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Month: February 2016

Business Report: Don't Put Off Business Succession Plan

Posted onFebruary 4, 2016November 8, 2017

brittiny razzano c.jpg

Razzano is an associate with the Herzog Law Firm in Saratoga Springs.

BY BRITTINY B. RAZZANO

Excuse Number 1: Too Busy.

As a successful business owner, you may
have your hand in the day-to-day operations
and management of your business. It seems
like there is never enough time to sit down
and formulate a plan for your business when
you retire or after you pass away.

You have worked hard to make your business
thrive. It’s worth taking the time to ensure
its continued success. If you wait too long, it
will become more difficult to retire when you
want to, you may get a lower price, or ultimately
generate a greater tax liability. In the worst case
scenario, you may pass away unexpectedly
without ever formulating a plan, putting the
fate of your business in jeopardy.

If you plan ahead, you will be able to clearly
state your intentions and put your important
business operations in writing, to act as a road
map and guide for the future generation of
your business.

Read More

Bank Warns Tax Identity Theft Is On The Rise, Offers Prevention Tips, Info On Reporting It

Posted onFebruary 4, 2016May 11, 2023

As Americans begin the process of filing tax
returns, identity thieves are scheming to get their
hands on that money, the Adirondack Trust Co.
warned during Identity Theft Awareness Week
in January.

Tax identity theft has been the most common
form of identity theft reported to the Federal
Trade Commission for the past five years, bank
officials said.

“Identity thieves look for every opportunity
to steal your information, especially during tax
season,” said Charles V. Wait Jr., executive vice
president. “Consumers should be on high alert
and take every step they can to protect their
personal and financial information.”

Tax identity fraud takes place when a criminal
files a false tax return using a stolen Social
Security number in order to fraudulently claim
the refund. Identity thieves generally file false
claims early in the year and victims are unaware
until they file a return and learn one has already
been filed in their name.

Read More

Wesley Community Eyes More Senior Housing On Malta Medical Site Off Northway Exit 12

Posted onFebruary 4, 2016November 8, 2017

BY JENNIFER FARNSWORTH

Seniors will one day have another option for
community living, thanks to a project underway
through the Wesley Community.

Wesley Community CEO Brian Nealon said
the new project will offer high-end luxury
apartments, along with some more affordable
options, located in Malta, west of Northway Exit
12 and off Route 67.

Wesley is partnering with Saratoga Hospital
on the project, which will be located on property
behind the hospital’s Malta Med Emergent Care
building, 6 Medical Park Drive.

Nealon said the area is owned by Saratoga
Hospital, who Wesley has partnered with before.
He said they are excited to once again join forces
and offer living options to the senior population.

Read More

Quad/Graphics Plant Expected To Save $380K Annually Thru National Grid Incentive Plan

Posted onFebruary 4, 2016November 29, 2017

Although energy efficiency measures are
often thought of as a way for residential customers
to save on cost, the same principles
apply to larger, commercial customers.

Recently, Quad/Graphics in Saratoga
Springs took advantage of National Grid’s
Energy Efficiency Incentive Program and
installed equipment that officials said not
only boost production but also save more
than 4.3 million kilowatt hours of electricity.

That’s about the equivalent savings of taking
about 380 homes off the electric grid for
an entire year, according to National Grid officials,
who said the upgrade will save Quad/
Graphics more than $380,000 a year in energy
costs while helping it increase production to
stay competitive.

National Grid provided $1.1 million to
Quad/Graphics to install a more efficient
printing press that replaced two older presses
and has increased production by more than
60 percent. The company said the incentive is
the second largest single incentive provided
by the upstate New York program since its
start in 2009.

Read More

Some Commercial User Fees For Trucks Entering U.S. From Canada See An Increase

Posted onFebruary 4, 2016November 29, 2017

Commercial user fees for entering the
United States changed Dec. 28, with fees for
commercial trucks arriving without a transponder
increasing from $10.75 to $13.05
per crossing, the U.S. Customs and Border
Protection announced.

“Commercial trucks prepared with an
ACE manifest and user fee transponder are
generally processed 50 percent faster than
non-prepared commercial crossers,” said Ann
Marie Paul, assistant director at the Customs
and Border Protection Buffalo field office.
“For carriers arriving at the border without a
transponder, they should be prepared to pay
the $13.05 fee with exact change or a credit
card to minimize delays.”

She said commercial truck drivers and
companies are strongly encouraged to purchase
a commercial truck transponder which
will assist with a more expedited crossing at
the border. Trucks with transponders do not
have to undergo a commercial fee transaction
when crossing into the United States, potentially
saving precious commodity movement
time. Commercial transponders are available
for an annual fee of $401.67.

Read More

Re-Designed Excelsior Park Development Continues Under Burns Management Auspices

Posted onFebruary 4, 2016November 8, 2017
excelsior park-hc.jpg

A portion of this Excelsior Park neighborhood being developed was sold to James Burns and
Peter Rosecrans Jr. of Burns Management, an Albany-based real estate management company.

BY MAUREEN WERTHER

The path of real estate development rarely
runs swiftly or in a straight line, as evidenced
by the changes occurring at the Excelsior Park
development site located just minutes from
downtown Saratoga.

