FOR IMMEDIATE RELEASE
December 13, 2018
Dennis Brobston, President
Saratoga Economic Development Corporation
SEDC PROMOTES TWO PROJECTS DRIVING NEARLY $24M OF NEW INVESTMENT IN CLIFTON PARK
Synergy Park Advancing with $2.5M Initial Infrastructure Investment
$21.4 Million Ellis Expansion Adds 35 New Jobs & Over $2.15M of New Wages
Clifton Park, NY — At the start of 2018, Saratoga Economic Development Corporation (SEDC) and MJ Properties of Clifton Park, Inc. announced the launch of mixed use commercial Synergy Park to boost available inventory for a range of commercial business investments. Wednesday evening, December 12, 2018, the Clifton Park IDA heard and acted on incentives to drive the initial $2.5 million of investment toward the goal of delivering up to 1.2 million square feet of commercial space to attract future job creation. Meanwhile, at the same hearing, SEDC presented a $21.5 million project by a Minnesota based healthcare developer to expand Ellis Medicine’s surgery service center and related professional medical practices adjoining its highly visible existing Northway site. This investment will retain 36 jobs and add 35 new jobs. The company’s expansion in Saratoga County will add over $2.15 million in wages to the market.
“Since announcing our five-year Advance Saratoga strategy to grow more jobs and wages, we have been touting the market demand of ready to use building inventory in key locations,” said SEDC President & CEO, Dennis Brobston. “We are pleased to see proven market developers and our partners in key communities respond to keep Saratoga County at the forefront of economic opportunity. We are pleased to work with Mark Rekucki, the Clifton Park Town Board and Planners and its IDA to support this expansive investment at a strategic location between two exits of the Northway and fronting Route 9.”
The Clifton Park based developer’s infrastructure investments will begin opening sites in Synergy Park, a Corporate Commerce and Light Industrial Park, located at Route 9 and Kinns Road. The future square footage of buildings in the park could exceed 1.2 million. To support the $2.5 million phase one investment toward development of the road and utility infrastructure, SEDC and the Clifton Park IDA presented and approved respectively a freeze of the tax assessment for the entire parcel until development substantially occurs. A sales tax exemption of $105,000 on construction materials and a mortgage tax exemption of $7,500 on the debt toward this investment were also approved. SEDC and MJ Properties will co-promote the newly developed space to strategic commercial office, professional services and light industrial users, along with accessory service businesses.
ELLIS SURGERY CENTER:
The prominent Ellis Surgery Center visible from the Northway in Clifton Park is also seeing substantial expansion. The $21.4 million project will spur 35 new jobs, 160 construction jobs and over $2.15 million in new local healthcare wages. Clifton Park Healthcare Investors, LLC, care of MedCraft Healthcare Real Estate of Minneapolis, MN, will enter into a ground lease agreement for adjacent land currently owned by Ellis Hospital. It will deliver a 61,800 SF building consisting of a first-floor ambulatory surgery center with second and third floor supporting professional medical service practices tied to the surgeries being performed there. The project investment includes installation of health equipment, machinery and office furnishings.
Total project cost: $21,410,071
Total Current Employees: 36
New jobs to be created: 35
Annual Payroll Current: $4,171,000
Annual Payroll, Yr. 1 (after project completion): $6,341,000
Construction jobs 160 +/- for 10-12 months
SEDC prepared incentives approved by the Clifton Park IDA provide estimated real property tax abatements of $10,768,975. Sales Tax Exemptions valued at $899,223 on the project materials and mortgage tax exemptions of $120,432 on project debt were also granted.
“Economic development encompasses a broad array of quality of life measures that retain and attract people to our communities,” said Brobston. “Healthcare has increasingly meant being nearer patient centers, delivery of services that allow people to be in and out the same day, and updated facilities that attract talented providers. Similar to supporting strong education, workforce skills and ready to use commercial sites, access to quality healthcare and diverse housing options helps attract and retain talent and promote growth in Saratoga County and the capital region.”
About Saratoga Economic Development Corporation (SEDC) – 40 Years of Community-led Success
SEDC is a fully private investor led, non-profit consulting firm established in 1978 that works to retain existing businesses, while stimulating new investment to create more jobs in Saratoga County and the Capital Region of New York. SEDC is the premier economic development agency in Saratoga County and its mission is to create jobs, diversify the tax base and improve the quality of life for residents. SEDC accomplishes this through the retention of existing business, attraction of new industry, and improvement of overall competitiveness. Celebrating 40 years of success in 2018, SEDC continues to work with nearly 300 employers. Projects like Ball Metal Container, QUAD/Graphics, AgroChem, PeroxyChem, Greenfield Manufacturing State Farm Insurance, Target and Ace Hardware distribution warehouses and the development of the Luther Forest Technology Campus (LFTC) which lead to the attraction of GlobalFoundries are among its successes. In total, SEDC has worked to bring over 17,500 jobs to Saratoga County and over $15 billion in capital investment. Since 2014, SEDC helped to stimulate over $2.5 billion of new investment, creating and retaining over 1,700 area jobs, and generating over $50 million in local employee wages per year. In 2017, SEDC launched SPARK Saratoga, the county’s only entrepreneur business incubator and early stage company accelerator supported by established, skilled professional mentors and regional academic institutions with global networks of resources and investors. It is currently supporting over 40 project companies on their paths to business growth.