Incubator project nixed, for now
BYLINE: Maury Thompson, The Post-Star, Glens Falls, N.Y.
Jan. 22--GLENS FALLS -- It seemed like a perfect fit with the state's criteria, said Peter Wohl, vice president of EDC Warren County. Plans to renovate a dilapidated warehouse on Elm Street into a center for fledgling high-tech entrepreneurs would stimulate development in a state-designated Empire Zone, leverage $1.1 million in federal funding, and clean up environmental contamination. Yet the Adirondack Regional Business Incubator project received no funding in the latest round of the Restore NY grant program. Local officials had sought $2.1 million for the long-discussed incubator project.
"We felt we met all the requirements. Everyone is disappointed," Wohl said.
Supporters of the incubator project aren't alone in their disappointment, Wohl said.
No projects in Warren, Washington or Saratoga counties were funded in the latest round of Restore NY grants.
Geographic location did not factor into which projects received funding, said Stefanie Zakowicz, a spokeswoman for Empire State Development Corp. Zakowicz said she could not discuss particulars of specific projects, but said the process was "extremely competitive," with applicants seeking more than double the $100 million in grant funding that was available.
Specific emphasis was placed on "projects from economically distressed communities across the state, with priority given to projects that leverage other state or federal redevelopment, remediation or planning programs such as brownfields or Empire Zones," according to a press release about the program.
There will be another round of Restore NY grants later this year.
"The good news is they (incubator project) can reapply," Zakowicz said. "The better news is there will be a bigger pool of money this time around."
State and local development officials will meet soon to discuss the incubator project.
"Project specific, but also broader: How does this region fit in this game?'" Wohl said.
In the meantime, local officials will evaluate whether to proceed with plans to renovate the former warehouse at 36 Elm St. One option would be to use a $1.1 million U.S. Department of Commerce grant to fully renovate the first floor, and partially renovate the second and third floors.
That would enable the incubator program to begin using the first floor to provide shared work space, counseling, financing and other services to small start-up companies. The goal would be to foster new businesses, which would grow and ultimately expand elsewhere in the Glens Falls area.
The initial plan was to lease space to incubator program tenants, as well as other "anchor" tenants. Another option would be to enter a joint venture with a private developer to renovate the building, and lease back space on two floors to the incubator program. A third option would be to sell the 36 Elm St. building for some other type of development.
"In the next two weeks, we're going to figure it out," Wohl said.
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