SARATOGA SPRINGS —Dawn Oesch stands behind the glass counter of the Saratoga Candy Company store as much as she has since first opening the doors of her Washington Street shop in July 1998.   

Behind her, the colors of the rainbow swirl across lollipops and enticing candies. Newspaper clips dating back to the last century cling to the shelves.  “Oprah Winfrey magazine wrote about us,” she says. “We’ve been on MSN, and all the local channels. We talked about Christmas items on the Today show.” A dark chocolate salted nut roll beckons from beneath the countertop glass. 

The area on and around Broadway has witnessed large-scale architectural changes since its development in the 19th century. The present day is no different.  A current proposal calls for a six-story project in a 200,000 square foot mixed-use building that will include 90 residential units and 31 hotel rooms at 353 Broadway/ 19 & 23 Washington St. The Broadway/ Washington Street corner café that sites Starbucks is anticipated to stay. The Saratoga Candy Co. building is targeted for demolition to make way for the new development. 

Oesch has had three different landlords during her 23 years at 5 Washington St. Each has expressed interest in building a hotel on the site that houses the store. The current proposal is making its way through the city’s Land Use Boards.     

“They’re saying late fall,” Oesch says. “If I had my druthers, I’d stay in my spot forever. It might not be the prettiest to some people but to me it’s perfect. I’ve spent more time in this space than anyplace else, even my home. It’s a part of me.” 

The good news is her current landlord has expressed confidence that Saratoga Candy Co. can relocate right around the corner. “Right on Broadway, next to Starbucks, in a space just below Salt & Char.” The spot is semi-sublevel, “but when you look at the big giant windows, it comes right up to kids’ heads where they can look right in,” she explains. 

Rent has yet to be discussed, but she is hopeful. “I do know they are very conscientious of a hometown feel store,” says Oesch, reflecting on her business as she starts her 24th year.    

“It has changed so much. It’s adapted from something that I thought may be more fancy, to something that’s nostalgic. Finding everything you grew up with. Making it very kid-friendly, but also that thing you find that adults need.” One time-honored constant that has remained is her kettle. “The fudge kettle and I have been together since I was 16 and since I worked in a store in Lake Placid. It’s my baby,” she says, with a laugh. 

Oesch is grateful to the community for helping the store survive the three-month shutdown of the pandemic.

“If we didn’t have our locals, we would have had a very tough time during COVID. We were delivering all over God’s Green Earth, and dressed like bunnies having car hops in the parking lot,” says Oesch, recalling the fulfillment of product orders while masked and gloved in themed events that featured socially distanced dance moves.

As the fall beckons, so with it comes Saratoga Candy Co.’s busiest season. There are the local specialties, like Saratoga Taffy and chocolate horse medallions, and much in-demand holiday items, like the old-fashion yuletide-inspired Peppermint Pig. That busy season may also be the time of the shop’s relocation. There is a plan. 

“If we do move around the corner, I’m hoping I’ll be able to get every friend and family member together,” she says. “We can create a little candy train.” Right onto Broadway. 

Fresh out of college, I secured my first job as a personal banker for a national retail bank. A common complaint I heard in my first few months was that CD rates had started to fall below 5%. What we wouldn’t give for a risk-free 5% now, right? If we go further back in time, folks who were around in the 80s will tell of double-digit rates on both their CDs and their mortgages. Let’s examine the driving forces behind why rates are what they are.

The story starts with the Federal Reserve (“the Fed”), America’s central bank. They serve many functions but one of their most visible is setting the interest rate that banks charge each other for overnight loans, known as the Federal Funds Rate. This rate impacts a lot which is why it is so widely discussed. It is currently set to a range of 0.00-0.25%. Without getting into the inner workings, think of the rate as a dial for the economy. If the Fed believes that the economy needs a boost, it will set interest rates lower to make money flow more freely (as it did during the onset of the COVID-19 crisis in March 2020). They do the opposite when there is a risk of the economy “overheating” and inflation becoming a problem. It is a delicate balancing act as they try to keep the economy running on all cylinders while at the same time making sure inflation is in check. 

