September 15, 2019 Saratoga Partnership to Develop Economic Development Plan for Town of Malta
As part of its Next Wave Communities initiative, agency will work with town government, business and community stakeholders, and residents to create a strategy customized for Malta
Malta, NY– The Saratoga County Prosperity Partnership,a Saratoga County-based economic development organization, today announced it will work with the Town of Malta to create a customized, town-wide economic development plan designed to broaden the town’s economic base and ensure its long-term prosperity. The collaboration is part of the Saratoga Partnership’s Next Wave Communities initiative, which assists towns within Saratoga County in developing economic development plans tailored to their particular strengths, needs and aspirations.
The effort will build on initial work done by the Town of Malta Economic Development Committee, which prepared a plan for the long-term economic future of the town outside the Luther Forest Technology Campus. That concept will be incorporated with opportunities driven by activities on the campus – highlighted by the presence of GLOBALFOUNDRIES, which employs more than 3,000 high-tech workers – to develop a comprehensive economic blueprint for Malta.
“The timing of this initiative, as we seek to update our Comprehensive Master Plan to reflect a more current vision for the future of Malta, could not be more appropriate,” said Darren O’Connor, Supervisor of the Town of Malta. “The work already done by the economic development committee, combined with the resources and expertise of the Saratoga Partnership, will help us develop an economic development plan that enables job creation and business attraction, and allows us to maintain services to residents while minimizing the tax burden.”
“We are excited to work with government, business and community leaders, as well as residents, to develop an economic development plan that will create long-term, sustainable and smart growth in the Town of Malta,” said Marty Vanags, President of the Saratoga County Prosperity Partnership. “Most importantly, this process will produce an economic blueprint that truly reflects the assets, needs and desires specific to Malta.”
The process of developing the plan will involve a series of phases, beginning on Tuesday, September 17, when an economic development workshop is held at 6:30pm at Malta Town Hall, 2540 Route 9, Malta. Vanags will provide a presentation on business retention and attraction strategies, small business development, and financial incentives and financing packages, which will lay the groundwork for the effort to follow. Members of the public are encouraged to attend.
In succeeding months, the Saratoga Partnership willconduct a survey to gauge the community’s vision, identify obstacles to success, and find ways to collaborate in building the plan; meet with and interview key stakeholders to gather input on the town’s economic development needs; and work with the town, its consultants and engineering firms to identify and map its economic development assets. Finally, a workshop will be held to develop a thorough SWOT (strengths, weaknesses, opportunities, threats) analysis specific to Malta, and include the presentation of economic development scenarios including three-, five- and 10-year time frames.
At the conclusion of the process, the Saratoga Partnership will present a written economic development plan that will include a vision for the town, defined goals and objectives, results of the SWOT analysis, opportunities for collaboration, a link to resources, and next steps. Implementation of the plan will be conducted by the Saratoga Partnership in collaboration with the town.
“This next step in economic development planning is vital to the future of Malta, and to our efforts to keep the Town general tax-free,” said Councilman Timothy Dunn, Chairman of the Town of Malta Economic Development Committee. “Earlier this year, the Town Board accepted the report of the Economic Development Committee and launched MaltaWorksas a new promotional effort. Now, this next step will allow our town government, business and community partners, and the Saratoga County Prosperity Partnership to develop a comprehensive strategy to ensure the town’s economy remains strong for years to come.”
This is the third town-wide economic development plan to be undertaken by the Saratoga Partnership through its Next Wave Communities initiative, following similar efforts in the towns of Moreau and Galway.
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About the Saratoga County Prosperity Partnership
The Saratoga County Prosperity Partnership leads a host of critical economic and workforce development initiatives across the public and private sectors, driving economic success for residents, businesses and government in Saratoga County, New York. The Saratoga Partnership provides a point of contact for business retention and expansion, enabling a seamless delivery of programs and services for businesses seeking to grow, and spearheads semiconductor industry marketing and attraction, global trade assistance, community economic development, and data collection and planning. For more, visit us at saratogapartnership.org and on Twitter, Facebook and LinkedIn. The Saratoga County Prosperity Partnership is a member of the Saratoga County Economic Development Alliance, which includes the Saratoga Economic Development Corporation.