Month: June 2016

Hidden Fountain Commons To Be Built On Lawrence Street, Comprised Of 6 Apartments

June 8, 2016

This rendering shows the three-story building that is proposed for 61 Lawrence St. in Saratoga Springs. It will have four two-bedroom apartments and two three-bedroom apartments.

Courtesy Brayton Construction

By Jill Nagy

Developer Bill Brayton is expecting to break ground soon on a six-unit luxury apartment development at 61 Lawrence St., in Saratoga Springs.

It will be built by his company, Brayton Construction Inc. in Albany. He said he is waiting for one last approval from the city before beginning work.

The project is called Hidden Fountain Commons.

The development will consist of a three-story, 3,420-square-foot building, with four two-bedroom apartments and two three-bedroom apartments, built in a Victorian-style building with a wrap-around porch. He plans two retail spaces on the first floor and 29 parking spaces.

Remodelers: Many People Are Making Home Improvements, Not Moving Into New Homes

June 8, 2016

Dan Camarota, a remodeler, says glass showers like this are becoming popular.

Courtesy Custom Renovations

By Molly Congdon

People’s homes are full of precious moments and memories that people like to preserve.

Many people want to stay in the same place but there are changes that must be made to make it possible. Many people remodel for accessibility, gravitating toward open designs.

People also give their homes a face lift to increase resale value or because they want to make their living situation more enjoyable. Instead of moving forward with new construction, some prefer to renovate.

“Since the big banks mortgage collapse, I believe more than ever that people are leaning toward renovating their homes and protecting the investment that they already have,” said Dan Camarota, owner of Custom Renovations in Saratoga Springs. “Upgrading their existing home into a dream kitchen or mini spa or a family room basement is much more affordable then taking the chance with a new, higher mortgage for their ‘dream home.’ They are already invested right where they are, so they make it as comfortable as possible for much less than buying a new home.”

The market in Saratoga and Glens Falls is a hot market, said Greg Raczkowski, owner of Inspired Designs. “I think because of the recession a lot of people are a little gun shy to buy new. Back before the recession, interest rates were so low, when people wanted to renovate or remodel they would just say, ‘Well, why don’t we just sell our home and buy a new house.’ It was an easy transition and it made sense at the time.”

Forensic Accounting & Consulting Firm Offers Litigation Support And Investigation Services

June 8, 2016

Pamela D. Wickes has created Wickes Forensic Accounting & Consulting.

Courtesy Pamela D. Wickes

Local forensic accountant Pamela D. Wickes has branched off to found Wickes Forensic Accounting & Consulting LLC.

The niche accounting services firm focuses on forensic accounting, litigation support, consulting, and collaborative divorce financial services.

The forensic accounting services include a wide variety of investigations and economic damages calculations to assist with the resolution of the financial aspects of business and personal disputes, including those related to employee embezzlement, shareholder disputes, divorce, bankruptcy, certain insurance claims, and construction and post-acquisition disputes.

Business Report: Having A Buy-Sell Agreement

June 8, 2016

Frank Mayer, a member of Bond Schoeneck & King, deals with tax-related matters.

Courtesy Bond Schoeneck & King

By Frank C. Mayer

It’s been said that all good things must come to an end. This includes an ownership interest in a closely-held business.

Many successful business owners concentrate so much of their creative energy and talent on growing their business that they may not set aside the time for, or may choose to put off, making critical decisions about how they plan to deal with the eventualities of life.

Among the important questions that the owners of a closely-held business should address are: How long do I want to be in business? What happens if I become ill or pass away? Will I be able to preserve the value of my business for my loved ones? If something happens to one of my business partners, how do I prevent an unwanted third party from acquiring an ownership interest in the business?

These threshold questions are easily addressed in what is commonly referred to as a buy-sell agreement, which is a binding agreement between the owners of a closely-held business. By entering into a buy-sell agreement, the owners of a closely-held business can take some comfort in knowing that a well-considered plan is in place to smoothly guide both the owner and the business through the transition process.

A buy-sell agreement may be used by various forms of businesses, including corporations, limited liability companies, and partnerships. Buy-sell agreements are typically structured as a cross-purchase transaction, as a redemption transaction, or as a combination of a cross-purchase and a redemption.

Business Report: Health Savings Accounts

June 8, 2016

David Cumming, CFP, RICP, CRPS, is a senior vice president with Morgan Stanley.

Courtesy Morgan Stanley

By David L. Cumming

Health savings accounts are a popular resource commonly used by individuals covered by a high-deductible health plan. Whether you have access to an HSA through your employer or you opt to enroll in one on your own, there is much to learn about these flexible savings vehicles.

The number of Americans covered by high-deductible health plans (HDHPs)/health savings accounts (HSAs) rose to about 19.7 million in 2015–up from 17.4 million in 2014. On average, enrollment in HDHPs/HSAs has risen nearly 22 percent over the past two years.

If you are new to HSAs and eager to take advantage of all the potential benefits they have to offer, keep the following in mind as you familiarize yourself with your account this year.

HSAs help to cushion the effect of high up-front medical costs, but in order to take advantage of your account it must be funded. According to industry experts, having an open account is not enough. You must have money in the account–even a few dollars–in order for it to be considered a valid source of tax-advantaged funding. If you wait until a medical bill arrives to fund your HSA for the first time, you may well miss out on its key benefit.

Financial Management And Consulting Firm Changes Name To BST & Co. Effective July 1

June 8, 2016

A prominent financial and management consulting firm will operate under the new banner of BST & Co. LLP, effective July 1.

