Saratoga Business Journal - December 2021

SBJ P.O. Box 766 Saratoga Springs, NY 12866

SARATOGA BUSINESS JOURNAL

VOL. 26 NO. 10

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Saratoga Spring Water Co. Business And Work On Joining And Expanding Two Products Sold To BlueTriton Of Connecticut Historic Hotels Continues In Saratoga Springs Saratoga Spring Water Co., 11 Geyser Road, Saratoga Springs, which dates to the 19th century in the Spa City, has been sold to a Connecticut investment firm.

BlueTriton Brands, Inc. announced in late November that it has successfully completed the acquisition, a nationally recognized producer of premium domestic spring water.

Saratoga Spring Water is sold throughout the United States and delivers spring water products in premium packaging to customers in the hospitality and retail channels.

“We are thrilled to welcome Saratoga Spring Water Co.’s products into the BlueTriton family,” said Tony W. Lee, managing partner of One Rock Capital Partners, LLC and a member of the board of directors of BlueTriton. “As a leader in the premium spring water segment, the Saratoga Spring Water business enables us to expand our brand offerings and access a national, upscale beverage market that will contribute to BlueTriton’s strategic growth and success.”

BlueTriton Brands offers an extensive portfolio of highly recognizable water brands for healthy hydration, including Poland Spring brand natural spring water, Splash and Pure Life. The company also owns and operates ReadyRefresh, a customizable water and beverage delivery service.

Adam Madkour, the CEO and sole shareholder of Saratoga Spring Water Co., said “We believe BlueTriton’s leadership

Saratoga Spring Water Co. on Geyser Road was sold to a Connecticut investment firm. and resources will position Saratoga Spring Water’s products for growth while enabling the company to continue producing the highquality, premium products we are known for. We look forward to our partnership with BlueTriton, who shares our commitment, mission and long-held philosophy of service and corporate responsibility.”

Madkour took over the company in 2001, Continued On Page 6

BY JILL NAGY Work is proceeding “slowly but surely” on the conversion of two of Saratoga’s grand old hotels into a resort hotel and apartments, said Helen Watson, general manager of the Adelphi Hotel.

When completed, the Adelphi and Rip Van Dam hotels at 365 Broadway and in Saratoga Springs will be one unit with a five-story addition behind the current buildings and some 100 underground parking spaces.

Real estate developers and thoroughbred racehorse owners Michael Dubb and Larry Roth recently gained the city’s approval to begin a $50 million project. They intend to renovate and expand with the goal of reviving a piece of the luxury grand hotel era that once made Saratoga a playground for the wealthy dating back to the 1870s.

Plans are for a total of 78 hotel rooms along with 84 one- and two-bedroom apartments. Both in-house restaurants will be enlarged and work is already underway on that part of the project, said Watson. Both apartment and hotel residents will have access to concierge services, a gym and spa and a ballroom. Being downtown, they will have easy access to shops and restaurants.

Renovation work is almost complete on the Salt and Char, the Rip Van Dam’s restaurant.

Watson expects it to reopen next year toward the end of November. Renovation work is also underway on the other restaurant, Morrissey’s, which is in the Adelphi space. It will be doubled in size and, “hopefully,” the addition will be ready

An addition is being put on the rear of the Adelphi and Rip Van Dam hotels. for diners by the beginning of 2022, Watson said.

Outdoor seating and part of the restaurant have remained open.

The five-story addition will be constructed on currently vacant land behind the hotel, fronting around the corner on Washington Street. Watson expects an early 2022 groundbreaking for that part of the project. She estimated the building could be completed by the end of 2023. Rentals Continued On Page 7

Survey Shows Shoppers In New York ‘Excited’ State Plans To Add 860 Acres To Moreau Lake About Holidays; Some To Spend More State Park Along Stretch Of Hudson River Two-thirds of New Yorkers, up from 59 percent a year ago, are somewhat or very excited about the upcoming holiday season according to a new statewide survey of consumers recently released by the Siena College Research Institute (SCRI).

While a plurality, 43 percent, plan to spend as they did last year, only 17 percent plan to increase their spending compared with 37 percent that say they will spend less. Nearly half, 47 percent, plan to conduct at least 50 percent of their shopping online, down from 57 percent last year, according to the poll.

When considering the delays and shortages caused by supply chain disruptions, 70 percent of consumers have already or plan to shop earlier than usual, 52 percent will shop more in person forgoing online shopping and a majority, 56 percent intend to spend less than they had planned. Up from only 26 percent a year ago, over a third, 34 percent, now say that they believe in Santa Claus.

At the same time, 44 percent believe that cryptocurrencies like Bitcoin are legitimate currency. “Belief in Santa and Bitcoin is an odd combo this season but perhaps we’re seeing a changing of the guard,” according to Don Levy, SCRI director. “Belief in Bitcoin’s legitimacy is highest among younger consumers and lowest among those age 65 and above while saying I believe in Santa is most difficult for those 18-34 years of age to express.”

“While most New Yorkers are planning to either spend less or hold the line on spending, 17 percent plan to spend more than last year and 18 percent, down from 32 percent a year ago, will spend $1000 or more. Plans to shop online are down from last year as over two-thirds of residents say they will visit local independent stores, small-to-medium chain stores and 59 percent will frequent big box retailers. Two-thirds of us have gift cards on our list and 28 percent plan to buy experience gifts

like concert or sporting tickets or spa gift cards.

Still, hanging over the head of this season only a quarter of all New Yorkers are better off financially than they were last holiday season,” Levy said.

He said a majority of New Yorkers of every income bracket are excited about the holiday season, intent to spend as well as assessments of their financial well-being vary widely between those making $100,000 or more and those earning $50,000 or less.

Among higher earners, equal percentages say they will spend more or spend less, almost three times as many say they are doing better financially than are worse off and nearly 40 percent will spend more than $1,000 on gifts, said Levy. Among those earning $50,000 or less, four times as many will spend less rather than more, over twice as many are worse off financially rather than better off and only 7 percent will spend more than $1,000 on holiday gifts.

Asked to consider nine things that many say are part of this season, significant majorities are looking forward to, rather than dreading, spending time with family (74 percent looking forward: 7 percent dreading), eating and eating some more (58-15 percent), cooking for the holiday (54-17 percent), and decorating the house (53- 17 percent), according to the poll.

“This time of year many of us look forward to many aspects of the season but number one is spending time with family and friends,” said Levy. “We’re clearly ambivalent when it comes to spending money on gifts, we love the shopping and giving gifts to our loved ones but in difficult economic times, we worry about our spending. It might be a joke but topping the list of things we dread during the holiday season is eating fruit cake,” Levy said. “Needless to say, it’s been a rough year. Most New Yorkers are hopeful that 2022 will be a better year than 2021 has been. Here’s hoping they’re right.”

New York state is expanding Moreau Lake State Park by 860 acres. The new lands include natural habitat along an undeveloped stretch of the Hudson River that will be known as Big Bend Point.

“The acquisition at Big Bend Point guarantees the protection of a critical habitat and pristine natural resource,” Gov. Kathy Hochul said. “Moreau Lake State Park is visited by hundreds of thousands of outdoor enthusiasts each year for camping, swimming, and exploring its popular trail network. With more people than ever visiting our parks, this acreage will expand options for outdoor recreation in the region and preserve open space in fast-growing Saratoga County.”

The $1.6 million purchase of Big Bend Point was funded by the Environmental Protection Fund. It brings the Moreau Lake State Park’s total acreage to 6,250 acres, making it one of the ten largest parks in the state park system.

With its proximity to both Lake George and Saratoga Springs, the park is attractive to visitors year-round as it offers ice fishing, cross-country skiing, snowshoeing and other winter activities.

New York State Parks partnered with the Open Space Institute (OSI) to protect the former logging site at Big Bend Point in the town of Moreau. Bounded by two miles of the Hudson River, Big Bend Point includes wide, established logging roads that can be converted into an accessible trail network for year-round walking, bicycling, birding and wildlife viewing, equestrian riding, and non-motorized winter sports such as crosscountry skiing or snowshoeing.

State Parks plans to install car-top boat/ kayak launches, and permit hunting inseason.

With its sandy soils, isolation from

developed areas, and open meadows, officials said Big Bend Point offers an exceptional habitat for thousands of native species of plant and wildlife, including the federally endangered Karner blue butterfly. Over the past two years, the OSI engaged in a habitat restoration project to create a new home for the Karner Blue, which is expected to support a minimum of 3,000 rare butterfly specimens annually.

State officials said the unique topography, biodiversity, and expansive acreage also offer new destinations for Moreau Lake State Park’s robust Nature Education program.

State Parks is developing a site plan that aims to welcome visitors in 2022.

Kim Elliman, president and CEO of OSI, said land conservation efforts “have helped protect and expand Moreau Lake State Park for its spectacular beauty and popular recreational offerings. With this latest OSI addition to Moreau Lake, we are excited to say that we have now tripled the size of this fantastic outdoor destination that not only welcomes the public for exploration and enjoyment, but also serves as critical wildlife habitat in this fast-growing region.”

State Sen. Daphne Jordan said, “It’s great to preserve land in its natural state and provide trails and recreation for all New Yorkers to enjoy. I appreciate the commitment and leadership of Gov. Hochul and State Parks Commissioner Kulleseid in this effort of supporting and strengthening our public parks and treasured outdoor spaces.”

Assemblymember Carrie Woerner said the expansion of the park “is a wonderful addition to an already wonderful resource. Affording easy access to trails and the Hudson River, this acquisition will certainly please those Continued On Page 7

2 • SARATOGA BUSINESS JOURNAL • DECEMBER 2021

‘First Fill Spirits’ In Saratoga Springs Sells Unusual Whiskies Fit For The Enthusiast

BY R.J. DELUKE A different kind of liquor store is operating in Saratoga Springs, one that primarily is there to satisfy a growing market of people who enjoy their whiskies—bourbon, Scotch, rye or blends.

First Fill Spirits is the fulfillment of the visions of Charles Grabitzky and Holly Seidewand. Both started with a love of whiskey, the curiosity to learn more about it, and then a vision to make it a business where they can serve others who have a similar predilection for the product.

First Fill Spirits opened in August at 68 Washington St. It is not a place where people will go to buy, for example, Jim Beam bourbon, or Dewar’s Scotch. The stores does have some product that isn’t in the whiskey family. There is some single-cask rum and a few other products. “Everything has to be single cask if it’s not whiskey,” Grabitzky said.

“We have a unique license that’s specific to whiskey and then any single-cask, non-whiskey. We have rum ... but 95 percent of everything we have is whiskey.’

He added, “We have a few of the larger brands, but for the most part it’s distilleries or brands that are kind of under the radar. Smaller companies that we’ve discovered through our travels and whiskey careers.”

Those careers started a bit differently for both owners, then merged into a single focus. They were in whiskey-related businesses, in different roles and different places at first. Grabitzky was running (and still runs) a travel business called Rascal and Thorn in Saratoga Springs. That company organizes and leads tours around the world to whiskey distilleries.

“We’ve done about 20 tours already,” he said, to places like Scotland, Ireland, Japan and different states like Kentucky, where bourbon is a large part of the culture.

There is also something he helped form called the Saratoga Whiskey Club, where people learn, and taste, all things whiskey “We have over 125 members now. It’s become a really big group and a lot of whiskey enthusiasts.

People are there to learn. It’s not about getting drunk or buzzed or anything like that. It’s really about just being able to try as many different expressions as possible and doing it with like-minded people,” Grabitzky said.

Seidewand got interested in whiskey, and to take time off her career and travel around the world visiting distilleries and writing a blog called Her Whiskey Love. “She visited over 120 distilleries.

I also have been to at least 120 distilleries. And so it was really just this passion for learning that both her and I had around the same time that that brought us to where we are today.”

Seidewand worked in Massachusetts for a retail chain as their whiskey buyer. She left there and worked for Bacardi, which owns five

Personnel Briefs •

•

Charles Grabitzky and Holly Seidewand coown First Fill Spirits in Saratoga Springs. different distilleries in Scotland. She was the North American brand ambassador for those distilleries in the United States. “So she learned a lot, obviously ... so just over the years, we basically kind of taught each other or ourselves all all that we know,” said Grabitzky.

They met when she was with the Massachusetts chain. “She actually co-led a couple of my trips, one to Kentucky and one to Scotland. And on our Scotland trip, we started talking about the idea of a store,” he said. “This was before COVID. And then the pandemic hit.”

Things got sidetracked, but during the summer or 2020, while on a hike in the Adirondacks, they decided to go for it.

“It took us a year open. But the goal, basically, is to talk about and sell whiskey that we really like.”

“First fill” is a name of the whiskey at distilleries in Scotland or Ireland when it is put into a fresh barrel from the United States, “like a bourbon barrel or a sherry barrel from Spain, or import barrel from Portugal,” he said. “The first time that whiskey goes in one of those barrels that’s called ‘first fill.’ It’s when you’re getting the most characteristics from those particular barrels whether it’s bourbon or rye or sherry or port. The whiskey is taking on a lot of those characteristics. The second time a barrel is used is called the ‘second fill.’ The first fill is really that initial time that a lot of these whiskies are put into a barrel for aging.”

Grabitzky’s interest in whiskey goes back more than 20 years. One influence was the 9 Maple Avenue bar in Saratoga Springs that has a wide selection of quality whiskeys from around the country and the world. “The selection there kind Continued On Page 9

Saratoga Hospital has named Daniel Madden director of environmental services.

The hospital also promoted Sarah Bunzey of Hadley to director of women’s health services.

He brings extensive experience managing healthcare environmental services operations, most recently as director of environmental services at Ellis Medicine in Schenectady.

Previously, Madden served as a regional director of operations and regional manager for Crothall Healthcare, which provides environmental and other core support services to hospitals and healthcare systems. In those roles, he oversaw environmental services for 21 upstate New York healthcare institutions.

Madden has a Bachelor of Science degree in biology from Guilford College in North Carolina and an Associate of Applied Science in public health technology/environmental science from Hudson Valley Community College. He lives in Saratoga Springs.

Bunzey has worked at the hospital since 2004, most recently as a clinical coordinator in women’s health services.

She began her Saratoga Hospital career as a hospice nurse on a medical/surgical floor. Two years later, Bunzey joined women’s health services as a labor and delivery nurse. She has worked in perinatal nursing ever since.

Bunzey has an associate degree from SUNY Adirondack and a bachelor’s degree in nursing from Western Governor’s University in Salt Lake City. She is certified in inpatient obstetric nursing, electronic fetal monitoring and as a lactation counselor.

* * * Kristopher Kopyc is a new team member with the Retirement Planning Group. He is working full time as a financial analyst for our firm and doing an exceptional job.

Kopyc started working over the summer on a part-time basis as he finished up his college career. He is a Siena College graduate with a degree in business administration with concentrations in financial planning and sports marketing.

He is taking the courses and exams neces-

sary to become a fully licensed financial planner with the firm.

* * *

Upstate Agency LLC in South Glens Falls, part of the Arrow Family of Companies, recently appointed Christopher Spofford as senior risk advisor.

The Albany-based Spofford has more than 25 years of insurance and risk experience in property and casualty, employee benefits and strategic planning. He provides customized solutions that address his clients’ unique needs and safeguard their long-term profitability.

Prior to joining the Upstate Agency, Spofford was vice president with a privately-held, national broker. He achieved the Certified Insurance Counselor (CIC) and the Certified School of Risk Management (CSRM) designations from the National Alliance for Insurance Education & Research.

