VEDA Board approves $55.5 million in business project financing

Category xblbrhis

first_imgVEDA BOARD APPROVES $55.5 MILLIONIN BUSINESS PROJECT FINANCINGBurlington, VT – The Board of Directors of the Vermont Economic Development Authority (VEDA)approved $55.5 million in financing to support development projects throughout Vermont totaling $64.1million.”The Authority is please to approve investments in a variety of projects that will strengthen businesses,institutions and communities, resulting in the creation of more good-paying jobs for Vermonters,” said JoBradley, VEDA’s Chief Executive Officer.Among the approved projects are:- Green Mountain College, Poultney – The Authority gave final approval for the issuance of $14.5million in tax-exempt revenue bonds to finance a variety of energy conservation measures andbuilding renovations at Green Mountain College. The approved bond will finance construction ofa new wood chip (bio-mass) heating system, replacement of the college’s electrical distributionsystem, replacement of inefficient dormitory windows, and renovation of several buildings. Thebond will also refinance debt associated with prior improvements made at the campus, includingreplacement of lighting fixtures, installation of fire alarm systems, and upgrades to the library andWhitney Student Center. Established in 1834, Green Mountain College is a four-year coeducationalinstitution with a strong focus on environmental liberal arts. The college ownsapproximately 145 acres of land and 25 buildings in Poultney, serving a population ofapproximately 800 students. The college has 167 employees, and expects to add eleven morejobs within three years of the project. Key Bank will be Trustee for the VEDA bond.- Bennington College, Bennington and North Bennington – Preliminary inducement approvalwas given by the VEDA Board for the issuance of $34 million in tax-exempt revenue bonds overtwo years to assist Bennington College in their plans to undertake a multifaceted construction andrenovation project at their campus. Pending final approval by the VEDA Board, BenningtonCollege plans over a period of two years to refinance existing debt, renovate and make technicalinfrastructure improvements to a variety of buildings on the campus, and construct a substantialnew building, the Bennington Center for the Advancement of Public Action. The new Centerwould house a new curriculum initiative with classrooms, and a small conference facilityequipped with broadcasting and recording capabilities. Established in 1932, Bennington Collegeis a nationally-recognized liberal and fine arts institution with a total enrollment of 723 students.The college campus comprises 470 acres of land and 60 buildings in Bennington and NorthBennington, including a 120,000 square foot visual and performing arts center. The collegeemploys 279, a number expected to grow to 290 within three years of the planned project’scompletion.- The Family Place, Hartford – The Authority gave preliminary approval to issuing just over $1million in tax-exempt bonds to help The Family Place expand their services through the purchaseof land and a 5,327 square foot building in Olcott Industrial Park in Hartford. The Family Place,a nonprofit parent child center serving northern Windsor County, is limited by its current spaceon Route 5 South in Norwich, a location it will still maintain should the bond issuance receivefinal Authority approval. Established in 1985, the Family Place works to support the positivegrowth and development of all parents by offering services that build upon family strengths. Thecenter employs a staff of 26, a number expected to increase after the planned expansion.- Scott-Spates Property Management, LLC, Derby – $2 million in financing was approved toScott-Spates Property Management, LLC for the construction of new, expanded facilities nearExit 27 off Interstate 91 to be leased to the Government Services Agency for the U.S. BorderPatrol. Plans for the $6.9 million project are to construct a 13,350 square foot office building and14,833 square foot enclosed garage on 12.3 acres of land. The new facilities will accommodateup to 50 personnel, and will replace a nearby 6,300 square foot leased facility which has housedup to 29 U.S. Border agents over the last two decades. Passumpsic Savings Bank will alsoparticipate in the project.In addition, another $1.2 million was approved in direct loans, close to $1.5 million in farm ownershipand operating loans were approved through the Authority’s agricultural financing program, the VermontAgricultural Credit Corporation, and $698,115 was approved for several small business developmentprojects through the Authority’s Vermont Small Business Loan Program.VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance toeligible businesses, including manufacturing, agricultural, and travel and tourism enterprises.Since itsinception in 1974, VEDA has made financing commitments totaling over $1.4 billion. For moreinformation about VEDA, visit www.veda.org(link is external) or call 802-828-5627.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *