Economic Development Week in Review – April 9 – April 13, 2018

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

CEG’s Kennedy talks with Times Union about tariffs and trade with China

CEG Exec Committee Member Bennett Talks to Business Review about Regionalism

REGIONAL ECONOMIC DEVELOPMENT NEWS

Albany technology company awarded $1.5 million federal grant

“Rep. Paul Tonko visited an Albany, New York, technology company Friday that has been awarded a federal grant for its research.

Mohawk Innovative Technology Inc. was awarded this week an approximately $1.5 million Small Business Innovation Research grant through the U.S. Department of Energy.”

Drone pilot, funeral director to get microenterprise grants

“new drone business and a long-running funeral home are among the latest recipients of microenterprise grants.

The town of Ballston in 2016 was approved for $200,000 in grant funding; in late March, it announced awards to five businesses:”

March was most lucrative month yet for Rivers Casino

“March was the most lucrative month ever for Rivers Casino & Resort, as it and other New York casinos reaped the benefits of a late-winter surge in gambling.

The state’s four non-Indian casinos are so new that it’s impossible to draw a trend for them in a particular month. But March has long has been among the strongest months for New York’s video gambling halls, which started operations 14 years ago and now number 11 statewide.”

Photos: Heavy Lift Warehouse work

“Steel workers set steel girders on the Heavy Lift Warehouse which has a clear span of approximately 198.7 inches Monday April 9, 2018 at the Port of Albany in Albany, N.Y.”

Mohawk acquisition will bring more manufacturing work to upstate New York

“Tom O’Connor Jr.’s latest investment will add $40 million in annual sales for Mohawk Fine Papers Inc. and take a big chunk of work away from one of its competitors.

The chairman and chief executive of Mohawk in Cohoes, New York, said last week’s acquisition of Crane Stationery Corp. in western Massachusetts will bring more premium paper manufacturing work to Mohawk’s factories in upstate New York.”

Common Council to purchase two more buildings for redevelopment

“Another piece of the South Street redevelopment puzzle is falling into place.

The Common Council on Tuesday is set to approve spending up to $265,000 to purchase the building at 49 South St. The property was once home to Dream Street Tavern and more recently

$750,000 ‘Restore New York’ Grant Will Help Renovations At Universal Preservation Hall

“Saratoga Springs will receive $750,000 from New York state to help renovate Universal Preservation Hall, a historic nonprofit community arts organization, into a performing arts center.

In 2019, the heart of the hall will be a 700-seat, arena-style performance venue, geared toward live music, but capable of hosting theater, dance, comedy and fashion, as well as conventions, weddings and community events. The reonovations also include administrative offices and an elevator for increased accessibility.”

Vital Vio among upstate New York companies to raise venture capital in 2018

“Vital Vio, the Troy, New York, company that designs lights meant to kill bacteria, is among a select few of upstate New York companies to raise venture capital in the first three months of 2018.

Vital Vio raised $3 million, according to the MoneyTree Report from PwC and CB Insights. Investors included BELLE Capital, Connectivity Capital Partners, Innovate NY Fund, Plum Alley, and Tamiami Angel Fund. It was previously reported that Vital Vio recently closed a venture capital round, and had a pre-money valuation of $10 million.”

Big land deal in downtown Albany clears hurdle

“Capitalize Albany Corp. is one step closer to buying a big chunk of undeveloped land for $1 in downtown Albany, New York.

No objections were raised by state government leaders to the sale of the properties during a review period that ended April 1.”

HVCC breaks ground on new facility

“The Hudson Valley Community College campus was packed Wednesday afternoon as the college held a groundbreaking ceremony for its new advanced manufacturing building.

The cost for the new Gene F. Haas Center for Advanced Manufacturing Skills building will total $14.5 million. The facility will be 37,000-square-feet.”

Glens Falls Brewing could double production in 2018

“George Allen and Northern Eagle Beverages Inc. invested $1.5 million over the past 18 months to increase capacity and install a canning line at Glens Falls Brewing in Queensbury, New York.

Those investments already appear to be paying off.”