He also attained his Associate In Claims (AIC) designation from The Institutes – Risk & Insurance Knowledge Group.

Spofford earned a bachelor’s degree in political science from SUNY Plattsburgh and currently lives in Guilderland.

* * * Glens Falls National Bank and Trust Co. announced the appointment of Kasey Norton, assistant vice president and branch manager, to the South Glens Falls Office.

She was previously branch manager of both the Aviation Road and Exit 18 offices.

In her expanded role, she will oversee operations, supervise staff and develop business and personal banking relationships for the South Glens Falls Office. She brings more than 10 years of financial services experience to the position.

Norton is active in her community and serves as an advisory board member of the Salvation Army of Glens Falls, a member of the Fraternal Order of Eagles - Aerie 2486, and an Auxiliary member of the American Legion Post 574.

Norton is originally from Glens Falls and currently lives in Hudson Falls.

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SARATOGA BUSINESS JOURNAL • DECEMBER 2021 • 3

Petal + Hive In Ballston Spa Offers Skin Care Products That Are Plant Based, All Natural

Business Briefs •

•

Jillian Ehrenberg is the owner of Petal + Hive in Ballston Spa, a business that produces and sells all natural, plant-based skin care products.

BY JENNIFER FARNSWORTH All natural, plant-based skin care, made in a lab, and tailored to a person’s skin care concerns, may sound like a luxury worthy of only celebrities. But cosmetic chemist Jillian Ehrenberg, owner of Petal + Hive in Ballston Spa, is changing that.

As an entrepreneur who is passionate about quality skin care, Ehrenberg has brought her allnatural skin care, with herbal extracts in every bottle, to downtown Ballston Spa. “Every jar contains a unique original formula that is both clean and eco-friendly,” said Ehrenberg.

Petal + Hive carries all things skin care including moisturizers, eye creams, serums, cleansers, lotions, toners, oils and more. All Petal + Hive products are made in the onsite lab. Ehrenberg also sells other brands of all natural products that she has diligently researched herself.

“I have done all the work for you. If it is sold here you know that it is a clean high quality product. I research every ingredient, the packaging, everything that you may be concerned about,” she said.

Although this is Ehernberg’s first storefront as a small business owner, she is not new to the industry. She first began in 2015, selling her skin care products at places like farmer’s markets and the former Clinton Street Mercantile, where

she rented several shelves. She said people really took to her products and she soon realized she needed her own space.

“I found that people were frustrated with the skin care products they were trying, they were looking for something truly clean to use on their skin, but also products that really work. Often times, by the time they reach me, they have tried everything else. Once they try Petal + Hive, they are soon able to see and feel the difference,” said Ehrenberg.

She said her best selling product is Intense Hydration Moisturizer. It is filled with antiaging plant extracts and antioxidants.

“People really love the moisturizer. It works especially well on people who may have sensitive or compromised skin,” said Ehrenberg.

Ehrenberg lives in Galway with her family, so when looking for a location she felt Ballston Spa seemed like the perfect place.

“The Ballston Spa community supports their small business owners in a really fantastic way, and so when this spot became available, I knew it would be perfect. I have a lot of my regular clientele that I have built over the years, but we get alot of foot traffic too, which is really great,” she said.

Ehrenberg is already looking ahead to 2022 with specific goals that she has set for herself.

Some items on her list include ramping up manufacturing, continuing professional

The 35th Annual Stewart’s Holiday Match campaign kicked off on Thanksgiving Day and runs through Christmas Day at all shop locations.

The program supports nonprofit organizations impacting children.

Last year, customers donated an incredible $895,000 to the program, doubling to more than $1.88 million with the Stewart’s match. The funds were able to support 1,715 local children’s organizations across the 32 counties where Stewart’s Shops are located, company officials said.

Local organizations impacting children are encouraged to apply for funding online at www. stewartsshops.com/holiday-match/holidaymatch-overview. The deadline for submission is Jan. 31. All groups applying must be locally based, benefit children under 18, and be a qualified, charitable 501c3 organization. A listing of all the local organizations that received funds last season is available online.

Stewart’s Holiday Match is a 501c3 foundation; all donations are tax-deductible. Stewart’s gladly accepts funds from groups or businesses, but only matches individual donations.

to create a final plan for approval by the village board of trustees.

The committee is currently looking for additional members from the Ballston Spa community who would be interested in contributing their knowledge, skills and ideas. Meetings will be held twice a month, on the first and third Thursdays, at 7 p.m. at the Saratoga County Office building at 50 West High St. All meetings are open to the public and are Zoom accessible. Interested persons can contact steering committee chairperson Karen Martell at karenmartell27@ gmail.com or the Village Office at 518 885-5711, villageclerk@villageofballstonspa.org.

* * *

The Village of Ballston Spa is looking to update its Comprehensive Plan to best define the needs of this evolving community and articulate a vision that will guide decisions affecting physical development and redevelopment within the village.

The Comprehensive Plan is expected to focus most significantly on effects of IT and climate change, buildings and village character, nonconforming land uses, village infrastructure, quality of life and local and regional economics.

A steering committee has been formed to work in conjunction with a professional planning consultant to identify and study several topics over the course of the next year in order

Saratoga Hospital has received the American Heart Association’s Get With The Guidelines - Stroke Silver Plus Quality Achievement Award.

The national recognition acknowledges Saratoga Hospital’s commitment to providing patients with the most appropriate stroke treatment, in keeping with the latest research-based guidelines.

Officials said stroke is the No. 5 cause of death and a leading cause of adult disability in the U.S. On average, someone in the U.S. has a stroke every 40 seconds, and nearly 795,000 people have a new or recurrent stroke each year.

Early stroke detection and treatment are key to improving survival, minimizing disability and speeding recovery times.

Saratoga Hospital has made significant investments in recent years to enhance stroke care.

In 2020, the hospital launched a teleneurology program—including telestroke care—to give patients 24/7 emergency access to neurologists who have extensive experience treating strokes.

In August, Saratoga Hospital received a $100,000 grant from Highmark Blue Shield of Northeastern New York Blue Fund to advance Continued On Page 17

development, and developing new formulas, particularly formulas that are tailored to her customers.

“My hope is to be able to meet with clients one on one and be able to really tailor to their specific needs. If someone is allergic to certain

ingredients, maybe go into the lab and create a formula that is safe for them,” said Ehrenberg.

Petal + Hive is located at 89 Milton Ave. in Ballston Spa. They can be reached at 518-3093677, and can be found online at petalandhive. com.

* * *

4 • SARATOGA BUSINESS JOURNAL • DECEMBER 2021

NEXT ISSUE

SPECIAL SECTION

Health / Fitness Economic Trends Tax / Business Planning Publication Date: January 13, 2022

Office / Human Resources Employment Legal / Accounting Construction Planning Publication Date: February 10, 2022

State Starts Construction Of $21 Million Affordable Housing Project In Ballston Construction has started on Dominic Hollow Apartments, a $21 million affordable and supporting housing development in the town of Ballston that will create 60 homes, including 30 reserved for adults in need of supportive services.

Dominic Hollow Apartments will be affordable to households earning at or below 60 percent of the Area Median Income. Thirty apartments will be reserved for adults who will receive on-site services provided by RISE Housing and Support Services. RISE is also the project’s developer with CSD Housing in a consulting role.

“Saratoga County is one of the fastestgrowing counties in New York, and the Dominic Hollow Apartments will help fulfill the rising need for affordable housing,” Gov. Kathy Hochul said in announcing the start of the work. “As we continue to emerge from the pandemic, my administration will continue to prioritize investments that allow New Yorkers to find safe, secure, and sustainable housing so they can live healthy and successful lives in the communities they love.”

Services and rental subsidies for 18 supportive units will be funded by the Empire State Supportive Housing Initiative and 12 supportive units will be funded by the state Office of Mental Health. OMH is providing $416,000 annually in operating expenses for the 18 ESSHI units, as well as $477,000 annually for the 12 supportive units.

Officials said Dominic Hollow Apartments is designed to meet the energy efficiency requirements of the New York State Energy Research and Development Authority’s LowRise New Construction program and EPA’s ENERGY STAR Certified Homes Program Version 3.1. Sustainable features will include Energy Star or equivalent heating and cooling equipment, appliances, and light fixtures; water-conserving plumbing fixtures; and low- or no-VOC paints, primers, adhesives, and sealants.

Additional residential amenities will include a community room with kitchen, laundry facilities, a mail/package room, and a gym area. Outdoor amenities will include a gazebo, patio, and playground.

State financing for Dominic Hollow Apartments includes Federal Low-Income Housing Tax Credits that will generate $11.5 million in equity and $4.6 million in subsidy from New York State Homes and Community Renewal. OMH is providing debt service on Community Preservation Corp.’s bank loan of $3.9 million and a $106,500 Program

Development Grant. NYSERDA will provide $56,000 in support. JP Morgan Chase provided $9.6 million in construction financing and the Richman Group is the tax credit syndicator.

Dominic Hollow Apartments is part of the state’s $20 billion, five-year plan to make housing accessible and to combat homelessness by building or preserving more than 100,000 affordable homes and 6,000 homes with supportive services. Since 2011, New York State Homes and Community Renewal has invested more than $490 million in the Capital Region, which has created or preserved over 5,500 affordable homes.

HCR Commissioner RuthAnne Visnauskas said, “Our $21 million investment in the Dominic Hollow Apartments is an important model for the kind of high-quality affordable housing developments that can make New York an even better and more equitable place to live. With sustainable features and free broadband access, we can help lower costs for residents and close the digital divide that too often impacts lower-income New Yorkers.”

OMH Commissioner Dr. Ann Sullivan said, Dominic Hollow Apartments will provide “beautiful new homes with supportive services that will allow individuals living with mental illness to live full, productive and fulfilling lives. In supportive housing individuals live safely in their community, close to family and friends, and can actively contribute to their community. OMH is proud to partner with our colleagues at HCR, NYSERDA, and RISE Housing and Support Services to provide safe, stable housing to our fellow New Yorkers.”

Doreen M. Harris, President and CEO at NYSERDA, said, “Dominic Hollow Apartments will provide Saratoga County low-income residents with healthy, supportive and affordable housing that incorporates energy efficient appliances and advanced building materials. Projects like this are showcasing that new construction can be clean and green in support of our efforts to fight climate change, while at the same time cost-effective to ensure access for all New Yorkers and we are excited to see this break ground.”

CSD Housing will work with RISE to not only complete the Dominic Hollow project, but also on future housing development initiatives.

Town of Ballston Supervisor Eric Connelly said, “I am looking forward to seeing all of the lives positively impacted by this unique and much needed project.”

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Four Projects In Saratoga County Get Funds Brookhaven Golf Pro Therrien Named A From Regional Economic Development Unit ‘Top 10 PGA Junior Captain’ By PGA.Com New York state has awarded over $81 million through its Regional Economic Development Council initiative to support 97 priority projects across the state.

This year, $150 million in grant funds from Empire State Development was made available on a continuous and competitive basis to support the immediate needs of applicants. Additionally, projects within each region are eligible for a share of $75 million in Excelsior Jobs Program Tax Credits to help attract and grow business in their region.

In Saratoga County, four projects received funding.

“The pandemic toll touched every corner of the state and every sector of New York’s economy, and as a result we must ensure that our recovery does the same,” Gov. Kathy Hochul said. “As we move forward from the pandemic we are using the rolling grant process to build New York state back better by supporting shovel-ready projects with the potential to accelerate new investments and catalyze economic growth in every community.”

“Through a collaborative, bottom up, and regional approach to economic development, these projects were chosen for their innovation, impact on their communities and potential for positive change coming out of the pandemic,” said Lt. Gov. Brian Benjamin. “Whether it is workforce development, tourism, green investments or domestic manufacturing, we are moving forward to foster a strong and prosperous economy in New York state.”

Projects in Saratoga County include: • Saratoga Artisanal Brew Works will receive $100,000 to invest in new equipment and a new facility to meet the growing demand for craft beverages and better accommodate visitors to its on-site tasting room with the addition of restaurant service.

• Hudson Valley Community College expanding STEM and healthcare workforce development education in Malta near GlobalFoundries received $2.5 million. HVCC will renovate/create new training facilities to increase enrollment capacity for education and skills training in high-demand health science, STEM and skilled trades programs, to support vital industry partners.

• Saratoga County Sewer District No. 1 SCSD WWTP ammonia removal project receives $2.75 million. The proposed upgrades to Saratoga County’s Waste Water Treatment Plant includes installation of efficient technology for the biological removal of ammonia from wastewater. The project will repair aged infrastructure, protect the Hudson River and downstream communities, and continue to allow GlobalFoundries, and other regional manufacturers, to make economic investments and create new jobs in the community.

• Wright Electric, a company committed to reducing the environmental footprint of aviation through electric propulsion and novel aircraft design, is locating a new Wright Laboratory in Saratoga County. It receives $500,000. This lab will be committed to the development and testing of high power, high voltage testing of aircraft electric propulsion system and will provide high paying jobs to the Capital Region.

The application for ESD Grant funds remains open, and applications are being reviewed on an ongoing basis until funds are exhausted. Applicants with strong, shovel-ready projects that align with the state and region’s economic development priorities can apply through the Consolidated Funding Application.

Empire State Development Acting Commissioner and President and CEO-designate Hope Knight said, “The COVID pandemic has had a devastating impact on our state, and this is especially true for the businesses and organizations that are the foundation of our economy. The Regional Economic Development Councils, made up of people who know their own communities best, have recommended innovative projects that will help their regions rebuild, and reemerge stronger and smarter for the future.”

The initial round of priority projects was recommended by each Regional Council because of their project readiness and alignment with each region’s strategic plan.

The Consolidated Funding Application was created to streamline and expedite the grant application process. The CFA process marks a fundamental shift in the way state resources are allocated, ensuring less bureaucracy and greater efficiency to fulfill local economic development needs.

The CFA serves as the single-entry point for access to economic development funding, ensuring applicants no longer have to slowly navigate multiple agencies and sources without any mechanism for coordination. Now, economic development projects use the CFA as a support mechanism to access multiple state funding sources through one application, making the process quicker, easier, and more productive.

The Regional Economic Development Council initiative is a key component of the state’s approach to state investment and economic development.

In 2011, 10 Regional Councils were established to develop long-term strategic plans for economic growth for their regions.

The councils are public-private partnerships made up of local experts and stakeholders from business, academia, local government, and nongovernmental organizations. Learn more at regionalcouncils.ny.gov.

Washington County New Business Registrations NOVEMBER Northway Flooring Inspections 16 LaBarge St. Hudson Falls, NY 12839 Gilchrist Services 427 Gilchrist Hill Rd. Hartford, NY 12838 Champlain Canal Barn Quilts 9015 State Route 4 Whitehall, NY 12887 Brownies Self Defense Karate MMA 10 Columbus St. Granville, NY 12832 The Perfect Piece 150 Main St. Hudson Falls, NY 12839 Karens Homecare 2302 State Route 4 Fort Edward, NY 12828

KMW Floor Covering 34 West Broadway, Apt. 3A Salem, NY 12865 Cheeky Chicken Farm 190 County Route 9 Whitehall, NY 12887 Main Street Variety 99 Main St. Argyle, NY 12809 E S Wheels Service Center 280A Broadway Fort Edward, NY 12828 Rags 2 Riches Detailing 759 County Route 49 Cossayuna, NY 12843

Brookhaven Golf Course’s head golf professional Anthony Therrien has been named one of the “top ten PGA Jr. captains” by PGA.com.

