Economic Development Month in Review: November, 2019
For the Top Economic Development News of the Month, CEG selects news articles about projects or developments that promise to improve and/or transform the Capital Region’s economy, particularly those that related to manufacturing and initiatives outlined in, Capital 20.20, a five-year, multi-pronged plan for bringing economic prosperity to the entire region.
To learn about more the Capital Region’s economic development news from the past month, see CEG’s Economic Development Week in Review posts:
Schenectady wins $10 million in state money for downtown projects
“Gov. Andrew Cuomo on Tuesday announced Schenectady has won $10 million from the state to use toward revitalizing its downtown.
The money is part of the state’s annual Downtown Revitalization Initiative, which awards $10 million for economic development to 10 downtowns, one in each region of the state.”
Schumer seeks additional funds for Port of Albany
“New York’s senior senator toured the Port of Albany on Monday, viewing upgrades made with a $17.6 million federal grant he helped land in 2016.
Sen. Charles Schumer said the money was used to help replace a warehouse, reconstruct a terminal, rebuild a port roadway and improve safety.
Schumer said he is now working to secure $24.8 million in federal Department of Transportation funding to continue the port’s expansion, including as a staging and supply area for offshore wind energy projects, which he said could spur outside investment of hundreds of millions of dollars and creation of 1,600 jobs.”
Cuomo takes a cruise on completed Exit 3
“With a cruise in a 1932 Packard that once transported Gov. Franklin D. Roosevelt, Gov. Andrew M. Cuomo on Wednesday heralded the opening of the Northway’s new Exit 3 and improvements to Exit 4.
In a news conference at the Desmond, Cuomo announced that all ramps at the two exits would open Wednesday, bringing to a close the state’s effort to improve access to the Albany International Airport and surrounding communities in Colonie.”
Plastics factory to open in Fort Edward
“A Fort Worth, Texas firm called W.L. Plastics Corp. is planning to build a plastic pipe factory in Fort Edward that will open next year and employ dozens of workers.
‘We are very excited to have W.L. Plastics locate in New York and become part of the Fort Edward and Washington County community,’David Fink, senior vice president of W.L. Plastics said in a statement. ‘We think this is a terrific location to service our customer base in the region, and we believe the town, county, and workforce will be a very good fit for our operation.’”
Applied Materials’ $850M research center now open in Albany
“Applied Materials officially opened its new research center at SUNY Polytechnic Institute in Albany, roughly one year after it was announced in a blockbuster press conference last year.
The center is known as the Materials Engineering Technology Accelerator, or META Center, that is designed to help computer chip manufacturers prototype new materials and devices.”
Adirondack Beverage plans $15M expansion in Glenville
“Adirondack Beverages is planning a $15 million expansion that would add 50 jobs and 100,000 square feet to its sprawling complex in the Glenville Business and Technology Park.
The Glenville Planning and Zoning Commission on Monday will consider the proposal in two parts: subdividing a 15-acre parcel off 70 acres of land controlled by the Galesi Group and then building the warehouse upon that parcel.”
Albany startup wins $200,000 startup competition, one-year residency in Utica
“United Aircraft Technologies, a veteran-owned startup based in Albany, won a $200,000 business competition this week that comes with a year-long residency at the Griffiss Institute in Rome, outside of Utica.
The Innovation & Development Entrepreneurial Accelerator (known as IDEA NY Mohawk Valley) is a business accelerator competition and 12-month program that incentivizes entrepreneurs to build their businesses in the Mohawk Valley region. As part of the program, United Aircraft Technologies will be required to reside in the Mohawk Valley for at least one year.”
The reason behind Cree’s $1 billion bet on a factory near Utica: Electric vehicles
“Cree Inc. is making a $1 billion bet the electric vehicle market will boom over the next decade, sending business its way. There are already signs it could pay off — the manufacturer has started signing contracts for work at its planned factory near Utica.
Within the past three months, Cree has signed new contracts with Delphi Technologies (NYSE: DLPH), an automotive propulsion tech giant; ZF Friedrichshafen, a German automotive supplier; and ABB (NYSE: ABB), a Swiss manufacturing giant.”
Ducommun AeroStructures considering expansion in Greene County
“Representatives of aerospace systems manufacturer Ducommun AeroStructures recently met with economic development officials from Greene County and the state to talk about possibly expanding the company’s facility in Coxsackie.
Greene County Industrial Development Agency executive director Rene VanSchaack said company officials are evaluating whether to expand the manufacturing plant at 171 Stacy Road by 50,000 square feet.”
Downtown Albany parking lots sell for $3.3 million in first step toward redevelopment
“A collection of parking lots near the Trailways/Greyhound bus station sold for $3.3 million — a critical step toward the planned redevelopment of property where a convention center was originally proposed in downtown Albany.
Liberty Square Development LLC, an entity created by the Capitalize Albany Corp., closed on the purchase of 12 parcels owned by a trust controlled by three members of the family of David O. Chambers, according to a deed filed in the clerk’s office.”
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