The new banner follows a year of significant growth for the firm, which generated a substantial increase in local and regionally-based revenue in 2015, the company said.

Officials said the name change will allow the firm to strategically focus its efforts on its core markets in the greater Capital Region and Hudson Valley, as well as other areas in upstate New York. There are plans to grow a strong presence of its valuation, forensic and litigation practices in the New York City, Westchester, Long Island, New Jersey and other downstate markets.

“Our new name is a nod to our heritage and history and is a testament to our positive outlook and steadfast confidence in the local and regional economy. There is a tremendous amount of growth potential and opportunity in the Capital Region and nearby Hudson Valley. We strongly believe that focusing our attention on these markets, while continuing our work in New York City, will position BST for significant growth in the years to come,” said BST & Co., LLP Managing Partner Ronald L. Guzior, CPA. “We look forward to continuing to provide our clients with the highest quality of service in our role as their most trusted advisor.”

State Makes $59M In Grants Available For Home Rehab, Improvement, Construction

June 8, 2016

New York state has made $59 million available to construct, rehabilitate, and improve the homes of income-eligible families.

“Every New Yorker deserves a safe, affordable and decent place to call home and with this funding we are taking one more step toward that goal,” Gov. Andrew Cuomo said. “This program will help build safer, healthier communities throughout this state and I encourage any eligible organization to apply.”

Funding is available through the state Homes and Community Renewal’s Affordable Home Ownership Development Program, administered by the Affordable Housing Corp., which provides up to $40,000 per dwelling to eligible municipalities, municipal housing authorities, and other nonprofit and charitable organizations that develop affordable housing or assist homeowners in funding necessary repairs.

James S. Rubin, commissioner of Homes and Community Renewal, said the program has made nearly 300 Affordable Housing Corp. awards totaling approximately $141 million. “These funds have created or improved more than 7,500 safe affordable homes across the state. We encourage eligible applicants to apply,” he said.

Officials said AHODP funds will promote homeownership and revitalize communities by:

• Constructing new owner-occupied homes for sale, including single and multi-family homes, condominiums, or cooperatives, and the replacement of dilapidated mobile and manufactured homes. AHC funds may be used for construction financing, permanent financing, infrastructure improvements, site acquisition, down payment and closing cost assistance, and the replacement of dilapidated mobile homes with manufactured or stick-built homes on homeowner-owned land.

15 Contractors Are Set For Showcase Of Homes

June 8, 2016

The 2016 Saratoga Showcase of Homes Committee has a line-up of 15 builders in place to participate in its annual Showcase of Homes event.

Celebrating 21 years, the annual fall tradition will run over the three weekends of Sept. 17-18, Sept. 24-25 and Oct. 1-2.

Builders committed to this year’s event are Amedore Homes, Bella Home Builders, Barbera Homes, Belmonte Builders, Blitman Development, Bonacio Construction, Caruso Home Builders, Herbinger Construction, Heritage Custom Builders, LaFemme Home Builders, Malta Development, McPadden Builders, Saratoga Builders, Terrace Homebuilders and Witt Construction.

Officials said 20 or more new home locations will be on display in Saratoga County. Tickets to visit these homes will remain at $20.

There will also be a “Taste of Showcase” preview on Friday, Sept. 16. It will be held at selected homes 5-10 p.m. and feature food samplings from area chefs along with local craft beer and wine tastings.

Personnel Briefs: June 2016

June 8, 2016

The Saratoga Convention & Tourism Bureau hired Kelly Boucher as director of convention services.

Boucher’s primary role will be to work directly with meeting and event planners to ensure a strong Saratoga meeting, conference or convention experience.

Business Briefs: June 2016

June 8, 2016

The Saratoga Builders Association Inc. announced the recipient of its 2016 Student Scholarship Award is Brian McKeighan of Gansevoort.

McKeighan is a senior at South Glens Falls High School and a member of the National Honors Society. He will be attending SUNY Delhi to study construction management this coming fall.

The Saratoga Builders Association makes this $1000 student scholarship award available annually to high school seniors who are planning to pursue a construction industry education.

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The TCT Federal Credit Union announced the recipients of its 2016 academic scholarships.

Four $750 scholarships were awarded to Lillian Snyder (Cambridge High School), Sydney Potter (Shenendehowa High School), Lynn Edwards (Queensbury High School) and Mara Bureau (Queensbury High School).

Each year, TCT awards scholarships to graduating high school seniors who are TCT members, have displayed outstanding academic and extracurricular achievements and demonstrated an awareness of the “people helping people” credit union philosophy. Applicants are judged by representatives of the New York Credit Union Association located in Albany.

Students interested in applying should look for 2017 scholarship applications to become available this fall at any of the TCT Federal Credit Union’s four branch locations located in: Ballston Spa, Cambridge, Clifton Park and Queensbury. For more information, visit a TCT branch or www.tctfcu.org.

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Members of Sackatoga Stable LLC presented in May a $7,500 donation to Old Friends at Cabin Creek, a Saratoga County thoroughbred retirement home located in Greenfield Center.

The donation stems from the group’s belief that a passion for horse racing should be accompanied by a promise make sure horses have a safe and dignified home where they can live a full life off the track.

Formed in 2006 by Knowlton and co-founder Ed Mitzen, Sackatoga Stable LLC was created for investors who wish to enter a horse racing partnership. The group is dedicated to providing investors with an enjoyable racing experience and the potential for achieving financial success through purchasing quality horses, with the added commitment to contributing to nonprofit organizations that benefit all aspects of the sport.