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Economic Development Strategy

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Economic Development Strategy ECONOMIC DEVELOPMENT STRATEGY ALBANY COUNTY, NY VOLUME 1: EXECUTIVE SUMMARY REPORT 2020 PREPARED BY: Albany County Economic Development Strategy ACKNOWLEDGEMENTS Thank you to the following individuals and organizations for their participation in the planning process: COUNTY OF ALBANY EXECUTIVE & STAFF Daniel P. McCoy, County Executive Philip Calderone, Deputy County Executive Matthew Cannon, Director of Intergovernmental Affairs ALBANY COUNTY BUSINESS ADVISORY BOARD Kevin O'Connor, Principal, Albany Consulting Group John Bennett, President & CEO, CDPHP Nancy Carey Cassidy, Executive Vice President & COO, Picotte Companies Robert Curley, New York President, Berkshire Bank Andrew Kennedy, President & CEO, Center for Economic Growth Jennifer MacPhee, Market President, Bank of America, Merrill Lynch Wealth James Morrell, President & CEO, Pamal Broadcasting John Nigro, CEO, Nigro Companies Daniel Nolan, President & CEO, Hugh Johnson Advisors Steve Obermeyer, CFO, BBL Construction Companies Marc Paquin, President, Cass Hill Development Marcus Pryor, President, Peter M. Pryor Associates Brad Rosenstein, Owner, Jack's Oyster House Jeff Sperber, Owner, The Warehouse at Huck Finn David Swawite, President & COO, Omni Development Thomas Scheib, Chief Operating Officer, BURT crane & rigging Matt Grattan, Director of Community & Economic Development, University at Albany David Aitken, Director of Governmental Affairs, Pyramid Management Group Executive Summary Report 2 | Page Albany County Economic Development Strategy CONSULTANT TEAM About Camoin 310 Camoin 310 has provided economic development consulting services to municipalities, economic development agencies, and private enterprises since 1999. Through the services offered, Camoin 310 has had the opportunity to serve EDOs and local and state governments from Maine to California; corporations and organizations that include Lowes Home Improvement, FedEx, Amazon, Volvo (Nova Bus) and the New York Islanders; as well as private developers proposing projects in excess of $6 billion. Our reputation for detailed, place-specific, and accurate analysis has led to projects in over 40 states and garnered attention from national media outlets including Marketplace (NPR), Forbes magazine, The New York Times, and The Wall Street Journal. Additionally, our marketing strategies have helped our clients gain both national and local media coverage for their projects in order to build public support and leverage additional funding. We are based in Saratoga Springs, NY, with regional offices in Portland, ME; Boston, MA; Richmond, VA and Brattleboro, VT. To learn more about our experience and projects in all of our service lines, please visit our website at www.camoinassociates.com. Dan Gundersen, FM, HLM Senior Vice President Christa Franzi, CEcD Senior Project Manager Amie Collins Analyst Bethany Meys Analyst About Bergmann Bergmann started in Rochester in 1980 with seven employees. Since then, Bergmann architects, engineers and planners have been delivering results to clients across the United States and Canada. This team of more than 400 professional and technical staff spans the Northeast, Midwest and Atlantic regions. Bergmann develops relationships with partners and communities to create dynamic, creative solutions that will stand the test of time, while promoting environmental and functional sustainability. Kimberly Baptiste, AICP Municpal Practice Leader Elizabeth Podowski King, ASLA Planner / Landscape Designer Eric C. Redding, PE, LEED AP Assistant Project Manager Executive Summary Report 3 | Page Albany County Economic Development Strategy CONTENTS ACKNOWLEDGEMENTS .............................................................................................................................................. 2 EXECUTIVE SUMMARY ................................................................................................................................................ 5 WHY THIS STRATEGY WAS DEVELOPED ............................................................................................................... 7 NOTABLE FINDINGS ................................................................................................................................................... 11 MOVING FORWARD ................................................................................................................................................... 