“Thanks for that,” you say, “but I asked about my six-month CD paying 0.45%.” Fair enough. As was previously mentioned, the Federal Funds Rate is the rate charged for overnight loans between banks and it provides a starting point for setting rates that carry longer times to maturity, like your six-month CD. Typically, the longer something is held, the more that the person lending that money will require in terms of payment. As a purchaser of a CD, you are effectively lending money to the bank and the rate they are willing to pay will be slightly higher than the Federal Funds Rate. As such, as long as the Fed Funds Rate stays pinned to the floor as it currently is, do not expect the interest rates on CDs, money markets, or savings accounts to meaningfully budge.

An unfortunate side effect of low rates is that those who need steady income (i.e., retirees) have seen the interest they can generate from these safe holdings dwindle to near nothing. However, it is all relative, and times of elevated rates on CDs are typically accompanied by either high current or expected inflation. A CD earning 6% per year while inflation is 7% is technically losing money overall. Let me conclude by saying that the percentage of your wealth to be held in these short-term instruments should be viewed through the lens of your personal financial picture. Hold too much and your risk becomes inflation. Hold too little and your risk becomes stock or bond market fluctuations. Much like the setting of those interest rates, it is a delicate balancing act. 

For more information, visit contwealth.com

David Rath, CFA is the Director of Portfolio Strategies at Continuum Wealth Advisors in Saratoga Springs.

SARATOGA SPRINGS — Julie Bonacio announced the launch of a second location for Julie & Co Realty to be located on Main St. in Schroon Lake. The new location will focus on residential resale properties, commercial, lake properties, condominiums, and secondary homes.

Julie & Co. Realty is a Saratoga Springs-based real estate brokerage. The company also announced the following agents have joined the brokerage: Brooke Clark, Gesile Bryant, Laura Clear-LaPoint, Ann-Marie O’Donnell, Cheryl L. Subra and John H. Tibbitts Jr, and Casey King. 

Specialists, who will be working out of the Schroon Lake office, are native to the North Country and experts in the real estate industry, the company said in a statement. 

For more information, visit JulieCoRealty.com. 

ALBANY — Uncommon Grounds, which first opened in 1992 in downtown Saratoga Springs and has since expanded that venue in size, will open a new location at Stuyvesant Plaza in late 2021. 

Slated as a 2,800 square-foot restaurant, the Stuyvesant Plaza venue will mark the fourth Capital Region location for the café and coffeehouse. Other locations include 1235 Western Avenue in Albany; 9 Clifton Country Road in Clifton Park; and 402 Broadway in Saratoga Springs. 

Approximately 30 full and part-time employees will be hired to staff the operation. For more information about Uncommon Grounds, visit UncommonGrounds.com. 

SARATOGA SPRINGS —Saratoga Hospital has appointed three new board members effective July 1: Margaret Smith Cassier of Airosmith Development, Kate Forer of Presbyterian-New England Congregational Church and Michael Trimarchi of CommerceHub.

Smith Cassier, of Greenfield Center, is founder, president and CEO of Airosmith Development, which provides turnkey site acquisition, project management and engineering services. Under her leadership, the company has been named to the Inc. 5000—Inc. Magazine’s 5,000 fastest growing private companies—and Albany Business Review’s Best Places to Work in 2017, 2018, 2019 and 2020. Smith Cassier is a member of Key4Women and the New York City and Saratoga Springs chapters of the Women Presidents’ Organization. She serves on the board of directors of Wellspring.

Forer, of Saratoga Springs, is senior pastor of Presbyterian-New England Congregational Church. She has earned honors for her social justice efforts, including the Excellence in Faith Formation Award from the New York State Council of Churches and recognition from Shelters of Saratoga for leadership in creating an inclusive community. Forer also was named a Woman of Distinction by the New York State Assembly. Her volunteer involvement includes serving on the leadership team of the Saratoga Collaborative to End Homelessness and the board of directors of Saratoga Regional YMCA.