The website, which represents the national golf professional association of more than 29,000 golf professionals and the leading experts on the game of golf, identified Therrien in its article “Ten PGA Jr. League Captains Who Inspired a Decade of Dominance” on Nov. 3.

Brookhaven is located at 333 Alpine Meadows Road in Porter Corners.

Since Therrien joined the staff in 2019, the course has nearly doubled its revenue and increased the number of rounds played in a season by 8,000, according to Brook Haven officials.

“We are certainly extremely proud of Anthony’s work” said Greenfield Town Supervisor Daniel Pemrick. “The physical improvements and great programming are making Brookhaven Golf Course a destination for all ages.”

The article, written in celebration of the PGA Jr. League’s 10th anniversary, celebrated the “rock star coaches who are the lifeblood of the program” that involved more than 64,000 kids nationally this year.

Therrien was commended for the success of his program in its very first season in 2021 and for showing that “history can be a great motivator,” referring to the course’s partnership with LPGA golfing champion and television broadcaster Dottie Pepper, who started learning the game of golf at Brookhaven as a youth.

Therrien said Pepper has been a major advocate for growing the game of golf at Brookhaven by donating equipment, providing scholarships and offering other support over the years.

“Brookhaven was designed as a course to be welcoming and enjoyable for all to play for players of all ability,” Pepper said. “Anthony is doing a fantastic job of continuing that culture and this recognition is proof of the success someone can achieve when working at their passion.”

Therrien said Pepper’s continued support “has been an inspiration by reminding me of the importance of taking care of where you came from. We strive every day to make this course the most inviting version it can be. We take great pride

Anthony Therrien is the head golf professional at Brookhaven Golf Course.

Courtesy Brook Haven

growing and improving our program so that our golfers will have limitless opportunities.”

Therrien’s PGA Jr. League had two teams with 24 kids this year, boys and girls ages 8-13 years old. The teams participated in 12 tournaments at Brookhaven and throughout the region.

The Town of Greenfield also held “Learn to Golf” weekly sessions for approximately 100 kids over four weeks last summer. Brookhaven is one of the only local courses to offer free golf for ages 17 and under.

Sign-ups for the 2022 PGA Jr. League and summer lessons begin in February. Therrien plans to add a PGA Jr. U17 program, for children 14-17, as well as adult clinics and a number of both recreational and competitive tournaments. For more information, visit www.brookhavengolfcourse.com or by call (518) 893-7458.

Brookhaven is a municipal golf course just minutes from Saratoga Springs. It is also is home of The View at Brookhaven, a full-service bar and restaurant on site. In the winter, the park features more than 20 kilometers of groomed cross-country skiing and snowshoeing trails.

6 • SARATOGA BUSINESS JOURNAL • DECEMBER 2021

Jack Hall Plumbing And Heating Hopes To Office Of Parks, Recreation Funded Project Build Larger Facility In Town Of Moreau That Improves Waterford Recreational Trail

BY JILL NAGY Plans have been delayedfor the move of Jack Hall Plumbing and Heating from its present Glens Falls location to Route 9 in Moreau.

Owner Ty Hall proposed to construct a new home for the business on land he owns near Northway Exit 17. The new space would be about five times the size of the present building and have room for a training classroom, storage area, offices, loading docks, an exercise center, an indoor truck wash and the operations center.

“We want to expand the company and put some jobs out there,” Hall said. Business is “crazy right now” and they need more space.

While town officials appear to be happy to have the additional jobs and tax revenue, they are urging Hall to locate his facility near the Northway instead of the Route 9 corridor. In order to build where he wishes, Hall needs a rezoning to C-1, industrial use.

For now, his eight-acre parcel is partly zoned for residential use and partly for light commercial, essentially office use.

Hall already has his home and a barn on the property and proposes to build the plumbing and heating building nearby, creating, essentially, a planned unit development.

The result would be a cluster of buildings on approximately three acres with the remaining five acres left as open space.

Hall and his attorney, Justin Grassi, are scheduled to meet again with town board members later in December. Grassi does not foresee any real movement before January.

Ty Hall is the third generation to own and operate Jack Hall Plumbing & Heating, Inc. The company currently occupies two buildings at 165 Bay St., Glens Falls, one for offices and the other, for storage.

It has been in business for 37 years and employs 25 people. Most of its business is in Saratoga, Warren, and Washington counties.

Saratoga Water

Based in Stamford, Conn., with approximately 7,000 associates in the United States and more than 230 in Canada, BlueTriton Brands manages natural resources for longterm sustainability, and conserves more than 20,000 acres of natural watershed area.

It currently sources water for six regional spring water brands from 42 springs throughout the United States and Canada. BlueTriton officials said the company is also committed to creating shared value and being a good neighbor in the more than 120 communities where it operates in the U.S. and Canada.

Saratoga Spring Water was founded in 1872.

Originally founded as Saratoga Vichy, the company began bottling the distinct natural spring waters for which the area is known.

Today, Saratoga Spring Water is sold throughout the United States and internationally and is served in some of the world’s finest restaurants, hotels, resorts, grocers, and cafeterias, according to the company.

Continued From Page 1

having worked as an executive there for many years. He worked to expand the market for its sparkling and non-sparkling water, capitalizing in part on the cachet of the Saratoga name and on their distinctive blue glass bottles.

The company had been bought and sold several times and had been owned at one point

by Anheuser-Busch, which sold the company to Evian Waters of France. In 2000, it was sold to a Connecticut investment firm, North Castle Partners.

Latham & Watkins LLP acted as legal counsel to BlueTriton. Financial terms of the transaction were not disclosed.

KPMG Corporate Finance served as the advisor to Saratoga Spring Water Co. in the transaction.

SARATOGA BUSINESS JOURNAL 2002 Business Of The Year

The Chamber of Southern Saratoga County P.O. Box 766 • Saratoga Springs, New York 12866 (518) 581-0600 • Fax: (518) 430-3020 • www.saratogabusinessjournal.com Editorial: RJDeLuke@saratogabusinessjournal.com Advertising: HarryW@saratogabusinessjournal.com Publisher & Editor Harry Weinhagen Associate Editor R.J. DeLuke Editor Emeritus Rod Bacon Sales and Customer Service Harry Weinhagen Production Manager Graphic Precision Photographer Stock Studios Photography Contributing Writers Susan Campbell Jill Nagy Jennifer Farnsworth Christine Graf Andrea Palmer Lisa Balschunat Saratoga Business Journal is published monthly, the second week of each month, by Weinhagen Associates, LLC and mailed to business and professional people in Saratoga county.

Saratoga Business Journal is independently owned and is a registered tradename of Weinhagen Associates, LLC, P.O. Box 766, Saratoga Springs, New York 12866 (518) 581-0600. Saratoga Business Journal is a registered tradename in New York.

Saratoga Business Journal has been founded to promote business in Saratoga county and to provide a forum that will increase the awareness of issues and activities that are of interest to the business community. Subscription price is $25.00 per year. Third class postage paid at Glens Falls, New York.

Rights to editorial content and layouts of advertising placed with Saratoga Business Journal which are the creative effort of its contractors, and printing materials supplied by Saratoga Business Journal are the property of Saratoga Business Journal and may not be reproduced by photographic or similar methods, or otherwise, without the specific authorization of Saratoga Business Journal.

A state-funded project improved a 20-year-old trail section that runs north from Main Street (Route 32) in the village and town of Waterford, part of the Champlain Canalway Trail.

The state Office of Parks, Recreation and Historic Preservation and the Hudson River Valley Greenway announced that two projects were completed to improve a total of 4.2 miles of the Empire State Trail in the Capital District, to assure the trails remain accessible to bicyclists, walkers, and runners of all ages and abilities.

In Waterford, the state Hudson River Valley Greenway partnered with Saratoga County to rehabilitate a 1.2-mile section of the Empire State Trail. The project, which is part of the Champlain Canalway Trail, improved a 20-year-old trail section that runs north from Main Street (Route 32) in the village and town of Waterford. Saratoga County constructed the improvements.

A new stonedust surface, safety fencing, and improved trail entrances were installed to facilitate public use. The Hudson River Valley Greenway provided a $275,000 grant to Saratoga County to fund the project, which began in September.

The Waterford trail is built on the towpath of the original Champlain Canal, which operated from 1823 to 1918, until the modern canal was relocated to the Hudson River.

“Improvements to these historic trail corridors provide a great new place for cycling, running, walking and cross-country skiing in Albany and Saratoga counties,” State Parks Commissioner Erik Kulleseid said. “New York xtate continues to lead the way in enhancing our parks and trails and connecting more

Courtesy Office of Parks, Recreation and Historic Preservation

people to outdoor recreation.”

Town of Moreau Supervisor and Saratoga County Board of Supervisors Chairman Theodore T. Kusnierz, Jr. said, “Saratoga County takes great pride in its vast trail system and many recreational opportunities from Waterford north along the Hudson River and all points in between. These improvements to the trail along the historic Hudson River will be enjoyed by our residents and visitors alike for years to come. I am extremely proud of the Saratoga County design and construction team for their work on this project and thank Hudson River Valley Greenway and State officials for their investment in our great county.”

Town of Waterford Supervisor John Lawler said, “Here in Waterford, we proudly welcome visitors from around the world who travel through the waterways of the Hudson and Mohawk Rivers and the Erie and Champlain Canals. These improvements to the Empire State Trail along the Champlain Canal corridor will attract visitors and residents alike who will enjoy a scenic trip through historic Waterford. I thank the State of New York and County of Saratoga for their work in refurbishing this trail.”

The Waterford and Cohoes paths are part of the Empire State Trail, a 750-mile bicycling, walking, and hiking route that runs from Buffalo to Albany along the Erie Canalway Trail, and from New York City through the Hudson and Champlain Valleys to Canada.

More To Read . . . More Leads For You. (518) 581-0600

SARATOGA BUSINESS JOURNAL

SARATOGA BUSINESS JOURNAL • DECEMBER 2021 • 7

Company Says Investors Can Use Low-Cost, New Stewart's Shop Opens In Rexford, One Risk-Managed Fund Options To Meet Goals Of 18 The Company Opened During 2021 LifeGoal Investments, a company launched earlier in the year in Saratoga Springs, is offering new tools it says can make investing more accessible.

Brothers Brett and Taylor Sohns had Wall Street experience when they moved to Saratoga Springs along with family, and decided to focus on making investing easier for do-it-yourself investors. They founded LifeGoal Investments to help people achieve financial goals with easyto-understand investment products.

On Sept. 9, they officially launched LifeGoal Investments.

Their f lagship product, the LifeGoal Homeowner Investment ETF (HOM), intends to help individuals responsibly invest and save for a future down payment on a home. The company in September the launched what thay call “the first ever, patent-pending homeowner, children and vacation investment funds.” The goalbased, risk-managed fund options comes as families and individuals are searching for options amid inf lation in the housing market, company officials said.

“Those who want to invest in the stock market, but may not have the time to invest in multiple securities, now have new patent-pending, goal-based choices with a focus on some of the biggest needs and wants: children, vacation and homeownership,” said a company news release.

According to the company, they use a patent-pending investing process intended to help control volatility and manage risk, while also attempting to keep pace with the underlying inf lation of the home prices. To help offset any increase in the costs of housing, the ETF will have modest exposure to stocks in areas like home improvement retailers, construction equipment companies, home builders and lumber companies.

“My brother and I grew up in a bluecollar town, quit our combined 25-year Wall Street careers, and started LifeGoal Investments. We want to help our people achieve the American dream, financial security and home ownership, by creating funds that an average investor can understand” said Brett Sohns.

“We have simplified the investment decisions for retail investors with the

LifeGoal Investments staff rings the closing bell on the New York Stock Exchange.

Courtesy LifeGoal Investments

names of our funds,” Taylor Sohns said.

“But the underlying investment we manage is anything but simple. It incorporates an innovative patent-pending process that attempts to minimize volatility, while also attempting to keep pace with the underlying inf lation of the home price.”

The company said each LifeGoal Investments portfolio features assets that can perform across different parts of the economic cycle. Each portfolio maintains a strategic exposure to stocks, bonds, commodities, maybe crypto and inf lationlinked securities, but also with builtin latitude to tactically adjust when the market presents.

Three of the ETFs—LifeGoal Homeowner Investment ETF, LifeGoal Vacation Investment ETF and LifeGoal Children Investment ETF—have an innovative investment component that is currently in the patent process.

The LifeGoal Investments website also has a budget calculator designed for an investor to set up a personalized budget.

The budget may help an investor choose the ETFs that make the most sense for them, based on their personalized inputs.

For more information, visit www. lifegoalinvestments.com.

Information may be found in the prospectus, which may be obtained by calling 888-920-7275.

Stewart’s Shops has opened a new store in Rexford.

The new shop replaces an older shop at the same location, 923 Riverview Road. The new facility is larger than the building it replaced and will soon include a carwash, company officials said The shop is much larger both inside and out. There is more parking and more outdoor seating options, as well as a new gasoline island.

The extra room on the inside of the shop creates space for expanded food to-go options, a beer cave, and extra seating, officials said.

The company said 18 shops were open in 2021, 12 being replacement shops and six were formerly Blueox locations.

In June, Stewart’s Shops expanded with the purchase of the Blueox Neighborhood Market convenience store chain.

Stewart’s acquired seven stores and rebranded six of them to Stewart’s, under the deal.

The company said the new Rexford Stewrt’s shop project is part of “our continuous commitment to invest in our communities and meet the growing needs of our customers; offering a wider variety of food and beverage options, and making their lives easier.”

Adelphi

Continued From Page 1 in that section are estimated at $2,000 to $5,000 a month.

The existing Rip Van Dam is also getting a complete makeover. Watson expects the new rooms in that part of the project to be open for the summer of 2022.

The Adelphi was renovated four years ago and has been operating during the work on the rest of the complex. Business was record-breaking last summer, “really amazing,” according to Watson.s The owners, Dubb and Roth, already invested some $28 million in renovation of the Adelphi.

Dubb is founder of Beechwood Homes on Long Island and Roth is the former owner of Marchon Eyewear Inc., one of the world’s largest eye care companies.

Moreau Community Continued From Page 1

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who already know the park and will provide even more recreational opportunities, including year-round enjoyment of the park. The expansion also has the benefit of protecting valuable areas of diverse habitat.

I applaud the thoughtful planning to protect this increasingly rare piece of wildness right in our back yard.”

Over the past 20 years, the Open Space Institute (OSI) has added more than 4,250 acres to Moreau Lake State Park, tripling the

This new shop at 923 Riverview Road replaces an older shop at the same location.

Courtesy Stewart’s Shops

Another new Stewart’s Shops opened up outside the area, this time in Barneveld in Oneida county. This rebuild offers commuters and residents of Barneveld a new Stewart’s Shop for their convenience.

Bonacio Construction of Saratoga Springs is the general contractor. Design work was performed by Dominick Ranieri Architecture of Schenectady. The LA Group Landscape, Architecture and Engineering, also of Saratoga Springs, created the layout and ushered the project the approval process.

The owners plan to stay on and manage the resort after the work is completed.

