New businesses, ongoing residential construction and additional parkland should make 2013 a banner year for Colonie, Supervisor Paula Mahan said in her State of the Town address Wednesday.
The town’s top executive reflected upon some of the gains made in Colonie last year and predicted even greater development through the remainder of her third term. During her sixth annual message Wednesday, Mahan said the elimination of a crippling deficit has put Colonie in a strong position to attract jobs and development.
“Let me first say that 2012 was a really great year for Colonie, and I’m looking forward to an even better year in 2013,” she said; her speech was sponsored by the Albany-Colonie Regional Chamber of Commerce at the Holiday Inn on Wolf Road.
Mahan said the town’s growth is evidenced by a $21.4 million jump in its overall assessed value in 2012, and more development is on track for this year.
For instance, Marini Builders is planning a 26,000-square-foot showroom and warehouse on Old Niskayuna Road. The company also plans to move its corporate headquarters to Village New Loudon, a mixed-use development on Route 9.
In addition, Precision Valve and Automation is expanding, bringing about 40 more jobs to the town. Construction is also expected to begin on a 115-room Staybridge Suite hotel on Wolf Road.
Mahan said other under-used and long-defunct sites are also expected to see construction in the near future. The Galesi Group recently demolished the dilapidated structures on the Starlite property to make way for a mixed-use project and Grossman Development was recently approved to build the Shoppes at Latham Circle, replacing the old mall.
Town workers are also completing a 12.3-acre passive park on the former Latham Water Treatment Plant property along the Mohawk River. Mahan said the park development will be aided by a $10,000 grant from the state Department of Environmental Conservation and provide an additional access point to Colonie’s 8.3-mile portion of the scenic Mohawk-Hudson Bike-Hike Path.
But perhaps more important, the town has improved financially, Mahan said. Colonie ended 2011 with a $700,000 fund balance — the first time since 2005 it has had money in the rainy day account.
She said the town’s budget was reduced by 11 percent in 2012, largely by saving $1 million on salaries and $2.8 million in contractual expenses. This year, she anticipates the town saving another $1 million.
“These are significant accomplishments, and I’m very proud of our success in finding innovative ways to make them happen.”