Trimarchi, of Wilton, is a CPA and the chief financial officer for CommerceHub, a leading provider of cloud-based e-commerce fulfillment and marketing services. He has more than a decade of financial leadership experience with global companies in software and medical device industries. Trimarchi serves on the School of Business Advisory Council of the State University of New York at Albany. He also has co-chaired the American Heart Association’s Capital Region Heart Walk and Run and served on the board of directors of Junior Achievement of Northeastern New York.

Other Saratoga Hospital board of trustees members are: Raimundo C. Archibold Jr.; Angelo G. Calbone, Saratoga Hospital president and CEO; David J. Collins; Kari P. Cushing; Susan Law Dake; Dr. Steven M. Frisch; Michael H. Iacolucci; Frank L. Messa; Dr. Marianne A. Mustafa; Elizabeth Wood Pustolka; J. Thomas Roohan; Theresa M. Skaine, vice chairperson; N. Keith Stewart, treasurer; Michael J. Toohey, chairperson; and Heather M. Ward, secretary.

SARATOGA SPRINGS — Death Wish Coffee Company, creators of “the World’s Strongest Coffee,” celebrates the grand opening of their first-ever retail shop, located at 260 Broadway – the company’s Saratoga headquarters, which they first moved into in March 2020.

“Being able to engage with our customers face-to-face again is special to the entire Death Wish Coffee team. We know their feedback will help us continue to improve. Plus, there is nothing better than hearing firsthand how Death Wish Coffee is helping people get through their day,” Mike Brown, owner and chief executive officer of Death Wish Coffee, said in a statement. 

The lobby of the HQ will house coffee products, mugs and merchandise, and shop hours are 11 a.m. to 6 p.m. Wednesday and 11 a.m. to 5 p.m. Saturday and Sunday. 

The building was first developed in the 19th century by architect Franklin Webster Smith and has been called the House of Pansa, or House of Pompeii, with architectural designs mimicking a home excavated in the volcanic-ash buried town of Pompeii – the result of the volcano Vesuvius erupting in 79 A.D. 

Smith had a vision of turning Saratoga into an eclectic resort and used concrete materials to reconstruct, as close to a replica as possible, the original House of Pansa. In the early 20th century it had served as a Masonic Temple, and in the early 21st century as the home of Palio Communications.

Mike Brown brought his bold idea for the World’s Strongest Coffee to life in 2012. Today, Death Wish Coffee can be found in over 14,000 stores. 

For more information, visit www.deathwishcoffee.com

MALTA — GlobalFoundries announced its expansion plans for its most advanced manufacturing facility in upstate New York over the coming years. The plans include immediate investments to address the global chip shortage at its existing Fab 8 facility as well as construction of a new fab on the same campus that will double the site’s capacity. 

The announcement was made July 19 as the company convened leaders from government and industry to progress the national discussion around solving U.S. semiconductor supply chain challenges. CEO Tom Caulfield was joined by U.S. Senate Majority Leader Chuck Schumer, U.S. Secretary of Commerce Gina M. Raimondo, former Pentagon officials, and executives from leading companies throughout the semiconductor supply chain.   

GF will invest $1 billion to immediately add an additional 150,000 wafers per year within its existing fab to help address the global chip shortage and plans to construct a new fab that will create more than 1,000 new direct high-tech jobs and thousands more indirect jobs including high-paying construction jobs for the region, according to the company. 

Following the successful investment model of Fab 8, GF is planning to fund the new facility through private-public partnerships including customers, federal and state investments. This new capacity will serve the growing demand for secure, feature-rich chips needed by high-growth markets including automotive, 5G connectivity and the Internet of Things. The facility will also support national security requirements for a secure supply chain. 

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The company recently announced a new fab in Singapore and $1 billion planned investment to expand in Germany as part of its broader global expansion plans to meet the growing demand from customers worldwide. 

