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Cypress Equities acquires Maple Tree Place in Williston

Mon, 08/15/2016 - 11:59am -- tim

Vermont Business Magazine Cypress Equities announced today that it has closed on the acquisition of Maple Tree Place, the dominant retail center in Williston, VT.  The center is comprised of 488,975 square feet of mixed use retail and office space.  Maple Tree Place is located at the intersection of Route 2 and 2A, known as Taft Corners, in the fast growing area of Chittenden County. Financial terms were not disclosed. Maple Tree Place is a premier retail center, located in Chittendan County, the most populous area in the state of Vermont. Currently, the property is anchored by national tenants such as Dick’s Sporting Goods, Old Navy, Best Buy, Shaw’s and Christmas Tree Shops.

SPARK-VT competition awards $50,000 grants to four UVM research teams with innovative business ideas

Mon, 08/15/2016 - 10:43am -- tim

Vermont Business Magazine As the new academic year is set to begin, the innovative work of four University of Vermont research teams is moving closer to the marketplace thanks to a Shark Tank-like competition called SPARK-VT.  Each winning team will receive up to $50,000 in seed funding from the university’s Office of the Vice President for Research.

Smith: Is it enough to be likable?

Mon, 08/15/2016 - 4:31am -- tim

by Mike Smith One thing we learned from the results of the Vermont primary last Tuesday is that being likable is worth a whole lot more than $2 million. Just ask former Wall Street executive Bruce Lisman, who poured perhaps that much into his failed attempt to defeat Phil Scott, the current Republican lieutenant governor.

Captive insurance regulators worried about efforts to lure domicile switchers

Sat, 08/13/2016 - 10:47am -- tim

Vermont Business Magazine In this A.M.BestTV episode, which wraps up the third day of the annual Vermont Captive Insurance Association (VCIA) conference, captive regulators from South Carolina, Vermont and Tennessee review captive oversight, including a strategy that has some domiciles offering tax breaks to captives that re-domesticate. Vermont is the nation's largest domicile for captives and would have the most to lose if this strategy proves successful. Vermont also just hosted the industry's premier conference, which concluded last week in Burlington. Tennesse has been successful using this strategy, but South Carolina warned about this "unwelcome development" that arm-twists a large company to move its captive to a state without substantial regulation. David Provost, deputy commissioner, Vermont Captive Insurance Division, said a few companies have left the state to return to the parent company's home state. He does not think this is a major problem for Vermont.

Public input drives Every Student Succeeds Act conference

Sat, 08/13/2016 - 5:15am -- tim

Vermont Business Magazine A new law that will shape the future of education in Vermont (the Every Student Succeeds Act) was discussed by more than 150 parents and community members who attended a conference at the Jay Peak Resort, Aug. 10-11, 2016. ESSA is the reauthorization of the Elementary and Secondary Education Act (ESEA) of 1965 and signed into law by President Obama on Dec. 15, 2015. The law was designed to address structural inequities in education funding for marginalized students.

National Life makes the grade, bond rating boosted by S&P to 'A+'

Fri, 08/12/2016 - 3:39pm -- tim

Vermont Business Magazine The financial strength rating for National Life Group’s insurance companies was boosted by Standard & Poor’s on Thursday based on the company’s improved capital strength and stronger credit quality. S&P Global Ratings formally raised the rating of National Life Insurance Company and Life Insurance Company of the Southwest to “A+” from “A.” At the same time, SP Global raised its issuer credit rating on NLV Financial Corp., National Life’s holding company, to “BBB+” from “BBB.”

Air Guard celebrates 70th anniversary during the Wings Over Vermont air show

Fri, 08/12/2016 - 3:22pm -- tim

Vermont Business Magazine The Vermont Air National Guard's 158th Fighter Wing is celebrating its 70th Anniversary and will be participating in the Wings Over Vermont Air show.  This event will include an increased number of aircraft in and around the local Burlington, Vermont area. Air show events to include training flights will be  conducted Thursday, 11 August through Monday, August 15, 2016.

Major Burlington downtown office space to be redeveloped next year

Fri, 08/12/2016 - 2:54pm -- tim

Vermont Business Magazine While the city and a different group work through the process of redeveloping the Burlington mall, a separate major office space, just around the corner, is moving forward. Mayor Miro Weinberger, private developer and president of Investors Corporation of Vermont Paul Sprayregen, and University of Vermont Health Network CEO Dr John Brumsted today announced that the office space at One Burlington Square will be redeveloped by Investors Corporation beginning March 1, 2017.

Weekly jobless claims edge back up

Fri, 08/12/2016 - 10:54am -- tim

Vermont Business Magazine Following a week with relatively few claims, weekly unemployment claims increased last week. Claims were not especially high, but are running higher in 2016 than in 2015. For the week of August 6, 2016, there were 523 claims, up 161 from the previous week's total and 113 more than they were a year ago. By industry, claims were up in small amounts nearly across the board. Service, the usual leader, again had the most claims. 

CCV, Grand Isle-Franklin Workforce Investment Board get $167,000 federal grant

Thu, 08/11/2016 - 4:43pm -- tim

Vermont Business Magazine The Community College of Vermont (CCV), in partnership with the Grand Isle-Franklin Workforce Investment Board, was awarded a grant of just over $167,000 from the Northern Border Regional Commission, a federal program established in 2008 to assist in the economic development of New England’s Northern Border counties.

REV: Renewable energy creating summer savings, preventing air pollution

Thu, 08/11/2016 - 4:33pm -- tim

Vermont Business Magazine As the region faces high summer temperatures straining power supplies, Vermont utilities are experiencing spikes in electric costs and today issued peak alerts asking customers to reduce energy use. Price stable Vermont wind and solar meanwhile are reducing both peak costs and burning of the direst fossil fuels, according to Renewable Energy Vermont. As of 3 pm, according to ISO New England, peak energy costs today spiked to over $2.69 per kWh with a heavy reliance on the dirtiest polluting fossil fuels. Today's price is more than 18 times the rate the majority of Vermont residents pay for electricity.