In her sixth State of the Town speech, Supervisor Paula Mahan described Colonie as a town that has returned to fiscal stability and is on the brink of embracing a slew of changes in 2013.
Mahan focused on new development and expansion in Colonie in her speech to a packed room of town officials and business leaders on Wednesday, Jan. 9, at the Holiday Inn on Wolf Road. The talk was sponsored by the Albany-Colonie Regional Chamber of Commerce.
Mahan stressed that eliminating the town’s deficit was the chief accomplishment in a successful year.
“As we reflect on the progress we’ve made, nothing has been more important to us than eliminating the huge deficit,” she said. “Eliminating the deficit has enabled us to move forward from a position of financial strength almost impossible to imagine only a few short years ago.”
The supervisor also said the town ended 2011 with a $700,000 fund balance, the “first positive fund balance since 2005.” The town has stayed under the state’s 2 percent tax cap, as well.
As for 2013, Mahan discussed the booming residential and commercial construction in the area. More than 100 new homes came onto Colonie’s tax rolls in 2012, she said, and similar growths are anticipated in coming years.
Plans are developing for a new 115-room Staybridge Suite Hotel at 19 Wolf Road, next to Macy’s, and a new Cap Com Credit Union headquarters at 4 Winners Circle. After welcoming Trader Joe’s in 2012, this year Colonie will add a ShopRite, Whole Foods and an eatery expansion to the Latham Price Chopper.
Construction has begun on a new 12.3-acre passive park at River Road along the Mohawk River and plans are in the works to build sidewalks along Route 9 from Spring Street, on the south side of Siena College, all the way through the Village of New Loudon.
Other new development projects, including revitalizing Latham Circle Mall and the Starlite Theatre, are giving “life to preexisting structures and properties,” Mahan said. The Shoppes at Latham Circle have received final site approval and Starlite has been completely demolished to make way for a mixed-used development.
“Redevelopment is essential for smart, sustainable growth,” Mahan said. “All of this new construction and redevelopment activity is very gratifying, not only because it helps build a strong tax base for the town, but also because it bears out the success of our concerted efforts to achieve redevelopment of abandoned or underutilized sites.”
In the past two years, Colonie has seen the creation of about 2,500 new jobs from new businesses, expansion and construction, Mahan said.
“2012 was truly a great year for the Town of Colonie, and as I think you can see, the stars are aligned for 2013 to be an excellent year as well,” she said.
Members of the audience had good things to say about the address. Vice President of Pioneer Bank James C. McGlynn said Mahan has grown into the job over the years and truly proved herself in 2012.
“In fact, (Mahan) demonstrated she is now in control,” he said. “She was on top fiscally of difficult situations. She’s brought us back to stability and that means tremendous things for our entire area.”