In recent years, plans to restore the Rip Van Dam have failed. Bruce Levinsky, a developer from Massachusetts, tried first. He moved to Saratoga and tried to transform the Rip Van Dam starting in the late 1990s. After Levinsky retired and moved to Georgia, brothers James and Thomas D’Iorio from from Westchester County came in four years ago. Their plan attempted to convert the Rip into a 159-room Hotel Indigo with a 200-seat banquet hall. They lost the property in foreclosure before anything was built. That was 2019 and that’s when Roth stepped in to buy it.

park in size, according to state officials. In the area, OSI is also working with partners to connect Moreau Lake and Saratoga Spa State Parks via a 13-mile recreational trail corridor outlined as part of its Southern Palmertownconservation and recreation plan.

New York State Office of Parks, Recreation and Historic Preservation oversees more than 250 individual parks, historic sites, recreational trails, and boat launches, which it says were visited by a record 78 million people in 2020. For more information on any of these recreation areas, visit www.parks. ny.gov, download the free NY State Parks Explorer mobile app or call 518-474-0456.

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8 • SARATOGA BUSINESS JOURNAL • DECEMBER 2021

SPECIAL SECTION

SARATOGA BUSINESS JOURNAL

Retirement Planning

•

Business Report Give Yourself ‘Paychecks’ For Retirement

BY ROB SNELL During your working years, you’ve probably met the costs of living through your salary. But once you retire, where will the money come from? Is there a way to give yourself a “paycheck” for retirement?

There is indeed—but you’ll have to do a good job of managing your available income sources. Here are some moves that can help: • Accept dividends and interest payments. Instead of automatically reinvesting all your dividends and interest payments into your portfolio—which is an excellent strategy for building wealth—you might want to begin receiving these payments as part of your income. Keep in mind, though, that companies can lower or discontinue dividends at any time.

However, it’s also true that some companies have consistently paid, and even increased, dividends over many years, and even decades.

• Choose an appropriate withdrawal rate.

Once you’re retired, you’ll likely need to begin withdrawing from your investment accounts. But you’ll need to avoid taking out too much early in your retirement. You don’t want to risk outliving your portfolio. For many people in their mid-60s, a 4 percent annual withdrawal rate is a good starting point, but everyone’s situation is different, and your ideal rate will depend on several factors: your age, the size of your portfolio, other sources of income, and so on. Once you turn 72, you’ll be required to take at least a minimum amount from your traditional IRA and 401(k), but you can choose to withdraw more, if necessary.

• Maximize your Social Security. You have significant control over the amounts you’ll receive from Social Security. You can begin taking these payments at age 62, but they will be much larger if you wait until your full retirement age, which will likely be between 66 and 67. (You will receive the maximum amount if you wait until you reach 70.)

So, if you think you have enough income from other sources, you might decide to delay taking Social Security, But if you need the money, you

•

Robert Snell, financial adviser with Edward Jones Financial in Saratoga Springs.

Courtesy Edward Jones Financial

may not be able to wait. And here’s something else to think about: If your spouse had considerably higher earnings than you did, you may be eligible for spousal benefits.

• Consider an annuity. You might want to consider purchasing an annuity that provides lifetime payments. Some annuities are even indexed for inflation, meaning payments will increase or decrease each year, keeping pace with the Consumer Price Index. Annuities are not suitable for everyone, though, so, before investing in one, you should consult with a financial professional who is familiar with your situation.

• Finally, don’t rule out the possibility of earned income. Just because you’ve retired from your full-time job doesn’t mean you can’t work in some capacity, perhaps by doing some part-time work or consulting or even opening your own small business.

Look at all these ideas when thinking about putting together an income plan for your retirement.

You may find that your diligence will pay off.

People Who Save For Retirement At An Early Age Will Benefit Greatly In The Long Term

BY CHRISTINE GRAF According to the Federal Reserve, only 36 percent of Americans are adequately saving for retirement. The National Institute on Retirement Security estimates that almost 40 million U.S. households have no retirement savings.

According to Steve Bouchey, president and CEO of Bouchey Financial Group in Saratoga Springs, it is never too early to start saving for retirement. He has been helping clients for 34 year and has a team of 16 professionals who manage approximately $1 billion in assets for clients in 25 states and overseas.

“Start saving for retirement sooner than later.

The sooner you get started, the more money you will have at retirement, and you may be able to retire sooner than expected or have the quality of life you always hoped to have,” he said. “The best advice I can give to a college graduate is that the first thing they need to do is put away as much as they can into a pension plan, and because they are likely in a low tax bracket, fund a Roth IRA.” Roth IRA contributions are taxable, but earnings and withdrawals are tax free. Individuals who are covered by an employer’s retirement plan can make contributions to a Roth IRA as long as they do not exceed IRS income limits.

Those who haven’t adequately saved for retirement often find themselves having to work for much longer than they had planned. This is a major concern for those who begin to experience health issues as they get older.

“For a lot of people, they don’t have their health and may not have a job they are able to work at,” said Bouchey. “My goal for my clients is that if they are working during their retirement years it is because they are bored silly and not because they need to work.”

The average social security benefit is around $15,000 a year, an amount far less than what most people can comfortably live on. Gone are the days when many people can survive on social security alone.

“If you’re married and have $30,000 coming in from social security and are able to live on that, then you’re fine,” said Bouchey. “But if you need $50,000 a year to live on, where is that other $20,000 going to come from year in and year out? It has to come from your savings, and you have to have some considerable savings set aside in order to draw upon that.”

Although some experts believe social security will be run in 20 to 30 years, Bouchey considers it unlikely.

“I’m pretty sure the government won’t allow that to happen. If they do, I think it would be mutiny.”

He advises parents to encourage their children to begin saving at a young age. Saving half of what they earn and educating them on the basics of investing is considered a good rule of thumb. For adults of all

Steve Bouchey is the president and CEO of Bouchey Financial Group.

Courtesy Bouchey Financial Group

ages, Bouchey recommends saving between 10 and 15 percent of their earnings.

“The first thing I ask my clients to do is pay themselves first,” he said. “What I mean by that is that before they get used to spending money in their checking account, have 10 to 15 percent going to their pension plan at work—especially if there is a matching incentive that the employer is giving because that is free money.”

Investing a portion of a person’s income also reduces the amount of money that is readily accessible in their checking account. As a result, that money is less likely to be spent.

“Retirement may seem so far away, but all of sudden you wake up and you are 55 or 60 years old and retirement is right around the corner and you realize you don’t have enough money saved up to draw upon,” said Bouchey.

Although COVID has been financially devastating for some, for others it was a time when they were able to grow their savings.

“It didn’t allow us to go out, so a lot of people had more in savings than they ever had before because they had nowhere to go out and spend money,” he said. “If people can just remember how nice it was to save money during COVID and continue that, they will be much better off.”

When dispensing investment advice, Bouchey said there are some basics that everyone can benefit from regardless of their age or income level.

“Live within your means first and foremost. Try not to use credit cards. Don’t spend more than you are bringing home. And if you aren’t saving 10 to 15 percent, you are not saving enough.”

Certified Financial Planner Mark Wells, cofounder of Three Buckets Wealth Management, Continued On Page 19

SARATOGA BUSINESS JOURNAL • DECEMBER 2021 • 9

BST & Co. Forms New Wealth Management Division As It Merges With Affinity Group BST & Co. CPAs LLP, an accounting and management consulting firm, have formed a new wealth management division called Affinity BST Advisors.

The new entity is a merger between BST Wealth Management LLC and The Affinity Group, a boutique wealth management firm founded by Gary Sancilio and Nicholas Preddice, that has served clients in the Capital Region and Hudson Valley for two decades.

The new entity is designed to usher in an entrepreneurial approach to financial planning and management by offering clients a comprehensive and holistic suite of services all under one roof.

Through this model, a client-first experience will be available with access to comprehensive wealth management strategies and services; integrated tax planning for both individuals and businesses; private investments; trust and estate planning; and a full range of complementary financial services, the company said.

“We are thrilled to join forces with The Affinity Group to create a new model for financial planning and fill a gap in services needed for our clients who are busy business owners and executives looking for a single source for solutions related to family and business finances,” said Ron Guzior, BST & Co. managing partner. “As a result of this merger we will be able to offer our current and future clients a collaborative powerhouse of comprehensive and strategic services and fulfill a need they have been sharing with us.”

Sancilio and Preddice each launched their careers in financial services more than two decades ago. Sancilio initially began his career in law, while Preddice began his in insurance. The pair launched The Affinity Group in 2002 which employs a client-centric approach using a fee-

for-service model, rather than fee-for-product, to provide enhanced value to clients.

“By partnering with a large regional accounting firm like BST & Co., we have instant access to the firm’s resources, people, and technology to allow us to grow and expand our service levels,” said The Affinity Group co-founding partner Gary Sancilio. “We learned in the last 20 years that clients prefer a fee-for-service model where the client engages with us rather than with a financial institution whose motivation is often to sell a series of financial products. The ability to offer an entire suite of wealth and financial services, including accounting, auditing, tax and employee benefit plans, for instance, allows us to approach each client’s financial needs in a much more comprehensive manner.”

“In our early discussions with BST, we discovered we shared a mutual business ethos and culture. Our core philosophies are entrepreneurial, transformational and family-focused,” said The Affinity Group co-founding partner Nick Preddice.

“I think the future of the financial industry is moving in a more comprehensive and consultative direction, which is what makes this partnership with BST so timely and productive.”

For more information about Affinity BST Advisors, visit affinitybstadvisors.com.

BST & Co. CPAs LLP is a multi-disciplinary accounting and business advisory firm headquartered in Albany serving the needs of closely held companies, family-owned businesses, not-for-profit and governmental entities, and highnet worth individuals. BST offers a broad portfolio of accounting and auditing, tax, consulting, outsourced accounting, talent strategy and marketing services; as well as valuations, forensic accounting and litigation support.

First Fill Spirits

barrels that we’ve picked, where we have all of the bottles from that barrel in our shop. So we have an Australian single-malt and we have two bourbons, where we have anywhere from 180 bottles to 240 bottles that come out of those barrels, but exclusive to us.

“Our goal is to basically continue to build our whiskey inventory and add really unique and wonderful things that we would like to have on our shelf at home.”

Thus far, “It’s been great,” said Grabitzky. “We had a really great November. Our website is live. It’s a full e-commerce platform. So you can you can buy through the website. We’re shipping within New York state to start. We hope to be shipping to more states soon. So yeah, we’re ready for the holidays.

We do gift wrapping. All of that. So it’s a perfect place for gifts. Especially for any whiskey drinkers out there.”

The business is open Monday by appointment only; Tuesday through Thursday, noon to 7 p.m.; Friday and Saturday, noon to 8 p.m.; and Sunday, noon to 5 p.m. The phone is 518-886-1425. The website is www.firstfillspirits.com.

Continued From Page 2

of got me more interested. And when I started the travel business back in 2014, that was when I started to really get interested in trying all of these different whiskies and basically just learning about it myself and teaching people about it. Just passion for whiskey.”

The formation of the Saratoga Whiskey Club in 2015 allowed him to buy different kinds of product, “whiskey that I wouldn’t normally be able to afford.

Because it’s all shared in the club. And it’s split among however many people are participating in a tasting. So that’s one great way to afford to be able to try a lot of whiskey.”

Another aspect of the business is that First Fill gets curated bottles, those that are provided exclusively to them, under their license.

“Curated bottles come from different brands, from around the world … barrels that we select ourselves. At the current time, we have three

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SARATOGA OFFICE 47 West Harrison Street Saratoga Springs, New York 12866 (518) 581-8131

•

Business Report Investments: Time To Be Merry Or Wary?

BY RICK SCHWERD The end of the year is always a good time to take stock of your investments and look ahead.

Last year at this time, it was easy to be bullish on the stock market. Vaccine distribution was just starting, the country was continuing to reopen and unprecedented stimulus was being injected into the economy.

As we head into 2022, there is still a lot to be positive about, such as robust company earnings and a very healthy consumer base.

However, concerns about the Omicron variant, global supply chain issues, labor shortages and inflation are tempering enthusiasm.

Stock markets had another good year. The Standard and Poor’s (S&P) 500, an index of 500 of the largest companies in the U.S., is up approximately 20 percent year-to-date, as of early December. Small-cap stocks, mid-cap stocks and most international markets have also shown strong gains this year. As expected, short-term interest rates have remained near zero as the Federal Reserve continues its accommodative fiscal policy. Intermediate and long-term rates have risen as the economy has improved, but in a measured way.

As we look forward, there is plenty to be positive about. The U.S. consumer is doing very well, which is vital since consumer spending accounts for nearly 70 percent of our Gross Domestic Product (GDP). The unemployment rate has fallen from 6.7 percent at the start of the year to 4.2 percent in November. Wages and salaries are up approximately 10 percent yearover-year. U.S. consumers have accumulated more than $2 trillion in excess savings and consumer net worth has surged about 30 percent since the start of the pandemic. These factors provide confidence that strong retail

“I'm just around the corner.”

Rick Schwerd, VP, senior Investment officer, Saratoga National Bank and Trust Co. Courtesy Arrow Corp.

sales of goods and services will continue into 2022.

Supply chain issues have tempered growth this year. GDP started off the year strong, averaging 6.5 percent during the first half of the year. However, primarily due to supply chain issues, growth fell to a disappointing 2 percent in the third quarter. Microchip shortages, surging commodity prices and shipping container backups all contributed to slower growth during the summer. While it may take well into next year and likely longer to resolve all of the supply chain issues, it appears the worst of the effects may be behind us.

A healthy consumer and pent-up demand provides a bullish case for stocks as we move into 2022. Companies are not only able to Continued On Page 18

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10 • SARATOGA BUSINESS JOURNAL • DECEMBER 2021

SARATOGA BUSINESS JOURNAL

SPECIAL SECTION

Nonprofit

Construction Starts On New Space For Annual Showcase Of Homes Event Results In Children’s Museum In Spa State Park Donation Of $78,000 To Two Local Charities Construction has begun on a $3.1 million project to relocate an improved and expanded Children’s Museum at Saratoga to the historic Lincoln Bathhouse in Saratoga Spa State Park.

This project will mark the third museum to join the Saratoga Spa State Park system, state officials said in announcing the start of the project. The facility’s relocation will double its space and increase accessibility for guests of all ages.

“One of the biggest priorities for my administration is to keep New York state at the forefront of tourism with all we have to offer, and the Children’s Museum at Saratoga exemplifies this goal,” Gov. Kathy Hochul said. “Saratoga Spa State Park is already a hotspot for visitors with world-class arts and culture venues, performances, and outdoor recreation. With the addition of the Children’s Museum, we have added yet another valuable attraction that helps children learn through interactive, educational activities.”

The original Children’s Museum at Saratoga Spa State Park has outgrown its current 8,000-square-foot facility, where it serves 37,000 people each year. The museum will occupy 16,000 square feet of the Lincoln Bathhouse, including a 4,000 square-foot interior courtyard, offering expanded space for refurbished exhibits and full Americans with Disabilities Act accessibility.

The $3.1 million project is supported by private donors and a $600,000 grant from Empire State Development. Construction is expected to be complete in the spring.

Officials said the new project will facilitate a partnership between the museum and neighboring organizations in the park, allowing it to enhance the museum’s tradition of nature-based educational programming through easy access to 2,400 acres of trails, streams, and trees; and to expand educational offerings for children 0-13. The larger classroom space will enable the museum to serve more people in a socially distanced manner, as well as a studio for production of digital content.

