October 30, 2008 Burlington, 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 $64.1 million.
“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 Jo Bradley, VEDA’s Chief Executive Officer.
Among the approved projects are:
- Green Mountain College, Poultney – The Authority gave final approval for the issuance of $14.5 million in tax-exempt revenue bonds to finance a variety of energy conservation measures and building renovations at Green Mountain College. The approved bond will finance construction of a new wood chip (bio-mass) heating system, replacement of the college’s electrical distribution system, replacement of inefficient dormitory windows, and renovation of several buildings. The bond will also refinance debt associated with prior improvements made at the campus, including replacement of lighting fixtures, installation of fire alarm systems, and upgrades to the library and Whitney Student Center. Established in 1834, Green Mountain College is a four-year co-educational institution with a strong focus on environmental liberal arts. The college owns approximately 145 acres of land and 25 buildings in Poultney, serving a population of approximately 800 students. The college has 167 employees, and expects to add eleven more jobs within three years of the project. Key Bank will be Trustee for the VEDA bond.
- Bennington College, Bennington and North Bennington – Preliminary inducement approval was given by the VEDA Board for the issuance of $34 million in tax-exempt revenue bonds over two years to assist Bennington College in their plans to undertake a multifaceted construction and renovation project at their campus. Pending final approval by the VEDA Board, Bennington College plans over a period of two years to refinance existing debt, renovate and make technical infrastructure improvements to a variety of buildings on the campus, and construct a substantial new building, the Bennington Center for the Advancement of Public Action. The new Center would house a new curriculum initiative with classrooms, and a small conference facility equipped with broadcasting and recording capabilities. Established in 1932, Bennington College is 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 North Bennington, including a 120,000 square foot visual and performing arts center. The college employs 279, a number expected to grow to 290 within three years of the planned project’s completion.
- The Family Place, Hartford – The Authority gave preliminary approval to issuing just over $1 million in tax-exempt bonds to help The Family Place expand their services through the purchase of 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 space on Route 5 South in Norwich, a location it will still maintain should the bond issuance receive final Authority approval. Established in 1985, the Family Place works to support the positive growth and development of all parents by offering services that build upon family strengths. The center 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 to Scott-Spates Property Management, LLC for the construction of new, expanded facilities near Exit 27 off Interstate 91 to be leased to the Government Services Agency for the U.S. Border Patrol. Plans for the $6.9 million project are to construct a 13,350 square foot office building and 14,833 square foot enclosed garage on 12.3 acres of land. The new facilities will accommodate up to 50 personnel, and will replace a nearby 6,300 square foot leased facility which has housed up to 29 U.S. Border agents over the last two decades. Passumpsic Savings Bank will also participate in the project.
In addition, another $1.2 million was approved in direct loans, close to $1.5 million in farm ownership and operating loans were approved through the Authority’s agricultural financing program, the Vermont Agricultural Credit Corporation, and $698,115 was approved for several small business development projects through the Authority’s Vermont Small Business Loan Program.
VEDA’s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.4 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.
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Contact Information:
Jo Bradley
Chief Executive Officer
VEDA
802-828-5627
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