressed to find elsewhere. 15 Church: Upbeat, Elegant & Worth It The refined 15 Church is a five-star experience every time. The meals look like they're straight out of Food Network Magazine, the staff will go out of their way to provide impeccable service, and you'll leave feeling like you more than got your money's worth. If you can, snag a spot on their patio.

in Round Lake. Touted as one of the best restaurants in the area for a romantic night out, couples appreciate the cozy, quiet atmosphere where they can hear themselves talk - when they're not indulging in filet mignon or herbcrusted swordfish, that is.

Chez Pierre: Oui, S'il Vous Plait! One of the only French restaurants in the region, Chez Pierre in Gansevoort is a clear goto when it comes to fine dining. This is the place where you can finally try escargot, frog legs, or beef Wellington! Whatever you choose, it will be a near-flawless experience from one of the longest family-operated restaurants in the area.

Prime at Saratoga National: It's Not Called "Prime" for Nothing To not include Prime at Saratoga National in a culinary journey of the region would be a travesty! This first-class steakhouse offers a stunning view from the patio of their awardwinning golf course and striking infinity pool. Although dinner is undoubtedly impeccable, you might also consider coming for one of their Sunday Brunches.

Hamlet & Ghost: Seasonal Cuisine & Fresh Ingredients Hamlet & Ghost is more than just a clever name. It's a speakeasy-style restaurant known for spectacular food and to-die-for craft cocktails. Do not skip the appetizers here (if you're going to go all out, why not go all out?) because some of their most raved-about fare is the duck fat french fries and the cider battered cheese curds.

Sperry's Restaurant: A Timeless Tavern With the Perfect Ambiance Saratoga's Sperry's is an elegant tavern on Broadway with a raved-about atmosphere whether you're dining indoors or on their backyard patio. Guests love the shrimp and lobster dumplings, and we also recommend the crispy buttermilk fried chicken sandwich and hanger steak frites. This restaurant has been around since 1932!

Lake Ridge Restaurant: High-End Dining in a Classy Atmosphere You can expect nothing less than a classic fine dining experience at Lake Ridge Restaurant

The Wishing Well: Where You Can Unwind in Style Like Chez Pierre, the Wishing Well is in a sweet off-the-beaten path spot in Gansevoort.

The 1863 Club at Saratoga Race Course will for the first time be available for private events during the racing offseason now through June, the New York Racing Association (NYRA) announced. The 1863 Club, which debuted during the 2019 season, is a three-story, climatecontrolled hospitality building located on the Clubhouse turn overlooking the historic main track at Saratoga Race Course. The building features differentiated hospitality options for a wide variety of uses and experiences, including weddings, fundraisers, reunions, and corporate dinners. The first-floor banquet space, The Rail at the 1863 Club, features floor-to-ceiling windows overlooking the main track and accommodates up to nearly 500 individuals. The second floor, presented by Resorts World, accommodates up to 300 guests. The third floor offers three luxury suites each welcoming between 30 to 45 guests for intimate gatherings. “We have received tremendous feedback from those who have enjoyed a day at the 1863 Club during the Saratoga racing season and are excited to provide even more guests with the opportunity to experience this unique space year-round,” said Kevin Quinn, NYRA vice president of sales and hospitality. “The 1863 Club, with its sweeping views of Saratoga Race Course, is ideally suited to host events of all shapes and sizes during the off-season.” “We look forward to seeing the 1863 Club This charming restaurant gives off Adirondack vibes with its warm, wood paneling and a moose head over the fireplace you'll notice right when you walk in the door. The welcoming atmosphere, the food, and the service make this dining choice a triple threat. They serve up fine dining favorites like slow roasted half duck, lobster risotto, and center-cut filet mignon. Those Notable Gems That Oﬀer Up Something Unique From global cuisine to unique menu items, these eateries have something special: Darling Doughnuts: The Square Treat You Didn't Know You Needed A newer addition to the Saratoga food scene, Darling Doughnuts launched in the summer of 2020. These delectable, square-shaped treats were an instant sensation with constant lines out the door. You can visit their website to check out weekly flavors; prior examples include pink lemonade, key lime pie, and chocolate peanut butter. Eddie F's: For Chunky Lobster Rolls & More New England Seafood Fare If you hear the phrases "lobster roll" and "Saratoga Springs" in the same sentence, chances are it's in reference to Eddie F's. For those seeking that summer favorite, Eddie F's lobster rolls rival those in New England any day. They serve them hot and buttered or cold and mayonnaise-y and you can't go wrong either way. And, don't discount the rest of the menu - from the potato salad to the sea scallops, this restaurant knows what its doing.

