CEG Economic Development Week in Review July 15 – July 19, 2024
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CEG IN THE NEWS
Senate Majority Leader Chuck: Schumer Announces $6 million Fed Workforce Training Grant
Foreign Affairs: Schumer Announces $6 million Fed Workforce Training Grant
REGIONAL ECONOMIC DEVELOPMENT NEWS
Replacement of Livingston Avenue Bridge between Albany and Rensselaer will move forward
“A railroad bridge over the Hudson River in Albany that dates from the Civil War-era and is a crucial link in the Northeast transportation network will be replaced with a new bridge by summer 2028 at a cost of $634.8 million, Gov. Kathy Hochul announced Friday.
The new, wider, seven-span Livingston Avenue Rail Bridge between Rensselaer and Albany will be built just south of the existing bridge — enabling two Amtrak passenger trains to cross simultaneously at faster speeds and for freight trains to carry heavier, taller loads.”
Atlas Copco seeks tax breaks for Voorheesville expansion project
“Subsidiaries of Swedish industrial conglomerate Atlas Copco have requested financial assistance from the Albany County Industrial Development Agency to support a proposed $40 million expansion project in Voorheesville.
The company is seeking to secure approximately $2.9 million in property tax exemptions and $1.6 million in sales tax exemptions, according to an analysis of the project by Camoin Associates for the IDA. The property tax savings would be realized over a 10-year period, during which time the company would pay $211,000 in lieu of taxes annually.”
Tesla layoffs create opportunity for Valatie business
“Layoffs by one company are another company’s opportunity, especially when it comes to the rapidly evolving world of electric vehicle infrastructure.
Tesla CEO Elon Musk earlier this year said he was laying off 10 percent of the company, which has for several years been the dominant player in EV cars and charging infrastructure through its proprietary Supercharger DC rapid charging network. The layoffs included more than 300 people at the company’s Buffalo facility, and the repercussions were felt across New York.”
Schenectady passes Higher Education Promise
“Some Schenectady County residents are now eligible for additional financial aid when taking classes at SUNY Schenectady this upcoming academic year thanks to a new program that officials are calling a “game-changer.”
The Schenectady County Higher Education Promise is a two-year pilot program intended to help county residents attending SUNY Schenectady fill the gap between financial aid and tuition and fees for up to six credit hours. County lawmakers approved $1 million towards the $3 million program at their meeting last week.”
The Klocke Estate brandy distillery opens near Hudson
“After six years of planning, planting, growing, building and distilling, the $21 million Klocke Estate is now open in Claverack.
Klocke Estate is a “soil-to-glass” brandy distillery off County Route 27 that opened July 17. The 160-acre property in Columbia County just outside Hudson grows the apples and grapes used in its own brandy and vermouth, and there’s also a 12,000-square-foot distillery/restaurant with a library lounge, private tasting salon and outdoor patio space.”
