CEG Economic Development Week in Review January 13-January 17, 2025
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:
CEG IN THE NEWS
WNYT News 13” Research into Alzheimer’s disease spurring local entrepreneurship
WTEN News 10: REPORT: Capital Region drivers lose nearly $2K on NY roads
Daily Gazette: Hochul proposes $400M shot in the arm for city of Albany
WAMC: Non-profit TRIP finds Capital Region drivers losing money due to degraded roadways
REGIONAL ECONOMIC DEVELOPMENT NEWS
Surpass Chemical Co. adds property in Albany’s Warehouse District
“Surpass Chemical Co. recently picked up another property near its existing plant in Albany’s Warehouse District.
The company paid $675,000 for 59 Mill St., a 1-acre parcel near an entrance to its Bridge Street facility, where it produces chemicals and maintains its trucking fleet.”
Hochul proposes massive state investment in downtown Albany
“Gov. Kathy Hochul wants to spend $400 million on the revitalization of New York’s capital city, including $150 million for a remade State Museum and $200 million for unspecified downtown projects.
The proposal, expected to be unveiled as part of Hochul’s scheduled State of the State address on Tuesday, is aimed at combating what the governor’s office describes as Albany’s ‘struggles with perceptions of public disorder and elevated crime’ and an overall lack of vibrancy. In a preview of the plan obtained by the Times Union, the governor’s office says that ‘for the first time in the city’s long history, Albany will have a true partner in New York state’”
Governor’s ‘Downtown Albany Strategy’ process to start with hiring a consultant
“It could take up to a year to create a comprehensive plan for how to spend the millions of dollars that Gov. Kathy Hochul has committed to spur economic development and improve public safety in downtown Albany.
But first, a consultant must be hired. That process starts today.”
Albany Capital Center to expand with historic building acquisition
“The publicly-funded convention center wants to acquire 126 State St. and connect the Eagle Street location to an expansion with a pedestrian bridge.”
Plug Power finalizes $1.6B loan guarantee with U.S. Department of Energy
“Slingerlands-based hydrogen company Plug Power has finalized a highly anticipated $1.66 billion loan guarantee from the U.S. Department of Energy’s Loan Programs Office, the company announced Thursday.
The commitment from the federal government, which will support construction of as many as six hydrogen production facilities across the country, follows a conditional award announced last May.”
Core Tech Industrial Corp. seeks to expand in Ballston
“Core Tech Industrial Corp. is preparing for its fourth expansion in Saratoga County in 10 years, and it wants tax incentives to offset the high costs of doing business in New York state.
Core Tech is seeking nearly $278,000 in tax incentives to expand its manufacturing facility in Ballston rather than moving operations to another state, or pursuing a Dubai joint venture.”
GlobalFoundries to create new $575M chips packaging center in Saratoga County
“Semiconductor manufacturer GlobalFoundries Inc. will invest $575 million in a new facility at its Malta campus with the help of new federal and state funding.
The company announced Friday it will create the New York Advanced Packaging and Photonics Center, a secure facility to package, test, and manufacture semiconductors to support defense applications, AI and high-performance computing, among other industries. The new center is expected to create 100 new jobs in Saratoga County over the next five years.”
