Investment in Hospitality an Important Economic Development Victory for County
(AMSTERDAM, NY) — Despite the challenges 2020 has presented to the hospitality industry, the grand opening ceremony of the new, 67-room Microtel by Wyndham Hotels along Route 5S in the City of Amsterdam is another sign that Montgomery County is a growing destination for people and investment. The grand opening event – delayed several months because of the impact of COVID-19 – is reflects another major victory for economic development efforts along the 5S Corridor.
“Congratulations to Singh family and everyone at Valley View Hospitality. They have made another major investment in the Amsterdam community, and we’re proud to have worked with them to make this project a reality,” said Montgomery County IDA and Business Development Center CEO Ken Rose. “Being able to offer brand-name hotel accommodations will help us continue to attract investment and demonstrates that Montgomery County is a place to do business, raise a family, and invest in the future. As more investment comes, it is even more important to have quality hospitality options conveniently located for businesses.”
The project received economic assistance from both the Montgomery County IDA and the State’s Regional Economic Development Council. It will also be made possible in part through the Montgomery County Revolving Loan Fund administered by the County’s Business Development Center,
The company received a $1.2 million grant through the state’s Regional Economic Development Council awards and has entered into a 10-year agreement (PILOT) through Montgomery County IDA, which will be allocated proportionally to Montgomery County, the City of Amsterdam and the Greater Amsterdam School District. The company also received a $500,000 loan through Montgomery County.
As a condition for the state grant, Valley View Hospitality, which also operates the Knights Inn, has agreed to create 14 new, full-time positions over the next three years.
Montgomery County Business Development Center (MCBDC) provides professional economic development assistance to businesses interested in expanding or relocating to Montgomery County. It offers real estate solutions, financial assistance and incentives, as well as business development and technical assistance. MCBDC acts as the county’s Department of Economic Development, & Planning, the Industrial Development Agency, and Capital Resource Corporation. To learn more visit www.MontgomeryCountyWorks.org.