Nearly 10 years ago, John Witt of Witt Construction
originally envisioned the property to
contain more than 200 condominiums. But, as
the market for condominiums lessened, the
project was shut down after the first 30 units
were built and sold.

As the real estate market surged, Witt
resurrected his project, albeit with a different
focus on the types of units being built.
In response to the need for affordable rental
units in and around town, Witt sold a portion
of the Excelsior Park neighborhood to
James Burns and Peter Rosecrans Jr. of Burns
Management, an Albany-based real estate
management company.

The company paid $1.58 million for the
property and plans to invest another $20 million
on construction of the units.

Read More

Family-Owned Development Company Plans To Build Homes And More In Luther Forest

Posted onFebruary 4, 2016November 8, 2017

BY JILL NAGY

A proposed development on 200 acres in
Luther Forest– if approved by the Stillwater
Town Board–could result in of 40 “rural
residences” and commercial space designed to
meet the needs of GlobalFoundries.

It would include single-family homes on
lots ranging in size from three-quarters of
an acre to 12 acres, and some commercial
development.

The project is being proposed by the Luther/
Mackay family, which owns the land. The fifth
generation of the Luther/Mackay family, four
siblings and a cousin, took over the reins of
the Luther Forest Corp. when Alec Mackay
(father of the siblings) retired and moved to
New Hampshire last July.

According to Marissa Mackay who, with her
brother Cailean is responsible for the day-today
management of the company, the development
would help grow the business community
around the Global Foundries manufacturing
plant. It may include an extended-stay hotel
and will probably have office and warehouse
space but probably no retail tenants.

Read More

Work On Warehouse Expansion Is Started At Ace Hardware's Location In Northumberland

Posted onFebruary 4, 2016November 8, 2017

BY MAUREEN WERTHER

Ace Hardware Corp. has begun work on
a 400,000-square-foot addition to its existing
warehouse at 55 Northern Pines Road in
Northumberland.

The company said the new space will be devoted
exclusively to warehousing inventory and providing
order fulfillment to the more than 500 Ace
locations throughout the northeast.

“This facility is part of Ace Hardware’s supply
chain network of Retail Support Centers strategically
located across the globe,” said a statement
from the office of Frank Nesbitt, Wilton Retail
Support Manager for Ace Hardware Corp. “These
warehouses supply merchandise to the more than
4,800 Ace retail stores worldwide,” and the new
space at the Northumberland facility “will support
current and future inventory levels and sales. In
addition, much of the space will have pallet racking
installed to house greater quantities of inventory.”

The Northumberland location is strategic to
the company’s mission of serving its retail stores
with service and prompt order fulfillment so it can
“provide the best possible products to customers,”
said Nesbitt.

Read More

LA Group Expands By Acquiring Ithaca Firm

Posted onFebruary 4, 2016November 8, 2017

The LA Group, Landscape Architecture and
Engineering PC announced the acquisition of
HMH Site & Sports Design in Ithaca.

The expansion brings a new office in Ithaca,
six new staff members, and an increased focus
on resorts and recreation, including a niche in
athletic fields, the company said.

Founded in 1974, The LA Group is a 46-person
landscape architecture and engineering
firm based in Saratoga Springs. It’s built a
regional and national reputation working for
the Veterans Administration, the National
Park Service, developers and municipalities
for urban revitalization and clients such as the
Luther Forest Technology Campus in Malta.

HMH was founded in 2005 as a boutique
firm specializing in athletic facilities. Over
the past 10 years, it has worked on projects
for Farmingdale State College, SUNY Cortland,
Binghamton University, and the Niagara Falls
City School District, among others.

Read More

State Approves 10-Year Fund To Stimulate Clean Energy Business, Lower Bills For New Yorkers

Posted onFebruary 4, 2016November 8, 2017

The state Public Service Commission has
approved a 10-year, $5 billion Clean Energy
Fund designed to accelerate the growth of
New York’s clean energy economy, address
climate change, strengthen resiliency in the
face of extreme weather and lower energy
bills for New Yorkers starting this year.

Additionally, the fund will attract and
leverage third-party capital to support the
governor’s aggressive Clean Energy Standard,
one of the nation’s most ambitious goals to
meet 50 percent of our electricity needs with
renewable resources by 2030, officials said.

“New York is a national leader in combating
climate change and growing the clean
energy economy and today we are taking the
next big step forward,” Gov. Andrew Cuomo
said. “This unparalleled $5 billion investment
will leverage more than $29 billion in
private sector funding and open the door to
new clean energy opportunities for years to
come. We are raising the bar when it comes
to increasing the use of renewable energy and
reducing harmful carbon emissions, and I am
proud that the Empire State is continuing to
set the example for the future.”

The fund, to be administered by the New
York State Energy Research and Development
Authority, builds on the progress the state is
already making in developing a robust clean
tech sector. It is projected to result in more
than $39 billion in customer bill savings over
the next 10 years through innovative projects
and private-public partnerships focused on
reducing greenhouse gas emissions, making
energy more affordable through energy efficiency
and renewable energy, and mobilizing
private-sector capital.

Read More

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