“The idea to move to the Lincoln Baths is not new,” said museum Executive Director Sarah Smith said. “Years ago, a board member suggested looking into moving to

A project to relocate Children’s Museum at Saratoga to the Lincoln Baths has begun. the Lincoln Baths. It took the pandemic to give us the time and the energy to make this leap for the future of the museum and to create new opportunities for the children of the Capital Region.

“Our new facility and our merger with the Children’s Museum of Science and Technology will enable us to engage children in hands-on learning in the museum, in the classroom and throughout our community.”

State Parks Commissioner Erik Kulleseid said the museum “is a wonderful cultural and educational resource, and the move to the Lincoln Bathhouse will help bring new activity into this historic structure at the gateway to Saratoga Spa State Park. The Children’s Museum is a welcome addition to the array of non-profit and business partners to offer a ‘Park of the Arts’ that brings people from around the world for singular range of choices for recreation, relaxation and cultural experiences.”

The beaux arts-neoclassical style Lincoln Bathhouse, completed in 1930, is a key component of the distinctive architecture in the park, and is listed as a National Historic Landmark.

Saratoga Spa State Park currently welcomes Continued On Page 18

Officials from the Saratoga Builders Association present checks to Habitat for Humanity and Rebuilding Together Saratoga from the proceeds of this year’s Showcase of Homes event.

The Saratoga Builders Association is excited to present a new record donation totaling $78,000 from the 2021 Saratoga Showcase of Homes to Rebuilding Together Saratoga County and Habitat for Humanity of Northern Saratoga, Warren and Washington Counties.

The Saratoga Builders Association is proud and fortunate to have been able to contribute over $1.4 million dollars to our local charities from this area’s premiere new home tour event.

The 2021 edition of the Saratoga Showcase of Homes was an amazing event this year with 11 award-winning builders presenting 12 homes - BDC Group, Beechwood Homes, Bella Home Builders, Belmonte Builders, Bonacio Construction, Caruso Builders, Kodiak Construction, Kohler Homes, McPadden Builders, R & M Homes and Witt Construction.

This year’s tour attracted about 4000 visitors (a new attendance record) to these beautiful new homes, which were on display over two weekends. In what has become an autumn tradition in our area, the Saratoga Builders Association is dedicated to this long running show being an integral part of the fabric in our fall season.

The 2021 Saratoga Showcase of Homes “People’s Choice” award winners voted on by the public were also announced - Congratulations to Matt McPadden of McPadden Builders for the Executive Home category and Erik Kohler of Kohler Builders for the Luxury Home

Courtesy Saratoga Builders Association

category.

This annual community event is made possible only with the generous support of over 75 corporate and media sponsors. The 2021 Saratoga Showcase of Homes, celebrating 25 years of exceptional homes, was held on October 9,10,11 and 16,17. All the homes were located throughout Saratoga County and the proceeds benefited two local charities Rebuilding Together Saratoga County and Habitat for Humanity of Northern Saratoga, Warren and Washington Counties. For more details on the homes, builders, award winners, and virtual tours of every home, please visit the interactive website at www. saratogashowcaseofhomes.com.

The Saratoga Builders Association, Inc. (SBA) is a specialized professional trade association representing an industry basic to the well-being and economy of the people of Saratoga County. Its membership includes residential and commercial builders, developers, remodelers, building material suppliers, sub-contractors, financial institutions, architects, engineers, realtors, attorneys and other industry professionals.

SBA is committed to the continued growth, prosperity and quality of life in Saratoga County. For more information, please visit www.saratogabuilders.org or contact Barry Potoker, Executive Director at 518.366.0946 or bpotoker@saratogabuilders.org.

SARATOGA BUSINESS JOURNAL • DECEMBER 2021 • 11

Saratoga Casino Hotel Donates $110,000 To Saratoga Regional YMCA Enrolls In Solar Nonprofit Organizations In Capital District Program, Expects To Lower Its Energy Bills

Heather and Brian Straughter, founders of Jake’s Help from Heaven (center), receive a $10,000 donation from Saratoga Casino Hotel executives Skip Carlson, left, and Sam Gerrity.

Saratoga Casino Hotel celebrated Giving Tuesday on Nov. 30 by donating $110,000 to 11 Capital Region nonprofit organizations during a Make A Difference holiday luncheon at the facility.

“We are humbled and sincerely grateful to receive this very generous donation for SNACpack from Saratoga Casino Hotel,” said Karey Trimmings, SNACpack program coordinator. “The pandemic has created a greater need of children living with food insecurity, as well as an increase in food costs. We were able to continue to provide food throughout the past year and a half of COVID because of generous donations from our community, including past donations from the casino.”

The following eleven organization each received a $10,000 donation: The Donna M. Crandall Memorial Foundation in Loudonville, Franklin Community Center in Saratoga Springs, Jake’s Help from Heaven in Saratoga Springs, LifePath Supportive Services for Older Adults in Albany, The Joseph C. and Anne T. Palamountain Scholarship Fund in Saratoga Springs , Saratoga Community Health Center, Saratoga Performing Arts Center, Saratoga Sponsor-A-Scholar, SNACpack Program (Saratoga Nutrition Assistance for Children), the Wesley Foundation and Wellspring in Malta.

Courtesy Saratoga Casino and Hotel

“It was a natural fit to align our annual Make A Difference event with Giving Tuesday,” said Skip Carlson, vice president of external affairs at Saratoga Casino Hotel. “We’re so fortunate to have these organizations in our community and we’re happy to provide them with some assistance so they can continue to make a difference every day to so many.”

“For Jake’s Help From Heaven, receiving a Make A Difference grant truly does make a difference, especially now,” said Heather Straughter, president of Jake’s Help From Heaven. “Over the last 20 months, the need for support of our families has increased tremendously yet our ability to fundraise has decreased.

We are preparing for our final board of directors meeting of 2021 and this grant will allow us to continue to come from a ‘place of yes’ when we review applications.

The generosity of Saratoga Casino Hotel really does make a difference for so many in our area and we are grateful for their support.”

Over the last 16 years, Saratoga Casino Hotel has donated over $3 million to different charitable groups in the Capital Region. The Make a Difference initiative that started in 2004 has since been their main charitable event to honor and provide funding to local non-profit organizations.

The Saratoga Regional YMCA may be more than 150 years old, but its commitment to environmental sustainability and stewardship is very much rooted in the realities of 2021.

The organization recently enrolled in the Nexamp community solar program, subscribing to a solar farm in Pendleton, Niagra County, and offsetting up to 90 percent of its annual electricity usage, generating valuable savings that enable more programming and services across its multiple locations.

With a 900 kW subscription, Saratoga Regional YMCA will save up to $13,500 each year through the discounted rate it pays for community solar credits applied to its National Grid bills, realizing more than a quarter million dollars in savings over the course of the contract. Community solar farms generate clean energy that is fed directly to the grid, earning credits that are allocated across the subscriber base and billed at a fixed discount to create customer savings, officials said.

“We support more than 25,000 members in the region, offering a wide variety of services focused on overall wellness for families and individuals of all ages,” said John Pecora, CFO, Saratoga Regional YMCA. “As part of our mission, we recognize the importance of a healthy environment and the role of clean energy in making that possible. Enrolling in a community solar program provides us with the dual benefit of saving money that makes our budget go further while also participating in the growth of much-needed clean energy on the grid.”

Four of the five YMCA buildings will receive credits through the program. The 6 MW community solar farm in Pendleton, like the dozens of other solar farms in New York and hundreds of solar farms across the country owned and operated by Nexamp, serves both commercial and residential customers.

“Just as the YMCA serves all residents without discrimination, community solar is making the benefits of clean energy accessible to all. We’ve seen that as more and more non-profits learn

Expert electrical service.

This solar farm in Pendleton, N.Y., will help the Saratoga YMCA save on its energy bills.

Courtesy Nexcamp

about the advantages of the program and how easy it is to get started, they realize how well it fits with their missions. It’s equally about saving money, saving the environment and helping communities invest in a cleaner, more resilient energy grid for the future,” said David Wells, Nexamp director of community solar in New York.

Additional capacity remains on Nexamp projects across multiple markets and utility service territories. Businesses interested in learning more about commercial offtake should visit www.nexamp.com/power-purchaseagreements.

Nexamp’s comprehensive solar and energy storage capabilities—including project development and acquisition, design, construction, and operations—enable clean energy savings and benefits for customers. It has more than 500 MW of renewable energy generating assets currently in operation. Its website is www.nexamp.com.

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12 • SARATOGA BUSINESS JOURNAL • DECEMBER 2021

Sotheby’s International Realty Is Part Of Feds Update Guidance For Small Businesses Strategic Partnership With Two Other Firms Seeking COVID Economic Injury Loans Select Sotheby’s International Realty in Saratoga Springs is part of a new strategic partnership with Four Seasons Sotheby’s International Realty in South Burlington, Vt., and Peerage Realty Partners of Toronto.

This transaction will expand the company’s market presence into the midHudson Valley Region and Upstate New York.

This is Peerage Realty’s fifth partnership with Sotheby’s International Realty, the companies said in a news release.

The partnership will expand Four Seasons Sotheby’s International Realty’s footprint into upstate New York.

This new partnership will significantly enhance Four Seasons Sotheby’s International Realty’s position as a leading player in the premium residential real estate market throughout Vermont, New Hampshire, and now Upstate New York, positioning it for further growth and future partnership investments.

As result of this transaction, Four Seasons Sotheby’s International Realty, with which Peerage Realty partnered in July 2021, will now have over 303 agents, 48 employees in 23 offices across Vermont, New Hampshire, and New York. The firm’s sales are projected to exceed $2 billion this year, the company said.

The combined company will continue to be led by CEO and Partner Alan DiStasio and President and Partner Laurie MecierBrochu. Dan Collins and Lou Izzo from Select Sotheby’s International Realty and Gary DiMauro from Gary DiMauro Real Estate will continue with the company.

Andrea Demoracski from Select Sotheby’s

International Realty will serve as executive vice president, regional manager for the Upstate New York region.

“We are pleased to support such a strategic partnership on behalf of Four Seasons Sotheby’s International Realty, expanding its offerings across the region,” said Gavin Swartzman, CEO of Peerage Realty Partners. “We are thrilled to welcome the Select and DiMauro teams to the Four Seasons Sotheby’s International Realty family. The combined company is even better positioned to dominate its market, extending the Sotheby’s International Realty brand, offering new and existing clients with a luxury experience and the highest standard of service.”

“Creating our partnership with Four Seasons Sotheby’s International Realty is a perfect way for us to continue and expand on our commitment to providing our agents, employees, and clients with the finest tools and leadership in real estate,” Collins and Izzo said in a statement.

Four Seasons Sotheby’s International Realty offers residential real estate services throughout Vermont and New Hampshire, focusing on providing the highest level of service, innovative marketing, and best performance throughout its markets.

Four Seasons Sotheby’s International Realty’s Vermont and New Hampshire roots run deep. As a company it is both homegrown and historied and committed to investing in the communities and people it serves.

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The U.S. Small Business Administration (SBA) announced updated guidance for COVID Economic Injury Disaster Loan (EIDL) program applicants to better serve small business owners in need, while funding remains available.

Since its inception, the COVID EIDL program, a federal disaster relief loan designed to better serve and support our small business communities still reeling from the pandemic, especially hard-hit sectors such as restaurants, gyms, and hotels, has approved nearly $300 billion in relief aid. Specifically, the following updated guidance is being provided: EIDL loan and Targeted Advance applications will be accepted until Dec. 31 and will continue to be processed after this date until funds are exhausted.

Supplemental Targeted Advance applications will be accepted until Dec. 31; however, the SBA may be unable to process some Supplemental Targeted Advance applications submitted near the Dec. 31 deadline due to legal requirements. The SBA cannot continue to process Supplemental Targeted Advance applications after Dec. 31 and strongly encourages eligible small businesses to apply by Dec. 10 to ensure adequate processing time.

Borrowers can request increases up to their maximum eligible loan amount for up to two years after their loan origination date, or until the funds are exhausted, whichever is soonest.

The SBA will accept and review reconsideration and appeal requests for COVID EIDL applications received on or before Dec. 31 if the reconsideration/appeal is received within the timeframes in the regulation. This means six months from the date of decline for reconsiderations and 30 days from the date of reconsideration decline for appeals, unless funding is no longer available.

“The COVID Economic Injury Disaster Loan (EIDL) and EIDL Advance programs still have billions of dollars available to help small businesses hard hit by the pandemic.

More than 3.8 million businesses employing more than 20 million people have found financial relief through SBA’s Economic Injury Disaster Loans,” said Patrick Kelley, associate administrator for SBA’s Office of Capital Access.

“Key enhancements have been made to the loan program that will help our nation’s businesses recover and get back on track.”

In September, Guzman announced major enhancements to the COVID Economic Injury

Disaster Loan (EIDL) program.

Key changes announced included: • Increased COVID EIDL Cap. The SBA lifted the COVID EIDL cap from $500,000 to $2 million. Loan funds can be used for any normal operating expenses and working capital, including payroll, purchasing equipment, and paying off debt.

• Implementation of a Deferred Payment Period. The SBA will ensure small business owners will not have to begin COVID EIDL repayment until two years after loan origination so that they can get through the pandemic without having to worry about making ends meet.

• Establishment of a 30-Day exclusivity window. To ensure Main Street businesses have additional time to access these funds, the SBA implemented a 30-day exclusivity window of approving and disbursing funds for loans of $500,000 or less. Approval and disbursement of loans over $500,000 began after the 30-day period ended.

• Expansion of Eligible Use of Funds.

COVID EIDL funds are now eligible to prepay commercial debt and make payments on federal business debt.

• Simplification of affiliation requirements.

To ease the COVID EIDL application process for small businesses, the SBA established simplified affiliation requirements to model those of the Restaurant Revitalization Fund.

Eligible small businesses, nonprofits and agricultural businesses in all U.S. states and territories can apply. Visit www.sba.gov/eidl to learn more about eligibility and application requirements.

The last day that applications may be received is Dec. 31, 2021. Applications received by Dec. 10 for Supplemental Advance will be processed in the order received and the SBA cannot guarantee processing of all applications by Dec. 31. All applicants should file their applications as soon as possible to allow for processing. For additional information on COVID EIDL and other recovery programs, please visit www.sba. gov/relief.

Small business owners may call SBA’s Customer Service Center 1-833-853-5638 (855440-4960 for the deaf and hard-of-hearing) or email DisasterCustomerService@sba.gov for additional assistance.

The center is open Monday through Friday from 8 a.m. to 8 p.m. Multilingual representatives are available.

Small business owners may also contact SBA’s Resource Partners by visiting www.sba. gov/local-assistance.

SARATOGA BUSINESS JOURNAL • DECEMBER 2021 • 13

Reservation Of State Campsites Hit Record Small Business Association Eyes Its 2022 Highs As People Sought COVID-Safe Trips Achievement Awards, Seeks Nominations Overnight reservations at campgrounds operated by the Office of Parks, Recreation and Historic Preservation (State Parks) and the state Department of Environmental Conservation (DEC) climbed to record highs this year as visitors embraced safe, healthy, and affordable recreation during the COVID-19 pandemic.