Courtesy NYRA

come to life during the off-season and are confident that this option will prove attractive for group and corporate outings,” said Saratoga County Chamber of Commerce President Todd Shimkus. “We also believe this venue will be a benefit for the Saratoga community by generating incremental tourism and business outside of the traditional summer racing season.” Mazzone Hospitality will oversee catering operations at the 1863 Club. Mazzone Hospitality has 30 years of experience in dining, catering, restaurants, social gatherings and special events. “There’s a special feeling here that can’t be matched anywhere else,” said Angelo Mazzone, founder of Mazzone Hospitality. “We’ve been working on this partnership for several years and to finally be able to say that Mazzone Hospitality is at Saratoga Race Course is a dream come true.” “The luxurious 1863 Club is a year-round choice venue for upscale conferences and private events,” said Darryl Leggieri, president of Discover Saratoga. “Thanks to our friends at the New York Racing Association and Mazzone Hospitality, we can ensure that our meeting planners will have a truly memorable experience.” To tour the spaces and learn more about holding events at the 1863 Club, call 518-6900293 or email 1863Club@mazzonehospitality. com. Esperanto: Oh Boy, It's the Oboy! (Doughboy) The oboy from Esperanto is one of those food items you simply must try at least once. Formerly known as the "doughboy," this Saratoga restaurant's staple item has, according to their website, been consumed by hungry locals over 2 million times. What is it? It's a blend of chicken, secret spices, cheeses, and green onions wrapped up in goldenbrown pizza dough. Esperanto also serves up quesadillas and other Mexican favorites. Hattie's Restaurant: The Best Fried Chicken for the Soul For Southern-style cuisine in Saratoga Springs, it has to be Hattie's. Established in 1938, Hattie's Restaurant has a longstanding history in the community, and the chef works hard to honor the restaurant's strong southern roots. Here you can sink your teeth into delicious fried chicken, chicken and waﬄes, collard greens, hush puppies, jambalaya, and cornbread. Henry Street Taproom: Where You'll Order Eggs With Your Beer Patrons love Henry Street Taproom for the shuﬄeboard, wood-burning fireplace, and extensive selection of craft beers. But it's likely the unique offerings like the Scotch egg that keeps the customers coming back again and again. Right now they're offering a chicken teriyaki Scotch egg with sambal aioli and scallions that you'll want to write home about. Provided by Saratoga.com

SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021 • 19

Available Commercial & Residential Properties

Track Handle

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The Saratoga Economic Development Corp. (SEDC) will hold its annual golf outing fund raiser on Thursday, Sept.23, at Airway Meadows Golf Club, 262 Brownville Road, Gansevoort. The event consists of registration and a “grab ‘n go lunch” at 11:30 a.m. The 9-hole scramble shotgun start begins at noon. And there will be a party on the patio cocktail reception from 2:30-4 p.m. The cost is $175 for members and $225 for non-members. The cost for the party on the patio only is $45 for members and $60 for non-members, To register, visit saratogaedc.com/ourinvestors/events/2021-annual-sedc-golfregistration. *

Saratoga Hospital’s 39th Annual Gala raised $360,292 for the hospital’s Saratoga Community Health Center.

