Week in Review: September 19, 2022-September 23, 2022
Stay up-to-date on business and economic development happenings in the Capital Region with the CEG Economic Development Week in Review. Don’t miss out on the developments that are transforming the region by following us on:
CEGI N THE NEWS
Times Union: GE Research lab, major innovation center, saved amid GE break-up
REGIONAL ECONOMIC DEVELOPMENT NEWS
Adirondack Barrel Cooperage, Murray’s Fools Distilling are about to move to Glenville
“Precision Valve & Automation founder Tony Hynes has hired a group of Amish builders to fast-track construction of an 18,000-square-foot barrel factory and warehouse, part of his strategy for converting a section of the Route 5 corridor on the western edge of Glenville into a hot spot for whiskey and spirits enthusiasts.
Hynes is investing about $3 million to reimagine the 30-acre former Riverside Maple Farms syrup production plant into a factory that will house Adirondack Barrel Cooperage, an Oneida County manufacturing business that Hynes invested in with founders Joe and Kelly Blazosky four years ago.”
Morcon Inc. paper converting company expanding in Washington County, New York
“Morcon Inc. will expand its 17-acre campus in Eagle Bridge in rural Washington County, investing $14.6 million to purchase equipment and construct two new buildings as the family-owned company prepares to bring more international paper converting work back to the United States.
The Warren-Washington Industrial Development Agency approved a tax incentive package this month that will help Morcon offset a portion of the cost of the expansion. The incentive package includes a $743,750 sales tax exemption on equipment and materials, a $118,750 mortgage tax exemption and a payment-in-lieu-of-taxes agreement that will save Morcon $2,858,480 in property taxes over 10 years.”
Active Solar Development will triple head count following move to Malta in Saratoga County
“Active Solar Development is ready to hire 60 employees over the next three years as the company builds a new headquarters and operations center next to the Albany-Saratoga Speedway on Route 9 in Malta.
The developer, designer and builder of large solar power projects will start construction this fall of a 20,550-square-foot building on the site of an abandoned home at 2687 Route 9. The project will be managed by Bette & Cring Construction Group of Latham.”
Peterson Geotech eyes expansion in Saratoga County industrial park
“Peterson Geotech of Skaneateles wants to construct a satellite office and warehouse near Exit 16 of the Interstate 87 Northway in Wilton.
The Finger Lakes firm, which builds foundation pilings for New York City high rises, is seeking permission to construct an operations center in the Blue Lupine Industrial Park off Ballard Road. The company has been leasing warehouse space from developer Frank Parillo at 240 Excelsior Ave. in nearby Saratoga Springs.”