15 STRATEGY COMPONENTS Volume 1: Executive Summary Report Volume 2: Economic Profile Volume 3: Infrastructure & Land Use Analysis Volume 4: Organizational Structure Volume 5: Implementation Strategy Executive Summary Report 4 | Page Albany County Economic Development Strategy EXECUTIVE SUMMARY As the home of the State Capital, a state-of-the-art healthcare system, and world class educational institutions, Albany County benefits from a stable, consistent economic base. Yet, the challenges that exist include the county’s ability to attract professional talent and retain young people to support future economic growth, a lack of strong identity and overall negative image, aging infrastructure, and a disconnected economic development system lacking strong leadership and clear, well-defined roles and responsibilities. These challenges place Albany County at a disadvantage for attracting private investment, business and talent attraction, along with retaining businesses within the county. This Strategic Plan is designed to enhance quality of life and accelerate economic growth throughout Albany County. Projects and initiatives are organized around four goal areas: 1. Fill the Gaps & Align Regional Resources The Capital Region is rich in resources to support business growth, but within Albany County there is fragmentation with delivery of services and resources in the economic development ecosystem. County government has an important role to play in better leveraging the potential of existing collaborative relationships and providing leadership to advance business-friendly initiatives. In addition to developing an economic agenda for County leaders to follow, there is also need for an organization that can respond quickly to economic opportunities and threats and is shielded from political influences to execute the transformative changes of that agenda throughout communities within the county. Specifically, this strategic plan calls for the establishment of a local development corporation that has strong representation from private sector interests. 2. Target Investments Around Catalytic Projects and Critical Infrastructure A Comprehensive Plan is needed for Albany County. This plan would define a unified vision, inventory existing land uses and public infrastructure assets, create a transparent framework for land-use decisions, foster economic growth, and ensure future sustainable development and strategically targeted investments. 3. Nurture, Retain, and Attract Top Talent Around Growth Sectors The third goal contains strategies to draw attention to and build a workforce development pipeline for key growth sectors: Cybersecurity, FinTech, & InsureTech and Advanced Transportation and Logistics. 4. Transform Albany County’s Image Transforming Albany County’s image includes projects and initiatives designed to counter perceptions of old-school approaches and establish Albany County as the place for a) major athletic events and learning programs that showcase women in business, competition, and politics; b) become known as a clean energy hub; and, c) create excitement for business and entrepreneurship in the county. This is a bold plan for Albany County. The four areas of emphasis are dependent upon each other and will produce success if executed seamlessly, both within the corridors of County government and with external partners. What does success look like? Success for Albany County is to create a business-friendly environment that encourages new investment and establishes the county as a magnet for talent and investment. It also involves environmentally sensitive, pedestrian- friendly new development that is designed to bring people together and help forge more vibrant, inclusive and open communities. The tipping point will be felt when Albany County becomes the ‘need to be’ and ‘want to be’ location for companies to locate and workers and residents to prosper. Executive Summary Report 5 | Page Albany County Economic Development Strategy To help make that happen, every project and initiative within the four goal areas of this Plan has been vetted against a set of guiding principles that were developed at the onset of the planning process. These principles help focus development of the strategy, and include: . Make quality and sense of place central . Ensure equity and inclusiveness . Practice business-friendly messaging . Collaborate. Collaborate. Collaborate. Executive Summary Report 6 | Page Albany County Economic Development Strategy WHY THIS STRATEGY WAS DEVELOPED Seven of the eight counties in the Capital Region of New York State have a go-to public or quasi-public organization that is responsible for coalescing leadership to create economic opportunities, attract and retain businesses, generate new revenue, and diversify the county’s tax base. Albany County stands apart. It relies on a loose network of local municipalities and regional organizations that conduct some but not all core economic development functions. They do their work without Just next door . having a strong public or private champion to advocate on their behalf at the countywide level or
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