Author name: niallogara

ELMSFORD, NY—Congressman Mike Lawler (R-17CD) met with more than 60 members of the union Building Trades on Nov. 28 at the Teamsters Local 456 Union Hall here for a frank discussion and “listening session” of the pressing industry challenges organized labor now confronts.

The availability of the Internal Revenue Section (IRC) Section 41 Research and Development (“R&D”) tax credit for construction companies stems from the recognition by the U.S. government of the crucial role these industries play in advancing technology and innovation within the built environment. The nature of construction projects often involves significant research and development activities aimed at improving design methodologies, construction techniques, and overall project efficiency. These sectors continuously strive to enhance sustainability, safety, and functionality, driving innovation in building materials, methods and technologies.

YONKERS—MGM Resorts International unveiled its vision late last month to transition Empire City Casino by MGM Resorts into a world-class entertainment destination—with the title of MGM Empire City—if it is awarded a commercial casino license. Generations of Yonkers residents have worked at and enjoyed it for more than 125 years.
Key elements of the phase-one design include a comprehensive casino floor redevelopment and expansion, 5,000-capacity entertainment venue, state-of-the-art “BetMGM sportsbook,” food and beverage outlets by “celebrated chefs, cocktail bars and lounges, and technologically advanced meeting spaces.”

ALBANY—The Creedmoor Community Master Plan, a massive mixed-use project to redevelop underutilized land at the 125-acre Creedmoor Psychiatric Center campus in Eastern Queens, received a major boost from Gov. Kathy Hochul who announced the plan.

WHITE PLAINS—The New York Power Authority is currently reviewing proposals for a brand new 250,000-square-foot Class A state-of-the-art corporate headquarters in Downtown White Plains and a decision on the utility’s new site requirement could come in three to four months.

ALBANY—In what will be the first funding awarded through the $4.2-billion “Clean Water, Clean Air, and Green Jobs Environmental Bond Act of 2022,” New York State announced recently a total of $479 million in grants for critical water infrastructure projects.

Unpacking the U.S. Dollar’s Complicated Role As the Reserve Currency to Stabilize Markets
The value of a nation’s currency (in this case the U.S. dollar) is determined simply by supply and demand for the currency. Supply and demand are influenced by a number of factors, including interest rates, inflation, capital flow and money supply. The most common method to value currency is through exchange rates traded globally. The 2022 Triennial Central Bank Survey from the Bank for International Settlements indicated that the U.S. dollar was bought or sold in about 88% of global currency transactions in April 2022. This share has remained stable over the past 20 years.

ALBANY—The COVID-19 pandemic hit the South Bronx especially hard, but the area’s economy has shown resiliency, according to a report released recently by New York State Comptroller Thomas P. DiNapoli.
“The South Bronx was hard hit by the COVID-19 pandemic but was resilient because of dedicated and hardworking neighborhood groups and advocates, and the strength of its residents,” said Mr. DiNapoli. “Still, the need for more affordable housing, jobs and quality of life improvements remains pivotal to the community’s long-term success.”

A roundup of what’s new and who’s in the news both locally and in the state.

ALBANY—New York State officials recently reported the completion of a $44.6-million pavement improvement project on the New York State Thruway I-87 in a critical corridor spanning Rockland and Orange counties used by approximately 92,000 vehicles each day.
Starting last May, Yonkers Contracting Co., Inc., the project contractor, conducted full-depth pavement repairs that involved work crews removing and replacing the most deteriorated portions on a nearly 10-mile stretch of roadway (from milepost 29.4 to 38.7) in both directions, covering approximately 60 total lane miles and improving the structural integrity of the roadway. Crews installed a new two-course asphalt overlay to provide a smoother ride for motorists, installed new guiderails, and upgraded drainage systems and culverts, state officials said.