February 23, 2009 Montpelier, VT – The Vermont Economic Development Authority (VEDA) has approved $14.7 million in business, agricultural and energy conservation financing for projects throughout Vermont totaling $17.3 million.
“Especially during these difficult economic times, VEDA is pleased to help businesses expand, support investments in energy conservation measures, and provide assistance to Vermont farmers in their efforts to sustain and strengthen their operations, ” said Jo Bradley, VEDA’s Chief Executive Officer.
Approved for VEDA financing assistance are:
- Independent Brewers United Corporation, South Burlington – VEDA gave final approval to issuance of a $6.7 million tax-exempt manufacturing industrial revenue bond to Independent Brewers United Corporation (IBUC), the newly-formed parent company of Magic Hat Brewing Company and Pyramid Breweries, Inc. Brown Brothers Harriman has agreed to purchase the bond. The Authority’s financing approval supercedes that given Magic Hat in April of 2008, prior to Magic Hat’s subsequent acquisition of the West Coast brewing company, Pyramid Breweries, Inc. Magic Hat’s assets have since been merged with those of Pyramid into one operating company, IBUC, now owned by the former Magic Hat shareholders. In addition to the Magic Hat brewery and retail store in South Burlington, IBUC operates two other full-scale production breweries – one in Portland, Oregon and one in Berkeley, California -- and five brew pubs in cities in Oregon, Washington, and California. The $6.7 million in approved VEDA financing will help IBUC more than double production capacity at the South Burlington facility with the purchase and installation of a new brewhouse and bottling line, as well as other production and filling equipment, and associated leasehold improvements.
- The Manor, Inc., Morrisville – The Authority also gave final approval to issuing a $6.5 million tax-exempt revenue bond to The Manor, Inc. to restructure debt associated with the 1999 construction of a skilled nursing and residential care facility adjacent to Copley Hospital. The Manor is a 100-bed nursing facility employing 120, which provides short-term rehabilitation services, long and short term skilled nursing and residential care/assisted living.
The Authority also approved $506,000 in farm ownership and operating loans through VEDA’s agricultural financing program, the Vermont Agricultural Credit Corporation; and, $778,151 was approved for small business development projects through the Authority’s Vermont Small Business Loan Program. In addition, $195,500 was approved through the Vermont Business Energy Conservation Loan Program to help several businesses make energy efficiency and conservation improvements.
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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