“Our expansion and job creation in Malta requires a new economic model, based on the bold public-private partnerships being championed in Washington by visionary leaders Senator Schumer and Secretary Raimondo, as well as close collaboration with our customers,” GF CEO Tom Caulfield said July 19.  “Our industry is expected to grow more in the next decade than it did in the past 50 years and GF is stepping up to do its part as we work together to address the growing demand for technology innovation for the betterment of humanity. We are honored to be joined by government and automotive leaders, national security experts, and our valued customers to continue the critical discussions needed to create a reliable supply of American-made chips to support the U.S. economy and national security.” 

“As Majority Leader, I worked hard with companies like GlobalFoundries to craft and pass the bipartisan U.S. Competition and Innovation Act, providing $52 billion to expand the domestic semiconductor industry and supercharge the GlobalFoundries expansion of Fab 8 and building a new fab in Malta,” said U.S. Sen. Charles Schumer. “Today’s announcement is a win-win-win: a win for jobs in the Capital Region, a win for GlobalFoundries, and a win for U.S. government, automakers, and other critical industries that desperately need chips.” 

GF employs more than 15,000 worldwide with 7,000 people across the U.S., and nearly 3,000 at its headquarters in Malta, New York. 

GF is owned by Mubadala Investment Company. For more information, visit www.gf.com.

The Saratoga Race Course opened to fans for the first time since 2019 this week. The New York City Ballet returned to Saratoga too. Live Nation concerts are also attracting thousands of people to SPAC. Unlike last summer, the Saratoga Casino is open as well. Local bars and restaurants have shared that once Governor Cuomo lifted all restrictions, the crowds came roaring back as well.

The challenge is that every business and venue is likely going to struggle to fill all of their open jobs. There’s no easy solution to this job shortage. Everyone will need to adapt. No doubt that those who do work this summer will likely be working longer and harder than ever before.

This means the wait for a table, an appetizer, a drink, meal or dessert might take a little longer. The lines at the cash register or at the entrance or the gate might be longer. The time it might take to get registered at the hotel or to get a ride may be longer than usual. Don’t blame the employees or the owners who are working. Let’s be kind to them.

This summer, I hope everyone enjoys what I think we missed the most last year – – that is being together. Be patient, respectful and civil to the employees working to serve you. Treat these essential employees who are working as if they are your son, daughter or a best friend. Be nice. Be kind. 

When he was President of the Chamber, Joe Dalton would provide a written list of tips for those going to the track. One of them was to order two drinks as soon as you got to your table or box. Maybe you want to do this everywhere this summer. That way you won’t ever have to wait for that second drink. 

Make reservations whenever possible. Perhaps going out early or later in some instances will help. Look at the menu before you go. Select an appetizer that you can order right away. Now you’ll have some food to munch on as you decide what to eat for your meal. 

Before you go shopping at a local store or shop, check out their hours. Go early to beat the crowds. If you find yourself standing in a line to pay, use this time to post a positive review about the items you are buying. Be kind. Do something to help this business. 

Wherever you go, please tip big. For more than one year, there were restrictions on how many people could gather together in one place. This was true for salons, spas, restaurants, coffee shops, breweries, wineries, distilleries, and more. These restrictions meant there were less customers every day and night. That meant fewer tips. Let’s help tipped employees to recover too.

Just the other day, I found myself at a local restaurant wondering when someone might come over to take my order. I knew what I wanted. In my job, I don’t have a favorite restaurant. I have a favorite dish at every one of them. This means I’m almost always ready to order when I walk in the door. But on this day, I thought for a second. I paused and smiled. I took a deep breath. The person I was with and I decided to laugh it off and just talk. That’s what we all need to do this summer. Eventually, we had a great meal and enjoyed our time together.

Last year, we had to adapt. Everything was different. This year, things will be more “normal.” But, we need realistic expectations. Not everything will be exactly as it was. This is not the summer to expect instant gratification. There will be lines. There will be long waits. Preparing for this will hopefully help to minimize the frustration. 