Through Columbus Day in October, campsites, cabins and cottages at State Parks campgrounds were occupied for 787,103 nights, surpassing the previous 2019 record of 684,820 nights by 15 percent, according to state data. DEC campgrounds were occupied for 394,401 nights, surpassing the previous 2016 record of 354,521 nights by more than 10 percent.

“The numbers don’t lie,” said Gov. Kathy Hochul. “People have shown how much they appreciate all that our state campgrounds have to offer, especially as the pandemic made outdoor recreation more desirable than ever.

Not only are our campgrounds, affordable, clean, and safe, but with these sites being so vital to New York’s tourism economy, my administration will continue to do all we can to ensure New York remains a top destination for campers.”

Officials said that over the last decade, as improvements were being made statewide under the NY Parks 2020 capital program, total overnight stays at campgrounds have risen nearly 45 percent.

State Parks operates 68 campgrounds, featuring 8,179 campsites, 825 cabins, 18 yurts, and 136 full-service cottages with amenities like power, kitchen, bath, beds, living room, and outdoor living space.

State Office of Parks, Recreation and Historic Preservation Commissioner Erik Kulleseid said, “It is gratifying that the public has again given State Parks a vote of confidence.

Providing places for safe and healthy recreation has been critical as we continue to emerge from the pandemic, and people obviously enjoy the many improvements made

under the NY Parks 2020 initiative. People have many choices today on how to spend their recreational time, and we are grateful that so many are choosing to spend it at our Parks. We intend to keep this progress going.”

DEC operates 52 campgrounds and five day-use areas in the Adirondack and Catskill forest preserves that provide a wide variety of experiences, including island camping, tent and trailer camping, boat launching facilities, hiking trails, beaches and day use areas with picnic tables and grills.

The camping season runs through the summer, with some facilities remaining open during fall foliage and hunting season. Under the Adventure NY and other initiatives, DEC continues to make improvements at DEC camping facilities, including several for the 2021 season to provide new showers and comfort stations, power and water systems, and equestrian-specific improvements at the Frontier Town campground.

In 2021, New York State rolled out a new Loyalty/Reward program for campers where they earn points for every dollar spent on overnight accommodations at all state-owned and -operated campgrounds for both State Parks and the Department of Environmental Conservation. More than 55,800 people have enrolled so far. Campers can start earning points on new reservations as soon as they are enrolled.For more information about the program and to register, visit https://bit. ly/3Ek7Hsp. Reservations for State Park campgrounds are available through ReserveAmerica, which provides online and phone reservations for campsites throughout New York. Reservations are accepted for campsites and cabins, from one day to nine months in advance of the planned arrival date. Visit the website or call toll free 1-800-456-CAMP. For more information on any of the recreation areas, call 518-474-0456 or visit www.parks.ny.gov.

Nominations are being accepted for the 2022 National Small Business Week (NSBW) Awards.

The NSBW Awards recognize the achievements of SBA-assisted small businesses and the contributions they have made to their communities and our nation’s economy.

“The SBA Upstate New York District is excited to further support our small businesses and entrepreneurs in 2022. We’re looking for your nominations for the Agency’s 2022 National and District Small Business Week Awards, including our Small Business Person of the Year,” said District Director Bernard J. Paprocki.

The SBA Upstate New York District serves 34 counties across upstate New York, including Saratoga, Warren and Washington.

“The past 20 months have been challenging as small businesses have adapted and pivoted to meet the demands of COVID across our 34 county coverage area. That’s why we’re asking our neighbors to nominate a small business owner who has used an SBA program like the Paycheck Protection Program, COVID Economic Injury Disaster Loans, Restaurant Revitalization Fund, Shuttered Venue Operators Grant or any of our traditional funding programs or resource partner services,” Paprocki said.

“Self-nominations are also accepted to help further highlight our vibrant small business community from Central New York, the Capital Region and North Country to the Hudson & Mohawk Valleys, Southern Tier and Finger Lakes,”

he said.

To nominate a small business owner located in the Upstate New York District, apply online at sba.gov/nsbw. Learn more about nomination guidelines, downloan the required background and nomination forms and submit them via the proper national or district upload link. For National Small Business Week 2022, no paper or mailed forms will be accepted. All nominations must be made online.

All nominations should be submitted electronically by 3 p.m. on Jan. 11. The awards will be presented during National Small Business Week in early May. Nominations for the following categories are now being accepted: Small Business Person of the Year; Small Business Exporter of the Year; Phoenix Awards for Disaster Recovery; Phoenix Award for Small Business Disaster Recovery; Phoenix Award for Outstanding Contributions to Disaster Recovery, Public Official; Phoenix Award for Outstanding Contributions to Disaster Recovery, Volunteer.

Small Business Prime Contractor of the Year; Small Business Subcontractor of the Yearl Dwight D. Eisenhower Awards for Excellence (for large prime contractors who use small businesses as suppliers and contractors); Small Business Development Center (SBDC) Excellence and Innovation Center Award; Women’s Business Center of Excellence Award; Veterans Business Outreach Center of the Year and Small Business Investment Company of the Year.

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14 • SARATOGA BUSINESS JOURNAL • DECEMBER 2021

SARATOGA BUSINESS JOURNAL

SPECIAL SECTION

Cyber/Tech

ReWire Group Earns Certification As Vendor Making At-Home Work Stations Secure For National Minority Supplier Council Helped Businesses Operate During Pandemic ReWire Group, an energy advisory group in Saratoga Springs, has earned a new certification as a vendor for the National Minority Supplier Development Council (NMSDC). The NMSDC advances business opportunities for certified Minority Business Enterprises (MBEs) and connects them to corporate members.

With more than 500 national corporate members that represent some of America’s largest public and privately-owned global companies, NMSDC is a key resource for procurement and purchasing agents in private and public organizations.

NMSDC acts as a vital conduit between buyers and suppliers seeking to bolster diversity and minority business opportunities. In addition to public and private members, many hospitals, universities, and other regional buying institutions are local members of NMSDC’s 23 affiliated Regional Councils.

“As our business has developed and built a regional network of customers, ReWire is constantly seeking opportunities for collaboration and growth,” said Lee Evans, a partner in the company. “The NMSDC will further open that door to regional and national sales channels for our business, helping us to connect with buyers throughout the New York/New Jersey region as we offer competitively priced options that fulfill MBE procurement standards.”

The NMSDC’s certification is considered the platinum standard in supplier diversity focused

on building relationships with trusted MBEs and can improve our financial performance. Benefits of being certified with the NMSDC include a wide range of opportunities that help certified MBEs such as ReWire gain access to America’s largest and most influential companies around the world by increasing their visibility and overall growth.

Following successes in energy advisory, community solar and municipal engagement, new opportunities have positioned ReWire Group for even greater customer success through their experience with direct public procurement models, the company said.

ReWire has developed a custom market penetration strategy and will use its NMSDC Certification status to pursue even further growth The NMSDC Certification is one that procurement officers look for when seeking to secure the highest quality solutions while maintaining diversity standards. Officials said that coupled with a recent strategic partnership with Tire Conversion Technologies (TCT) products, ReWire has entered an entirely new chapter in their channel and market development efforts, supported by continuous marketing campaigns and outreach programs, developing ongoing visibility and awareness for TCT products.

ReWire Group, LLC, is a family-led MBE company focused on delivering a variety of products and service solutions for public and private sector clients across the region.

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BY CHRISTINE GRAF In the early days of the pandemic when non-essential businesses were forced to close, companies relied on information technology professionals to help keep their businesses running.

According to Mike Tompkins, IT director at myTechs in Clifton Park, his company’s staff responded quickly in order to meet the need of customers. In addition to providing support and help desk services, myTech offers IT consulting, security, project management, virtualization, and disaster recovery.

“One of the biggest initial things that came up was how to support people to work from home because you do have people’s personal internet that they are using and maybe even their home computers in some instances,” he said. “We worked to make sure that employees are working safely when they aren’t in the office.”

Some customers had to purchase equipment and upgrade infrastructure, while others already had the necessary systems in place. Supply chain issues made obtaining IT equipment difficult. Tompkins said prices have increased 5-10 percent.

“For the last few years, work from home has sort of been on the horizon,” he said. “A lot of our customers were working on this before COVID even hit because they wanted some kind of solution for employees who work out of state or are traveling constantly. We were already ramping up for this without knowing what was coming.”

During the shutdown, myTechs operated drop stations where customers picked up equipment. Everything was sanitized and only one person was allowed into the room at a time.

“We did things like sending laptops home and making sure they had a nice workspace setup with two monitors in some cases,” said Tompkins. “We set it up for most our customers so that they felt like they really were working in their office and not just sitting at their dining room table doing work.”

When it came to ensuring data security, myTech employed the use of Virtual Private Network (VPN) connections. A VPN provides an extra layer of privacy and anonymity.

“The biggest thing that we rolled out was

Mike Tompkins is the IT director at myTechs in Clifton Park. the secure VPN connections,” said Tompkins.

“That puts a direct link from a person’s computer right to the office. There are no opening holes in the firewall where unruly people could attack the systems.” myTechs also offers an advance security package that includes ransomware protection, DNS protection, anti-virus software, SPAM filtering, and backups.

“No matter where you are—in your company’s office or at home or at a hotel—our security platform follows the computer itself,” said Tompkins. “It locks down the computers and secures them, and if something does happen, we have backups and can clean the viruses off.”

They also encourage the use of multi-form authentication, a security technology that requires multiple methods of authentication to verify a user’s identity for a login or other transaction.

At Glens Falls-based TIMIT Solutions, software professionals helped customers by writing software that allowed them to work remotely. TIMIT works with small to medium-sized companies around the globe to develop software applications that improve efficiency.

Continued On Page 15

SARATOGA BUSINESS JOURNAL • DECEMBER 2021 • 15

At-Home Work Stations Continued From Page 14

“If people are working from home, they are having to do things that normally they might have done in the office using old fashioned paper and pen. We help to digitize some of those things on the software end of it,” said Tim Montgomery, one of TIMIT’s three principal owners.

When the pandemic shut down nonessential businesses, many companies reached out to TIMIT to write COVID screening software which in some cases needed to be HIPPA compliant.

“We had some local customers that deal with the medical and healthcare industry, and they need a HIPPA-compliant screening setup where they would have fully encrypted end-to-end data and people could do that on their cell phones from wherever before they were to come into the office or meet with somebody outside of the office. We did that for customers in multiple states.”

Within these application, all personal health information was fully encrypted to ensure patient privacy.

“The application was making sure endto-end that nothing was being shared in an external email or something like that,” he said. “We had to provide a completely locked down HIPPA-compliant environment.”

The demand for this type of software went well beyond the medical industry. Customers in other industries also reached out to TIMIT for help during the pandemic when in-person contact was limited.

“This pandemic brought us from writing cool mobile apps and doing web sites and other kinds of custom apps to helping customers with their move into the digital arena. That literally meant replacing paper and pencil,” he said. “We hear things from clients saying, ‘This is so easy. Why haven’t we always done it this way.’”

As an example, Montgomery referenced the Adirondack YMCA in Glens Falls. Instead of having someone at the door screening members, they used software developed

by TIMIT that allowed them to prescreen members, employees, and vendors before they walked through the door. People were required to answer screening questions on a digital device before arriving and only those who passed the screening were allowed inside.

“The Y had a database that was completely encrypted where they could see all of the rejections and all of the accepted,” said Montgomery.

TIMIT also helped an unidentified customer in Ballston Spa that is in the service industry and was deemed an essential business. The business remained open during the pandemic shutdown.

“They go into schools and businesses and do testing of their heating and cooling and water systems. They had to keep working but didn’t want people coming into the office every day,” said Montgomery. “So we developed a field service app—a custom mobile app—so that technicians didn’t have to come into the office.

They could go to straight from their homes to a client’s site and complete their services and upload everything to a central database.”

Because of the challenges that were

Tim Montgomery is one of three principal owners of TIMIT in Glens Falls. introduced by the pandemic, Montgomery said companies have become much more receptive to developing digital apps.

“I think what it’s done is opened their eyes to what the opportunities are to reduce costs by simplifying the processes, by taking labor out of the processes, and by automating simple tasks that people are bored doing anyway.”

Montgomery said it is essential that all data is encrypted end-to-end in order to ensure that it can’t be shared outside of a database. It is also critical that employees are trained on how to avoid falling victim to cybersecurity threats.

“We aren’t in cybersecurity, but education and training is probably the most important piece of it. Don’t click on that link. Don’t believe everything you get. Educate and train your people on how to respond to these types of things.”

At one of TIMIT’s international customer businesses, a member of executive management clicked on a link in an email that appeared to be from the company’s CEO. “And bang, all of their stuff was locked.

Even if the email looks like it came from your sister, pick up the phone or send them a text and ask, ‘Did you send this to me?” he said.

“Any link you get can be a problem. When you click on a link it could be opening an executable file on a database somewhere that’s downloading all of your stuff or locking all of your files or sending out emails from you. You just don’t want to click on a link unless it’s in DocuSign or some secure environment.”

All of the applications that are developed

by TIMIT require passwords that are at least 10 characters long and have multiple types of characters. TIMIT also recommends using two factor authentication or onetime passwords. They also architect their applications in a way that ensures that data is separate from the applications which makes them more secure.

“Passwords are not secure,” he said. “If enough time and effort is put into it, almost any password can be figured out. You really need to have that second level of protection.”

AARP Fraud Watch Network Survey Shows Holiday Online Senior Shoppers Targeted An AARP Fraud Watch Network report is alerting consumers of scams they could encounter over the holidays. Of those surveyed, 75 percent percent reported they have been targeted or experienced at least one form of fraud that can be tied to the holidays.

“Scammers are out in force during the holidays to try to steal money or sensitive information from consumers,” said Kathy Stokes, AARP director of fraud prevention programs. “Online shopping, shipping gifts and even charitable donations can become tools for scammers to use in their schemes.

Knowing the warning signs is the first step you can take to spot and avoid scams.”

Three quarters of adults surveyed said they plan on shopping online for the holidays, but consumers need to know the red flags before logging in. Over a third of adults reported they experienced fraud when buying a product through an online advertisement. Some online advertisements can download malicious software onto devices or lead the shopper to a cloned site of a legitimate store.

Officials said scams can also occur when shoppers search online for customer service contact information. Nearly half of adults surveyed believe the customer support number found at the top of an online search can be trusted. Online ads that appear to be a legitimate company’s customer service information can be a scammer’s attempt to get consumers to call them instead.

Use a billing statement or other information obtained directly from the company to find legitimate numbers, officials advised.

Also, a retailer will never ask for your log-in information when providing customer support.

Over half of adults said they are planning to

ship gifts to friends or family over the holidays.

Packages on front porches are a common target for thieves, with one in four adults reporting they lost a package in this way. Additionally, scammers send fake shipping notifications about an issue to get consumers to disclose payment or sensitive personal information.

More than a third of adults reported receiving fake carrier notifications, officials said.

The survey outlined payment options that could leave consumers with little or no fraud protection. Peer-to-peer apps like Cash App, Zelle and Venmo are gaining popularity with 45 percent of adults reporting they plan to use one this holiday season, but they do not offer fraud protection. Avoid using these apps to make purchases from people or businesses you do not know.

Nearly 70 percent of Americans will use their debit cards this holiday season, but debit cards do not offer the same protections as a credit card. The report recommends using a credit card for online purchases for better protections in the event of a fraud.

The AARP Fraud Watch Network is a free resource that equips consumers with up-todate knowledge to spot and avoid scams, and connects those targeted by scams with our fraud helpline specialists who provide support and guidance on what to do next.