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The results, the fourth highest in gala history. Presented by Julie & Co. Realty, LLC, and Bonacio Construction Inc., the Aug. 4 event featured a “school spirit” theme and more than 100 enticing auction items. Donors supported the gala—and the work of the Community Health Center—via in-person and mobile bidding. The center provides primary care, dental, behavioral health and addiction medicine services to patients regardless of their insurance status or ability to pay. Demand for care continues to grow, resulting in more than 25,000 patient visits each year. Mary Solomons, executive director, Saratoga Hospital Foundation, credited sponsors, underwriters, donors and the all-volunteer Gala Committee, led by cochairs Julie Bonacio and Aimee Dake, for the fundraiser’s success. Solomons also praised Saratoga Hospital employees who volunteered at the event.

the debut of two new hospitality areas this season: the Spa Verandas at the Top of The Stretch, which replaced the former reserved picnic area with six partially-covered sections; and the Tailgate at the Turn, offering a driveup picnic section along the first turn. NYRA also expanded the popular Cutwater Stretch with the addition of 15 new lounge boxes to Section T of the Grandstand. As a nonprofit organization, NYRA’s mission is to strengthen and grow the sport of thoroughbred racing in New York state, which drives an industry responsible for 19,000 jobs and $3 billion in annual economic impact, including $240 million alone in the Capital Region during the Saratoga summer meet. For more information, visit NYRA.com.

Business Briefs

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

been a summer reunion like never before, and we’re especially pleased that the return of fans has translated into strong business for downtown Saratoga Springs and the entire Capital Region community. The summer meet at Saratoga is as strong as at any point in its storied history.” Average daily handle over the 40-day meet was $20,387,702, which is the first time that average daily handle has eclipsed $20 million. Pari-mutuel wagering funds the majority of the NYRA purse account, which directly supports horsemen competing at Saratoga Race Course, Belmont Park and Aqueduct Racetrack, as well as the hundreds of businesses reliant on a thriving thoroughbred racing industry. Beyond the purse account, these funds are invested in capital projects to improve and modernize NYRA facilities while prioritizing safety and integrity. The highlights of the Saratoga meet included: • Klaravich Stables led all owners with 21 wins. Chad Brown claimed the H. Allen Jerkens training title with 41 wins, and jockey Luis Saez captured the Angel Cordero Jr. riding title with 64 wins. • The 2021 meet played host to a significant milestone as Hall of Famer Steve Asmussen became the all-time winningest thoroughbred trainer in North America when he won the 9,446th race of his career on Whitney Day, Saturday, Aug. 7. • Nearly 1.1 million viewers tuned in across the country to watch Essential Quality capture the 152nd edition of the Runhappy Travers on FOX, marking the event’s highest ratings since 2015 when Triple Crown champion American Pharoah made his one and only appearance at Saratoga. An audience of 1,089,000 watched this summer’s Runhappy Travers, which was broadcast on FOX for the third consecutive year. • Fans and viewers were treated to more than 220 hours of live programming during Saratoga Live which aired on the networks of FOX Sports, the show’s most extensive and comprehensive coverage since its introduction in 2016. • A charitable program under NYRA’s stewardship requires every owner competing at NYRA racetracks to donate $10 per start to the Thoroughbred Aftercare Alliance (TAA), which funds the aftercare organizations that provide homes for retired racehorses. As a result of the 3,253 starts recorded during the 2021 meet, TAA will receive a $32,530 donation. In addition, New York’s horsemen donate 1.5 percent of the purchase price of every horse claimed at a NYRA track to Take the Lead (TTL) and the TAA. Claiming activity during the 2021 summer meet will result in a donation of $18,690 to TAA and TTL. NYRA continued to invest in Saratoga with

233 Locust Grove Road, Greenfield Center $774,900 Incredible craftsmanship abounds in this one owner custom home. The three floors of living space feature 4 bedrooms, 4.5 tile baths, oak with Brazilian cherry inlaid floors, three genuine stone fireplaces, custom made doors, trim and moldings. First floor office with adjacent full bath could easily serve as a 5th bedroom. Finished lower level is ideal for guests, au pair or in-law suite. Private backyard is perfect for a staycation with inground pool and green space to play. You won’t believe you are only 3.3 miles from Broadway in Saratoga Springs. This home is an outstanding value!