When I do get angry, I tell my family, friends and co-workers that I often employ “my 24-hour rule.” The rule is simple. I wait 24-hours to decide if what I’m angry about is really that important. It is amazing to me how much this helps me to not say something I would regret. It has kept me out of so much trouble over the years. Maybe if you find yourself frustrated, angry, or just mad because the experience you are having is not what you expected, you can employ a similar strategy. Enjoy being together this summer. Have fun. And please, please, please, be patient.

SARATOGA COUNTY —Cornell Cooperative Extension Equine (CCE Equine) is excited to announce the soft launch of The Horse Farm Improvement Program (HFIP) that aims to help horse farms improve their operations. CCE Equine will be assisting to continue this program created by Cornell University’s College of Agriculture and Life Sciences (CALS) and hopes horse farms of all types will find opportunities to benefit from. 

The Horse Farm Improvement Program (HFIP) will use a pre-visit questionnaire in combination with on-farm evaluations to assess how equine farms are performing in eight different categories: horse health, biosecurity, human safety, manure management, nutrient management, sustainability, facilities, and business management. After a farm has completed its assessment, HFIP will identify potential areas of improvement and offer the farm advice on how to most efficiently use its resources for maximum benefit. 

This program is unique because assessments are based on best-management practices (BMPs) recognized in scientific literature while recognizing that every facility is unique in its objectives. The program plans to work with farm owners to offer individualized guidance on a case-by-case basis. 

The program is currently under development by intern Sydney Sill under the supervision of Lindsay Goodale, DVM and Brieanna Hughes, CCE Equine coordinator at CCE Saratoga. Sydney is a rising junior majoring in Animal Science at Cornell University, with provisional acceptance to start vet school at Cornell during her senior year. In the meantime, she is excited to take the lead on HFIP this summer as an alternative way to pursue her goal of helping local farms and horses. Ultimately the goal is to extend the program to all horse farms in New York state.

Sydney has spent the beginning of summer finalizing the pre-visit questionnaire and on-farm evaluation process that will be used during the trial phase. She is now ready to launch the next phase of HFIP by running trial assessments. Any horse farms in Saratoga County that are interested in undergoing a free assessment should contact CCE Equine coordinator Brieanna Hughes at 518-885-8995 or bh548@cornell.edu.

Many people who have hearing loss are familiar with the process of going to an audiologist for a hearing test, being fitted for hearing aids and then the incredible sticker shock that comes upon learning the price. Hearing aid pricing is one of the opaquest areas in health care and the prices of advanced hearing aids routinely exceed $4,000, which is enough to give almost anyone that sense of sticker shock. To make matters worse, Original Medicare and most Medicare Supplement plans do not provide hearing aid coverage, which means patients with these plans are responsible for 100 percent of these costs.

There is good news for Medicare recipients, however. Many Medicare Advantage plans offered by private insurance companies cover some or all of the cost of hearing aids. In fact, 88% of Medicare Advantage plans provide some hearing aid coverage in 2021. In the Capital Region, there are several Medicare Advantage plans that offer hearing aids for substantial discounts compared to their retail prices.

This year, there is even a Medicare Advantage plan available in our region that pays up to a maximum amount of $1,250 per ear, every year—up to $2,500 in hearing aid coverage for both ears every year. Hearing aids are purchased through a distributor that has been pre-approved to work with the plan’s members and, given the high costs of hearing aids, the benefit of this arrangement to members is substantial.

Many seniors are anxious about getting hearing aids—or simply go without—due to their high costs. However, given that so many Medicare Advantage plans help in obtaining hearing aids—including one plan in the capital region that pays up to $2,500 for two hearing aids every year—there is no excuse for Medicare recipients to not hear it all. To find out how you can obtain affordable hearing aids, please contact Bruce or Logan at BlueChip in Saratoga at 518-584-8057 or visit our website at www.1bluechip.com.