Anyone can call the helpline at 877-9083360. The Fraud Watch Network also offers free, facilitated peer discussion groups that seek to provide emotional support for those experiencing fraud; and advocates at the federal, state, and local levels to enact policy changes that protect consumers and enforce laws.

State Realtors Group Says Sale Prices Of Homes Rose For 18th Straight Month Closed sales have continued to drop across the Empire State while home prices have risen for 18 consecutive months, according to the housing report released by the New York State Association of Realtors.

After escalating for 13 straight months, closed sales in New York have receded in back-to-back months. Sales fell 10 percent from 15,401 homes this time last year to just 13,867 sales in October 2021. Pending sales dropped as well, falling to 14,108 homes—a 6.45 percent decrease from the 15,069 sales last October. New listings of homes also fell, decreasing from 18,440 listings in October 2020 to 15,507 last month. This marks a 15.9 percent decrease in year-over-year comparisons.

Median sales prices continued to rise in October. The median price of $370,000 last

month marks a 10.1 percent increase from the $336,000 price in October 2020. The New York market has now seen 18 consecutive months of median sales increases in yearover-year comparisons.

Inventory of homes for sale declined 23.1 percent from 53,468 homes available last October to just 41,093 on the market across the state in October 2021.

Specific data for Saratoga County was not available.

Mortgage interest rates are starting to inch higher as well. According to Freddie Mac, the monthly average on a 30-year, fixed-rate mortgage in October rose to 3.07 percent—the first time above three percent since April.

Additional data is available at www.nysar. com/industry-resources/market-data.

16 • SARATOGA BUSINESS JOURNAL • DECEMBER 2021

Business Registrations

Moreau Community Center Gets A Grant The Moreau Community Center has received a $50,000 grant to develop job training programs and make facility improvements through a philanthropic initiative launched earlier this year by Spectrum.

The Spectrum Community Assist program is a five-year, $30 million initiative that aims to revitalize local community centers and invest in job training programs in underserved rural and urban communities serviced by the utility company.

“Community centers like Moreau Community Center are hallmarks of our neighborhoods, where people go for support, shared experiences and develop new job skills or find new employment,” Rahman Khan, vice president of community impact for Charter Communications, parent company of Spectrum, said in a statement.

The company aims to provide support to 100 community centers in 41 states by the end of 2025.

Through a partnership with Rebuilding Together of Saratoga County, a nonprofit organization that provides free home repairs to those that can’t afford them, the interior of the Moreau Community Center will be revamped.

Work includes landscaping, painting, building shelves and desks and tackling other interior projects throughout the community center. In addition to the funds, Spectrum will provide the center with upgraded internet speeds of one gigabyte at no charge through the end of the program, according to a news release.

Additionally, the company will donate 25 laptops to support the community center’s training and technology programs.

Donna Nichols, executive director of the Moreau Community Center, said the partnership will provide “much-needed” services to the community.

“Moreau Community Center is thrilled to be partnering with Spectrum to provide muchneeded services in our community,” she said in a statement. “Strong partnerships are the basis of getting things which impact people positively done.”

Earlier this year, the Moreau Community Center received a grant through Lowe’s to renovate its community kitchen. Construction for that project is currently in progress.

Card Catalog

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TKO Construction and Property Maintenance Leighton Anderson Jonathan Higley 985 Miller Road Middle Grove 12850 Clear Choice Hardwood Construction John English 51 Sinclair Road Northville 12134 Derrick McGrew Jr. Property Services Joseph Salvato Derrick McGrew 37 Gates Ave. Victory Mills 12884 Bayard Plowing Services Brandon Bayard 851 Hudson River Road Mechanicville 12118 Helpful Painter Cody Briscoe 121 Miller Road Argyle 12809 RJW Memorabilia Scott Waterhouse 284 Brigham Road Greenfield 12833 Silver Mare Boutique and Boarding Marjorie Mickan 7310 Barkersville Road Middle Grove 12850 Hot City Maple Emilia Medick 340 Hop City Road Ballston Spa 12020 DDA Quinn Ody Garmley Hagadorn 224 Taxacanna Road Ballston Spa 12020 Prezidential Djs Jermaine Hammond 262 Greenfield Ave. Ballston Spa 12020 Preserve Restore and More Karen Peck-Schubert 29 Acorn Ave. Clifton Park 12065 Berkana Emporium Eishau Brown 26 Suffolk Lane Gansevoort 12831 Asterli Boutique Alexandra Newberry 209 Middletown Road Waterford 12188

Richard Kessinger Owner

P.O. Box 187 Saratoga Springs, NY 12866

(518) 944-0359

saratogalawnmaintenance@gmail.com

Fire Aunt Pepper Co. Colleen Krause 30 Elmore Robinson Road Mechanicville 12118 Project Pro Remodel and Repair John Vannoy 236 Emigh Road Rock City Falls 12863 Saratoga Peak Performance Scott Michael 30 Gick Road Saratoga Springs 12866 Alex Todd PM Buy Sell and Trade Alexander Todd 127 Milton Ave. Ballston Spa 12020 DeSalvadore Designed Michelle DeSalvatore 215 Yorkdown Drive Clifton Park 12065 Good Vibez Cleaning Services Renee Estes 370 Daniels Road Saratoga Springs 12866 Delivered!

Kim Wafer 5 Whispering Hill Drive Clifton Park 12065 JLC Lawn Care Richard McDaniel 1362 Division St. Ballston Lake 12019 American HDW Builders James Willsey 559 Route 9P Saratoga Springs 12866 WillFitUin Megan Mosca 6 Franklin Square, Suite D Saratoga Springs 12866 518 Mr. Paint Michael Meier 23 Collamer Drive Malta 12020 American Custom Decks and More Brook Bull 622 Rock City Road Ballston Spa 12020 Outlaw Urban Attraction Habiba Ibrahim 3035 Route 30 Saratoga Springs 12866 Pro2146 Donald Guilder 2822 Foxwood Drive S. Clifton Park 12065

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SARATOGA BUSINESS JOURNAL • DECEMBER 2021 • 17

Business Briefs Continued From Page 3

the hospital’s stroke program. The grant will help cover education, equipment and other costs involved in attaining state Department of Health designation and Joint CommissionAmerican Heart Association certification as a Primary Stroke Center.

* * * The Artisan Market at Brookside Museum will be returning in 2021, running through Dec. 24.

The 21st installment of the market will feature only handcrafted products created by local artisans. Items from natural soaps and lotions to ornaments and jewelry, to syrups and edibles will be available.

“There is such a variety of items, it makes holiday shopping simple, plus each item sold supports both the Saratoga County History Center and local artisans,” said center trustee Donna Dardaris.

Brookside Museum, headquarters of the Saratoga County History Center, is located at 6 Charlton St., Ballston Spa. The 2021 hours are Thursday, noon to 5 p.m.; Friday, 11 a.m. to 6 p.m.m; Saturday and Sunday, 11 a.m. to 5 p.m.

Face coverings are required. Hand sanitizer will be available.

All money raised by the Artisan Market will fund history center public programming and collection maintenance. Inquiries about the market can be directed to Donna Dardaris at donna@brooksidemuseum.org. Additional information can be found at brooksidemuseum. org.

* * * The Tri County United Way is offering free tax classes to potential volunteers joining the Volunteer Income Tax Assistance program.

With the stimulus payments and recent changes to the Earned Income Credit, Child Tax Credit, and Dependent Care credit more local residents may be looking for assistance completing their tax returns during the 2022 filing season.

Volunteers become IRS certified tax preparers upon successful completion of this training.

They then work one or two days/evenings a week in the local communities assisting families and individuals free of charge with completing and e-filing their personal tax returns.

The local VITA team prepares tax returns throughout Washington, Warren and Northern Saratoga counties during the tax filing season of January through April. Other volunteers are needed to answer phones, make the tax appointments, and serve as greeters at the tax sites.

To learn more and/or register for these free tax classes contact Joan at 518-746-2560 or via email at tcuwvita@gmail.com or visit the website at www.tricountyunitedway.org.

* * * The Arrow Family of Companies donated $100,000 in November to 20 local nonprofit organizations in support of programs that benefit the economic well-being of families. This funding is a special contribution as part of the Arrow Family’s second annual Thankful campaign, and is in addition to its normal annual giving.

The Arrow Family of Companies, which includes Glens Falls National Bank and Trust Co., Saratoga National Bank and Trust Co. and Upstate Agency, LLC, is reaching out this month to the 20 community partners from Albany to Plattsburgh and thanking them for their mission-driven efforts.

All beneficiaries of the $100,000 provide services within Arrow’s eight-county footprint. Organizations receiving funds were: Adirondack Community Action, Advocacy and Resource Center (ARC Clinton County), Boys & Girls Clubs of the Capital Area, CAPTAIN Community Human Services, Child Care Coordinating Council of the North Country, Glens Falls Area Youth Center, JCEO, L.E.A.P., LifeWorks Community Action, Literacy Volunteers of Clinton, Essex and Franklin Counties,.

North Country Ministry, North Country Workforce Partnership, Salvation Army, Southern Adirondack Child Care Network, SEAT (Social Enterprise And Training) Center, TriCounty Literacy Center Inc., Warren-Washington Assoc. for Mental Health, Warren County Employment and Training Administration, and YWCA NorthEastern NY. To learn more visit gfnational.com/Thankful or upstateagency.com/Thankful.

* * * Tully Rinckey PLLC and Price Chopper/ Market 32 distributed 250 free turkeys to Capital Region active duty and retired military personnel during the 12th annual Turkeys for Veterans initiative in November.

Over the last 12 years, Tully Rinckey PLLC has donated thousands of free turkeys to veterans across New York state in an effort to strengthen their bond with the veteran community.

Officials from Tully Rinckey PLLC hand delivered approximately 3,500 paounds of turkey to military personnel and veterans. To ensure safety during the COVID pandemic, turkeys were distributed via a drive through process, whereby veterans pulled up to the distribution area in their car and had their turkeys loaded by a Tully Rinckey volunteer.

Since 2009, the Turkeys for Veterans initiative has provided the Thanksgiving centerpiece for the families of more than 1,700 active duty and retired military personnel in the greater Capital Region. The firm has also provided turkeys to veterans in Binghamton, Syracuse, Buffalo and Rochester.

Bluebird Auto In South Glens Falls Has A Supply Of Cars, Trucks And SUVs

BY JENNIFER FARNSWORTH Bill Maher, owner of Bluebird Auto, 134 Saratoga Ave., South Glens Falls, said he, his wife Tina, and his father William, have one goal: to sell quality pre-owned vehicles.

Maher also runs Compton’s Restaurant in Saratoga Springs. He said he has always worked in some capacity in the auto industry.

With the help of his wife, he decided it was time to open up his own business.

“I was always working for others in the car business. My wife said, ‘Why don’t you try this on your own? So here we are. The people in the South Glens Falls community could not be nicer people. So easy to talk to. We are so happy to be doing business here,” said Maher.

When Maher is not at Compton’s he is at Bluebird. When he can’t be there, his father works the lot.

“My dad is there almost all the time, running the place, taking care of the buying and selling,” said Maher.

Bluebird’s Saratoga location used to be a hot dog restaurant.

“We basically had to gut the place and start all over. I credit my wife with the design and the decor. Besides the original brick, everything is new,” said Maher.

Maher said getting inventory has been an ongoing challenge.

“It is tough right now. Even finding used cars at auctions is really a challenge. I have had to look out of state. I actually have two cars coming in from Florida. We just have to hope that it eventually turns around,” he

Bill Maher has opened Bluebird Auto at 134 Saratoga Ave., South Glens Falls. said.

Despite the ups and downs of the industry, Maher said he and his family are committed to providing dependable service.

“I just want to be able to help people out by selling them a high-quality pre-owned vehicle,” said Maher.

Bluebird has a selection of cars, trucks and SUVs. They have competitive pricing and offer bank financing.

The business can be reached at 518-4804099.

Stewart’s Shops Thanks Its Employees For Their Commitment During Pandemic Stewart’s Shops employees, referred to as partners, received a week’s worth of pay as a “thank you” from the company for their commitment during the pandemic.

The bonus checks were distributed in November to approximately 4,900 parttime and full-time workers. The majority received a check equivalent to one week’s worth of pay while employees that started after September 2021 received a $100 check.

“Our committed partners and vertical integration allowed us to keep our shops open and provide essential food and fuel.

We can’t thank our partners and customers enough for their patience, cooperation and following of strict COVID protocols throughout the pandemic. This bonus is our way of sharing our success and saying thank you to all of our partners,” said Gary Dake, president of Stewart’s Shops.

Stewart’s Shops has an Employee Stock

Ownership Plan and benefits package, but this bonus was extended to all active Stewart’s Shops Partners not just those with ESOP eligibility, the company said.

ESOP participants also receive paid maternity leave, half-priced YMCA fitness and day care memberships. In addition, the dependents of Partners are eligible for “Make Your Own” scholarships providing $300,000 in college scholarships annually.

Stewart’s Shops currently has positions available at its shops, plant, and corporate office.

Founded in 1945, Stewart’s Shops is an employee and family-owned convenience store chain based in Saratoga Springs. It is known for offering milk, ice cream, coffee, easy food, gasoline and other convenience items. There are over 350 Stewart’s Shops located in 32 counties across upstate New York and southern Vermont.

18 • SARATOGA BUSINESS JOURNAL • DECEMBER 2021

REGIONAL STOCKWATCH Stock Name

Closing Price 11/12/2021

Albany Int’l

88.03 86.84 82.68 86.24

Arrow

36.51 35.76 35.11 35.01

AT & T

24.94

Ball

93.37 95.50 94.50 93.58

Ballston Spa National Bank

48.00 48.00 48.00 48.00

Bank of America

46.69 45.18 45.54 43.87

Best Buy

135.63 136.13 114.77 105.87

Citizens Bank

49.36 49.61 48.56 46.35

Espey

15.50 15.05 14.62 14.36

General Electric

107.59 99.96

Hilton

143.47 144.37 136.21 138.74

Home Depot

371.10 407.01 401.04 407.81

Int’l Paper

49.28 47.58 47.53 46.45

Key Corp

23.88 23.17 22.70 22.41

Lowe’s

236.32 249.52 247.69 248.69

Martin Marietta

418.94 416.82 414.32 408.37

M&T Bank

158.62 156.14 152.79 146.96

McDonald’s

249.29 250.56 248.63 249.33

National Grid

64.30 65.07 65.56 66.59

NBT Bancorp Inc.

38.02 36.80 35.93 36.93

Plug Power

43.14 44.55 40.25 33.46

Quad Graphics

4.32 4.12 4.04 3.61

Starbucks

111.72 110.78 110.66 111.24

Sysco

76.21 74.17 72.73 69.98

Closing Price 11/19/2021

24.13

Closing Price 11/26/2021

24.22

97.84

Closing Price 12/03/2021

23.46

92.77

Latham Group Inc 23.44 22.48 23.12 25.10 Target

259.13 250.70 246.57 247.57

The TorontoDominion Bank

74.44 72.63 73.95 74.43

Kaspien Holdings

15.03 14.46 12.85 13.77

Trustco Bank

33.72 33.04 32.31 32.39

Verizon

52.34 50.86 51.80 51.42

Walmart

147.76 142.39 144.90 137.51

This list of quotations is provided through the courtesy of Robert M. Schermerhorn, CFP®, Saratoga Financial Services, Securities offered through LPL Financial /Member FINRA & SIPC, located in Saratoga Springs, NY. www.SaratogaRetire.com

Childrens Museum Continued From Page 10

an estimated 3 million visitors each year. In addition to the nationally known Saratoga Performing Arts Center, the SPAC School of the Arts, the National Museum of Dance, the Saratoga Automobile Museum, the Gideon Putnam Resort and Roosevelt Baths and Spa, and the Spa City Farmer’s Market, Saratoga Spa State Park offers a multitude of recreational and cultural amenities including golf courses, clay tennis courts, a nature education center, the Spa Little Theater, cafes and restaurants, and miles of trails for walking, running and biking, all set within landscapes including National Historic Landmark architecture and 2,400 acres of varied natural habitats.

State Sen. Daphne Jordan said the museum is a cultural, educational, and recreational

Flight Wine Bar Presents An Aviation Theme With Signature Culinary Dishes

treasure. “With a 32-year record of excellence and delivering unique, hands-on learning and experiential opportunities, the Children’s Museum at Saratoga truly is the place where learning and play go hand-inhand and is a beloved community resource that fosters creativity and imagination ...

This expansion project for the Children’s Museum at Saratoga will foster children’s imaginations, helping them grow their talent and creativity so it can encircle and benefit the world.”

Assemblymember Carrie Woerner said the project “will provide room for the children and the institution to grow and will expand the options for residents of our community and the entire region to enjoy this historic park.”

John Homkey and Melissa Brennan opened Flight Wine Bar and Restaurant at 11 South St. in Glens Falls. The restaurant features a 10-seat bar and a fashionable dining room.

BY GINNY BRANDRETH Flight Wine Bar and Restaurant is a new restaurant at 11 South St. in Glens Falls.

The restaurant offers an elegant culinary experience in a fashionable, mid-century modern atmosphere. From the décor to the flight attendant uniforms, to the menu, the restaurant has an aviation theme.

Owners John Homkey and Melissa Brennan have been wanting to bring a new twist to the area’s restaurant scene for years. Flight Wine Bar got its start when the pandemic was just beginning, giving the owners time to fully develop their vision. The result is a restaurant they say is thriving as it takes guests on a new culinary adventure.

“Several years ago, I was traveling in Portugal and noticed how the locals savored life. How they took their time to enjoy food, drink, and culture. I decided then that I wanted to bring this experience home,” said Brennan.

“I had always wanted to have a bar and restaurant and knew it would be best to find a business partner,” Homkey said. “I quickly fell in love with Melissa’s vision and the thought building this business together was a big bonus.”

“As we started designing our restaurant, we knew we want to focus on the theme of travel’, said Brennan. “At Flight, our guests are treated to different cultures through international cuisine, wines and beers in a way that mirrors a dinner in a foreign country”.

Guests are greeted by a stewardess that hands them their “boarding pass” and takes them to their first-class seat. Soon, passports will be available that guests can get stamped when they order, thereby accumulating reward points.

Locally renowned executive chef Denver Grover, has designed her menus to incorporate local and imported ingredients to create culinary adventures around the world.

“My goal is to have our guest feel like there are dining ‘in country’ with foods and wines that allow them to experience the unique flavors of a region,” said Grover. “My focus is on method as well as ingredients so we can deliver authentic,

Courtesy Flight Wine Bar and Restaurant

native dishes.”

Current menu favorites include parmesan fried artichokes, French pate, Stracci (lamb stew), in addition to filet and scallops. Even the charcuterie boards are taken to a new level, curated to reflect a specific region or country with foods sourced from their particular region. Grover has also created “destination” flight menus, featuring small plates for those that want to immerse themselves in the cuisine of one country, such as Italy or France.

As its name suggests, Flight Wine Bar offers a curated wine selection presented by the glass, by the flight, or by the bottle.

“We offer a boutique wine collection that isn’t commonly found, classics that pair well with food that are delicious,” said Calanne VanLaeken, wine expert and general manager. “I want our guests to have fun with wine by making it approachable, not intimidating. I want them to try wines from parts of the world they might not otherwise have considered.”

Along with a full bar, she has also developed a menu of classic cocktails that blend traditional recipes with international spirits and cordials as well as house made ingredients like syrups and herb blends. Like their wine and beer selections, flights of cocktails will also be available.

The restaurant features a 10-seat bar and a fashionable dining room. Soon, patrons will be able to attend special events in the Winter Wonderland patio.

Flight Wine Bar is located next to Flight European Market & Deli, which features signature blend coffees from beans sourced around the world. It also has a selection of craft beers and other locally supplied culinary items. The Market & Deli serves a full breakfast and lunch menu, and is open Tuesday through Saturday, 7:30 a.m. to 2 p.m. Thursday through Saturday there are additional hours of 5-9 p.m.

Flight Wine Bar is open Tuesday through Saturday, 5-9 p.m. Reservations are recommended but walk-ins are welcome. They can be reached at 518-502-1627 for information and reservations.

The website is flightwinebarandmarket.com.

Merry or Wary?

Continued From Page 9

increase sales, but also raise prices. This is allowing them to pass along their own higher input costs and continue to increase their earnings. Company earnings are the biggest factor in contributing to higher stock prices.

A highly accommodative Federal Reserve, strong demand and limited supply do have a dark side — inflation. After being dormant for years, high inflation reared its ugly head this year. The October Consumer Price Index (CPI) hit 6.2 percent, a level not seen in decades.

Other inflation indicators also hit multidecade highs.

The Federal Reserve, in justifying its stance, stated that they expect inflation to run above normal as we recover from the pandemic. They believed higher inflation would be transitory and would return to more normal levels in the near future. However, inflation readings

continue to rise and are running well above the Fed’s elevated expectations, especially when it comes to wages and rents.

It is possible that as supply chain issues are addressed, inflation will level off and begin to normalize. However, if inflation continues to surge, the Federal Reserve may need to take a more restrictive stance. It may need to end its asset purchase program early, and begin to raise interest rates sooner and more aggressively than it previously indicated.

Periods of aggressive Fed tightening have resulted in volatility and negative stock returns in the past. Inflation and how the Fed navigates returning to a normalized fiscal policy will be key factors in market returns next year.

Investing in a properly diversified portfolio remains the best way to beat inflation and grow your savings over time.

SARATOGA BUSINESS JOURNAL • DECEMBER 2021 • 19

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Available Commercial & Residential Properties We’d like to promote your commercial or residential property. Call us, 581-0600.

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Flamingo Resort On Lake George Purchased

By Massachusetts Real Estate Developer

4 Crestwood Drive, Greenfield Center $746,900

The Flamingo Resort on Lake George was sold by George Pasternak and his sister Chrystyna Panycia, whose parents started the business. The buyer is a Massachusetts real estate developer.

Courtesy Muroff Hospitality Group

Muroff Hospitality Group announced the sale of The Flamingo Resort on Lake George.

Chris Kozaczka, a Massachusetts real estate investor and tax analyst, and his family purchased the 65-year-old Flamingo Resort located at 3914 Lake Shore Dr, Diamond Point.

The seller was Flamingo Resort Holding LLC and Flamingo Lake George Inc., which is George Pasternak and his sister Chrystyna Panycia, whose parents started the business.

The sales price was $6,5 million.

Mitch Muroff of Muroff Hospitality Group represented the Seller and secured the buyer in an exclusive listing. The business transaction closed on Tuesday, Nov. 30 in Glens Falls.

The Flamingo Resort is in the prestigious Diamond Point section of Lake George. Muroff said the resort has been family owned for nearly 65 years, and the sellers were successful in finding a buyer that would continue their legacy of maintaining a traditional family resort.

The 4.63-acre property features 59 one-, two- and three-bedroom cabins, most with full kitchens, in addition to a spacious owner’s home, all with views of Lake George.

Other features include a private sandy beach, two full-size, heated swimming pools and a marina boasting 17 docks and five charter boat licenses.

The Pasternak family decided a couple years ago that they would be willing to sell the Flamingo if

the price was right, but they wanted to find a buyer interested in continuing to run the business as a resort, Muroff said.

The Flamingo sale is part of a flurry of activity of marina and resort sales on the lake. Jim and Con Burke purchased the Bayview Lakeside Suites & Marina in Bolton in late October for $4.9 million.

The 7.5-acre, 62-room Capri Village Resort & Motel next door to the Flamingo sold for $5.5 million last month to builder David Massaroni of Niskayuna.

Other sales dating back to December of last year include Adirondack Diamond Point Lodge in Diamond Point being sold to Todd Drake, owner of Watervliet-based Cornerstone Building Corp. and Empire Real Estate Management, for $900,000.

Capital Region plastic surgeon, Dr. Edwin Williams III, in May bought F.R. Smith and Sons Marina at 36 Sagamore Road in Bolton Landing for $3.5 million. In July, Muroff Hospitality Group announced the sale of The Lake George Suites, 3678 Lake Shore Drive in Lake George for $3.2 million. R.E. Hansen Industries Inc. of St. James is the new owner.

In late 2020, Dagget Lake Campsites and Cottages in the town of Thurman was sold by Tom Near and Pamela Finnegan for $2.8 million.

Muroff also brokered that sale.

Muroff Hospitality Group serves the greater New York–New England Region as a boutique hospitality brokerage firm representing independent and franchised hoteliers alike.

Save At An Early Age

that goes into making sure we are making a client’s situation as tax efficient as possible and also for the next generation’s because we want to make sure that Uncle Sam isn’t your biggest beneficiary when it’s all said and done.”

When developing investment strategies, the firm focuses on what Wells refers to as the “three buckets.” The first bucket, the pre-tax bucket, contains IRAs, 401Ks, and other investments that will be taxed upon withdrawal. The second bucket, the after-tax bucket, contains fully liquid assets for which earnings are taxed. The third bucket, the tax-free bucket, contains Roth IRAs and other investments for which distributions are tax free.

“If you have money in all three buckets, when tax rates are higher, you can take from a tax-free bucket,” he said. “When tax rates are lower, you can take from a pre-tax bucket. It’s about making sure we are preserving and keeping as much of the assets inside the household for our clients.”

Both Wells and Bouchey recommend finding a financial advisor who best meets a client’s individual needs.

“If you’re hesitant, come in and have a conversation,” said Wells. “At the very least, you are going to learn something. And the end of the year is a good time to take a look at your portfolio and rebalance it and make sure that you are still aligned with your risk tolerance and your goals.

According to Bouchey, there are many benefits to having help from a trained professional.

“We are trained to look under the rocks and point out things you may not figure out on your own. The best value that I bring to clients is that I take the emotion out of the process. Investors think with their heart. They panic and have kneejerk reactions, while a professional like myself is going to make sure that we don’t bring those emotions into the decision making.”

Continued From Page 8

recommends that everyone have three to five months of living expenses in their savings accounts.

A private wealth advisory practice of Ameriprise Financial Services, Three Buckets has offices in Glens Falls, Latham, and Tucson, Arizona.

“If you don’t have disability insurance through your employer, it should be closer to six months of living expenses,” said Wells.

He recommends making maximum contributions to employer matched 401K programs in order to take advantage of “free money.” He also recommends Roth IRA’s to many of his clients including recent college graduates who are in lower tax brackets than they will be later in their careers.

“What we have been doing with a lot of our clients is a Roth conversion which is essentially realizing the tax or converting pre-tax assets like a 401K or IRA to a Roth IRA so that you realize the tax in that year. But that amount going forward is tax free, and the earnings are also tax free. It’s tax free to the owner of the account but also tax free to the beneficiary when they receive it down the road.

In your early years when income is lower than it will be in the future, making a Roth contribution is a wise idea.”

Many of Three Buckets’ clients are members of the Baby Boomer generation and plan to leave inheritances to their children.

“The Baby Boomer generation is getting older and older, and it is the first generation that is expected to leave behind more money than the prior generation. A lot of money will be changing hands,” he said. “There’s a lot of financial planning

Award-Winning New Construction by Kodiak Construction. Modern Farmhouse w/ 3 beds, 2.5 baths, office & mudroom on 2.54 acres, Saratoga Springs School District. Custom eat-in kitchen w/ large island, navy & white cabinets & quartz countertops. Walk-in pantry w/ shelving & storage, microwave countertop & enclosed by a barn door entry. Floor-to-ceiling nickel gap trim fireplace, accented by timber mantle & 6 matching floating shelves. 2nd floor space-saving laundry station w/ lower & upper cabinet storage, clothes hanging space & enclosed by oversized double barn doors.

Master suite w/ walk-in closet, ceramic tiled shower, double vanity & water closet. 2 car attached garage, screen porch, stamped concrete patio & finished landscape package. Taxes are estimated.

Listing Agent: Jeana Labas | 208.360.1175 jeanarlabas@gmail.com

20 • SARATOGA BUSINESS JOURNAL • DECEMBER 2021

Vote d

The A reas #1 W ine & Liqu or St ore For 1 3 Yea rs In A Row !

We’re not the “BEST” because we’re the “OLDEST“ We’re the “OLDEST“ because we’re the “BEST”

Come Discover Purdy’s with 15,000 Square Feet of Inventory! Celebrating over 58 Years in Business.

STAFF HOLIDAY SELECTIONS

To help your families celebrate this holiday season, we at Purdy’s would like to suggest the following from some other families working to provide us with pleasure and joy yearround, by sharing with us the results of their hard work, dedication, and passion.

From Weis Vineyards and Hans Peter Weis in Hammondsport, NY (a producer of wonderfully precise German style wines out of the Finger Lakes territory).

• Schulhaus Red, 2020 - $18.99 • Gewurztraminer, 2019 - $19.99 • Ice Wine Riesling, (375 mL) - $52.99

From Jim Clendenen’s Family, and Au Bon Climat, (creating truly Californian wines rooted in classic French and Italian grape varieties, winemaking technique and history).

• Clendenen Family Estate, Santa Maria Valley Aligote, 2019 - $20.99 • Clendenen Family Estate, Santa Maria Valley Viognier, 2017 - $20.99 • Clendenen Family Estate, Santa Maria Valley Nebbiolo “The Pip,” 2017 - $27.99 • Au Bon Climat, “Hildegard” Estate White, Santa Maria Valley, 2018 - $38.99 • Au Bon Climat Santa Barbara County, Pinot Noir, 2019 - $23.99

From the James Rahn Wine Co., Oregon (who make wonderful and exhilarating wines in tiny quantities that explore a grapes ability to reflect a sense of place).

• Weber Vineyard Pinot Gris, Dundee Hills, Oregon, 2020 - $21.99 • Elk Cove Vineyard Riesling, Yamhill-Carlton, Oregon, 2016 - $24.99 • Jubilee Vineyard Gamay Noir, Eola-Amity Hills, Oregon, 2019 - $33.99 • Rainsong Vineyard Pinot Meunier, Willamette, Oregon, 2018 - $37.99

From Jason Barrett and Black Button Distilling in Rochester, NY (who make wonderful things sourced in large part from NY – Go Team!)

• Four Grain Straight Bourbon Whiskey - $49.99 • Bespoke Bourbon Cream - $27.99 • Apple Pie Moonshine - $17.99 (518) 584-5400 • Curbside Pick-up Available 70-72 Congress Street Plaza, Saratoga Springs Open 7 Days A Week • 1 Block Off Broadway • Next To Embassy Suites