Listing Agent: Valerie Thompson | 518.421.7264 vhtrealtor@gmail.com

20 • SARATOGA BUSINESS JOURNAL • SEPTEMBER 2021

Mackey Auto Group In Saratoga Springs ‘Way We Were’ Car Show Returns To Ballston Gives $30,000 To SPAC Education Program Spa In October on Front Street In The Village

Representatives of SPAC and the Mackey Auto Group attended the presentation of the ceremonial check representing the donation of $30,000 to SPAC’s education program. Saratoga Performing Arts Center announced that Mackey Auto Group donated $30,000 to its education program for 2021. The program serves approximately 50,000 students throughout the Capital Region annually, according to SPAC. The contribution marks the beginning of a five-year campaign as part of Subaru of America’s annual “Share the Love” event. “Our education program has grown exponentially over the past five years,” said Elizabeth Sobol, SPAC president and CEO. “This generous gift will help us reach even more students and children with free and engaging arts programming like SPAC’s Learning Library, our Classical Kids program, and dance workshops with New York City Ballet and National Dance Institute. “SPAC’s commitment to education and community clearly aligns with everything that the Subaru brand stands for,” said Chris Mackey, Mackey Auto Group managing member. “Putting the community first and selling cars and trucks second has been part of Mackey Auto Group’s ethos since the beginning. We truly believe in the vision

Courtesy SPAC

that SPAC has for the future and know that this funding will have a huge impact on access to arts education throughout the region.” During the holiday season, Subaru donated $250 for every new Subaru vehicle sold or leased from Saratoga Subaru from Nov. 19, 2020, through Jan. 4, 2021. Saratoga Subaru, part of Mackey Auto Group, contributed an additional $50 in funds for a total donation of $300 per vehicle. For more information on Saratoga Subaru’s commitment to the Subaru Share the Love Event, visit www.saratogasubaru. com/subaru-love-promise.htm. Mackey Auto Group currently owns and operates two auto dealerships in Saratoga Springs—Saratoga Ford and Saratoga Subaru. Mackey and his son, Christopher, purchased the two dealerships in February 2019. In July 2020, the pair purchased Middlebury Chevrolet in Vermont, the first addition to their growing dealership group. The Mackey family has over 35 years of experience leading one of the region’s largest and most successful dealership groups.

The Ballston Spa Business & Professional Association (BSBPA) announced plans for the 19th annual ‘The Way We Were’ car show to be held Sunday, Oct. 10, 9 a.m. to 4 p.m. The Ballston Spa Business & Professional Association (BSBPA) announced plans for the 19th annual “The Way We Were” car show to be held Sunday, Oct. 10, 9 a.m. to 4 p.m. on Front Street in Ballston Spa. The rain date will be Oct. 17. The event is free to spectators. “We are delighted to be back together again in downtown Ballston Spa after having to go virtual last year due to COVID,” said Donna Dardaris of the BSBPA who serves on the car show’s leadership team. “We invite the public to come stroll our historic village, check out the hundreds of cars and trucks on display, and enjoy the live music, vendors and downtown businesses. It’s a great day for the whole family.” Front Street will be blocked off from Milton Avenue past the Old Iron Springs to accommodate car exhibits and vendors. In addition to food and merchandise vendors, the show will again feature a Kids Zone, located by the Old Iron Springs, which will feature free children’s activities. The car show is a judged event and several trophies will be awarded, including Best of Show, Mayor’s Choice, Best Engine, Best Paint, Best Stock, Oldest Vehicle plus the top three in

Courtesy BSBPA

specified categories. Judging begins at 9 a.m. with trophies awarded at 3:30 p.m. Exhibitors can pre-register by Sept. 30 for $15 per car or $20 the day of show. All proceeds will benefit BSBPA community activities. Dash plaques will be given to the first 400 cars registered and the first 200 cars registered will receive car show goodie bags. Pre-registration can be completed online at www.ballston.org. A printable, mail in registration form is also available on the website. Sponsorship and vendor opportunities for the event can be found at ballston.org. For more information, contact the Car Show committee at bspacarshow@ballston.org or the BSBPA at 518 885-2772, info@ballston.org. The Ballston Spa Business and Professional Association, founded in 1983, is a nonprofit community organization committed to making the Village of Ballston Spa a great place to live and work, and to bringing quality arts and entertainment events for all ages to the community. For more information, visit www.ballston. org.