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Bi-Weekly Development News for Warren County and the Region
Ed Bartholomew, President  |  Arleen Girard, Chair

JANUARY 22, 2016
INSIDE EDC
2016 EDC OUTLOOK BREAKFAST - JANUARY 21, 2016

Look TV:  Click the video news (1:12 - 3:20)


EDC Warren County was honored to host an informative breakfast event yesterday with guest speakers Congresswoman Elise Stefanik, U.S. Representative for New York's 21st District and Heather Briccetti, Esq., the President and CEO of The Business Council of New York State, Inc.  at Great Escape Lodge in Queensbury, NY.  The two speakers shared their perspectives on the year ahead on a wide range of topics. Over 150 business leaders, elected officials, and members of the public were present.

A thank you is extended to our guests and sponsors.


333 Glen Street Associates, LLC
333 Glen Street, Suite 102 Glens Falls, NY  12801

425 Glen Street Associates, LLC
425 Glen Street, Glens Fall, NY  12801








UPDATE OF GOVERNOR CUOMO'S STATE OF THE STATE BY DEC COMMISSIONER BASIL SEGGOS

DEC Commissioner Basil Seggos
EDC Warren County hosted DEC Commissioner Basil Seggos in Glens Falls to provide an update on Governor Cuomo's "State of the State" address and budget.  The governor's new budget proposal includes $200 million to fund "top projects" in "runner-up" regions that did not receive the top prize of $500 million in additional state economic development funding awarded in 2015 to three regions, state Department of Environmental Conservation Commissioner Basil Seggos said in his presentation to a full room at Crandall Public Library. EDC President and CEO Ed Bartholomew was pleased to welcome Mr. Seggos and Assemblyman Dan Stec, who also attended.



U.S Sets Paper Import Dumping Margins for Brazil, Indonesia

The U.S. Commerce Department announced anti-dumping duties of 2.05 percent to 222.46 percent on imports of uncoated paper sheets from Australia, Brazil, China, Indonesia and Portugal, determining that these products were sold at less than fair value.  The four companies asking that laws against unfair trade help restore an orderly market against unfairly traded imports were Packaging Corporation of America, Domtar, Finch Paper LLC and P.H. Glatfelter Company.

Read the articles in Reuters and P.R. Newswire.

Arrow Financial Corporation 2015 sees net income record $24.7 M

GLENS FALLS, N.Y., Jan. 21, 2016 /PRNewswire/ -- Arrow Financial Corporation (NasdaqGS® - AROW) announced operating results for the three- and twelve-month periods ended December 31, 2015.

Net income for the fourth quarter of 2015 was $6.6 million, an increase of $200 thousand, or 3.1%, from net income of $6.4 million for the fourth quarter of 2014. Diluted earnings per share (EPS) for the quarter was $0.51, an increase of 4.1% from the comparable 2014 quarter, when diluted EPS was $0.49.

For the year ended December 31, 2015, net income was a record $24.7 million, up 5.6% over net income of $23.4 million for 2014, while diluted EPS was a record $1.91, up 5.4% over $1.81 in 2014. Return on average equity (ROE) and return on average assets (ROA) were 11.86% and 1.05%, respectively, for the year, as compared to 11.79% and 1.07%, respectively, for 2014.

Arrow President and CEO Tom Murphy stated, "Arrow delivered excellent results in 2015, thanks to the combined efforts of our dedicated team. A major highlight for the year was the double-digit growth of our loan portfolio, which reached a new record high at year-end, while maintaining our commitment to strong asset quality. We also set new records for net income and total equity at year-end, and our profitability measurements remained strong."
Cable Merger to Bring Broadband to Rural Areas, Boost Speeds

EDC President Ed Bartholomew briefs press and attendees at recent meeting on broadband and various initiatives EDC is currently undertaking.

Read the article in The Sun.


EDC MEMBERS NIGHT WITH ADIRONDACK THUNDER!

Friday, February 12, 2016
Adirondack Thunder vs. Wheeling Nailors
7:00 p.m.
Glens Falls Civic Center





Buy Your Special Rate Tickets Now!
$15 Adults
$12 Youths

Half the World Lives On 1% Of Its Land, Mapped

Article with maps that show how population is centered into cities. Glens Falls is positioned well from an access to markets standpoint.

Read the article in Atlantic.

Crandall Public Library Donates Handstiched Items to Those Left in the Cold

Read the article in News 10.


Gillibrand Endorses Glens Falls Job Training Grant Application

Read the article in the Post Star.


60 From the 60s: Selections From the George Eastman Museum at The Hyde Collection

Beginning on January 24, The Hyde Collection is pleased to host 60 from the 60s:  Selections from the George Eastman Museum, which features 60 prints by 10 of the most significant photographers of that decade.


WARREN COUNTY HAPPENINGS
Folk School to Stay Open

Adirondack Folk School in Lake Luzerne has raised enough money through an emergency appeal to keep the school open through the summer.

Read the article in the Post Star.

Environmental Fund to Receive Sizable Bump

Article that talks about new environmental funding contained in this year's NYS budget proposal that could help invasive species issues for Lake George and the Adirondacks.

Read the article on the Fund for Lake George's website.
Rochester NY Business Buys JE Sawyer in Glens Falls

VP Supply Corp. is growing and expanding its geographic reach with the acquisition of J.E. Sawyer & Co. Inc. in Glens Falls, Warren County. 

 
Read the article in the Rochester Business Journal.
Photo by Pam Hawley Dean
The Biggest Sales of the Year on the Lake George Waterfront

Read the article in the 
Business Review.



ECONOMIC DEVELOPMENT & REGIONAL NEWS
Top Mid-Sized Metros For Millennials

For an interesting map showing MSA's with existing percentage of younger adults plus 5 year growth trend both positive and negative click here.
SECRET LUXURY SALES OF REAL ESTATE

Interesting article in NYT about how US Treasury Dept will begin tracking luxury home sales over $5 million. Up to now many are held in shell companies that are not tracked. The effort is linked to desire to limit money laundering through high end sales of real estate. Might impact some high end sales on Lake George or ADK's and could become a longer range trend in the estate sales market.

Read the article in the New York Times.

UPCOMING EVENTS
January

January

January - April

January - April
   


Friday, January 22
Adirondack Thunder vs. Manchester Monarchs
7:00 p.m., Civic Center


Friday, January 29
Adirondack Thunder vs. Reading Royals
7:00 p.m., Civic Center

Monday, January 25
The Business Council Annual Legislators' Reception
6:00 - 7:30 p.m. - Hilton Albany

SAVE THE DATE
Thursday, March 3
EDC Appreciation Day at Gore Mountain
(Details to follow)


SAVE THE DATE
March 7 - May 16
Microenterprise Assistance Small Business Program (MAP)
Monday, 6:00 - 8:00 p.m.
SUNY Adirondack
640 Bay Road, Queensbury, NY

SAVE THE DATE
Thursday, March 17, 2016
The Region's Premier Job Fair
10:00 a.m. - 4:00 p.m.
SUNY Adirondack Gymnasium
640 Bay Road, Queensbury, NY

CONTACT EDC 
For member information on how to join EDC, go to edcwc.org

To share your news, submit to info@edcwc.org

STAY CONNECTED:
EDC Warren County  |  www.edcwc.org  |  518-761-6007