Port of Albany secures $4 million state grant for new warehouse (New York: 2015, transporting)

[ckhthankgod]

The Port of Albany will receive $4 million from the state toward its new $8 million warehouse.

Dagen Trucking of Castleton recently signed a 10-year lease for the new 45,000-square-foot warehouse at the port. Owner Jeff Dagen is working on bringing a new industry to Albany in making, assembling and transporting 800-foot tall offshore wind turbines.

The new warehouse, completed in December, can hold turbines and generators that weigh more than 1.2 million pounds. It supports up to 2,000 pounds per square foot, two to four times more capacity than most of the other buildings at the port.

Major companies like General Electric, Siemens and Mohawk Paper use the Port of Albany to ship their products around the world.

The Empire State Development board approved the $4 million capital grant Thursday.

"I'm excited to hear that," said Rich Hendrick, general manager of the Port of Albany, after he heard the board had approved the grant. "We're starting to see a return on the investment that the state gave us for that."

The warehouse was initially chosen to receive state funding in the 2015 regional economic development council competition. Now that the warehouse has been built, the port was eligible to receive the grant.

Source: https://www.bizjournals.com/albany/n...ate-grant.html

[Mightyqueen801]

^Interesting! I always see the Port of Albany exit when I'm there, and I've wondered what shipped in or out of it.

[ChadChadderson]

Just once in my life I'd love to see something done in this state that DOESNT involve taxpayer money. Just once.

[VA Yankee]

/\

Now you know that's not how New York operates, now pay your toll on the Thruway (paid off in the 80's) and stop complaining...

[ckhthankgod]

Originally Posted by ChadChadderson

Just once in my life I'd love to see something done in this state that DOESNT involve taxpayer money. Just once.

The problem is that this is common in pretty much any state now, to some degree. Corporate welfare is really a national issue.

https://www.mercatus.org/publication...porate-welfare

A key segment of the study: “Increasingly, however, states and localities have employed targeted incentives to lure firms. Instead of lowering tax rates for all or improving the regulatory environment for everyone, targeted incentives privilege particular firms through tax abatements, cash subsidies, loans, loan guarantees, or in-kind donations. Estimates vary, but states spend somewhere between $48 billion and $70 billion annually on such incentives. And as a share of GDP, targeted incentives have tripled since the 1990s. Neither economic theory nor empirical evidence suggests that these targeted incentives work. In fact, research suggests that those states that hand out more targeted incentives tend to have lower levels of measured economic freedom. In other words, those states that pursue the targeted approach more vigorously seem to be less likely to pursue the growth strategy that actually works.“