Current News

Orleans County is leading the state in job creation, according to a recently released report by the Vermont Department of Labor. Never in Vermont’s 223-year history has this been the case. State economist Tom Kavet, in his July 24 report to the state’s Joint Fiscal Committee, cited Jay Peak’s EB-5 projects as the driver of growth in Orleans County.

“This kind of success is a great example of what happens when private business works with state policy makers to create jobs,” said Jay Peak president Bill Stenger. “Seven or eight years ago, we had approximately 250 people or so working at Jay Peak. Today that number’s over 1,500. That type of job creation would not have happened were it not for the EB-5 program and the vision of our state and federal officials, as well as the investment of our EB-5 partners.”

Union Bank, headquartered in Morrisville, announced today the opening of its new commercial loan office in Newport effective August 18, 2014. The new loan production office, located at 325 East Main Street, offers a convenient location for the bank’s current business loan customers, and potential customers in Orleans and Essex Counties.

Union Bank has served Northern Vermont since 1891 and has been consistently recognized by the Federal Deposit Insurance Corporation (FDIC) for outstanding performance meeting the credit needs of local communities as measured under the Community Reinvestment Act (CRA). In particular, the FDIC stated that Union Bank’s community development performance demonstrates “an excellent responsiveness to the community development needs of its combined assessment area, through the provision of community development loans, qualified investments and community development services.”

Vermont Business Magazine TDI New England has scheduled six open house meetings in Vermont at locations along the proposed overland route of the New England Clean Power Link transmission project to meet with community members and provide more information on the project. The New England Clean Power Link is a proposed 154-mile underwater and underground transmission line that would deliver 1,000 MW of hydroelectricity to the New England market. The line is being developed with private sector financing by TDI New England and would originate at the Vermont-Quebec border and travel underwater down Lake Champlain to Benson, Vermont, and through existing road rights-of-ways to a new converter station that would be built in Ludlow. The estimated cost is $1.2 billion and would be completed in 2019.

Green Mountain College continues to attract nationwide attention as one of the top colleges in the country for environmental programming and operations. Sierra magazine, the official magazine of the Sierra Club, announced today that Green Mountain College ranked eighth in the nation in its annual "Cool Schools" survey. Earlier this month, GMC received a perfect green rating of "99" in the 2015 edition of The Princeton Review's The Best 379 Colleges. 




Sierra's "Cool Schools" list recognizes colleges and universities that are creating tangible change in all categories of greenness – from what's served in dining halls to what's taught in lecture halls to what's powering the dorms. This was the fourth time in five years that GMC has ranked among Sierra's top ten schools.

NFP, a provider of benefits, property and casualty and life insurance and wealth management services, has expanded its property and casualty business in New England with the acquisitions of Poulos Insurance, Inc and Altus Specialty Group, LLC. Poulos, which has 11 offices in Vermont, closed on August 4, 2014 and ASG closed on August 8, 2014. Commenting on today’s announcement, Douglas W Hammond, Chairman and Chief Executive Officer of NFP, said: “Poulos and ASG have a combined New England presence which expands NFP’s national standing and continued dedication to growing our property and casualty insurance practice. We are excited to welcome these high quality firms and all their employees to the NFP family.”

Verizon Wireless has announced that it recently enhanced fourth generation (4G) Long Term Evolution (LTE) network coverage in Burlington, Vermont.

The Vermont Journal of Environmental Law (VJEL) has announced its first annual White River Environmental Law Writing Competition, open to law students across the country for a chance to win $1,000 and publication in VJEL. As the environmental law journal of Vermont Law School, home of the top-ranked environmental law program in the United States, VJEL is positioned to reach audiences on a global scale and affords students a unique opportunity to participate in current debates surrounding far-reaching environmental law and policy issues.

Almost three years from the day that Tropical Storm Irene devastated Waterbury and other Vermont communities, Senator Patrick Leahy (D-Vermont) led a groundbreaking celebration to mark the start of construction of South Main Apartments, a 27 mixed-income apartments on the campus of the former State Office Complex.

"Today we’re excited and appreciative to mark the start of construction of South Main Apartments,” said Eileen Peltier, Executive Director of the Central Vermont Community Land Trust. “Thanks to a caring community, supportive State government and leadership by Senator Patrick Leahy and the other members of our Congressional delegation, we are transforming Ladd Hall into 27 attractive, energy efficient homes.”

Vermont Business Magazine The Vermont Economic Development Authority (VEDA) has approved $4.3 million in financing for economic development projects totaling $9 million throughout Vermont. Among the projects are: Sugarbush Resort, $500,000; Concepts ETI, Inc, $145,612; Manufacturing Solutions, Inc, $62,884; Route 802 LLC,$150,000; Al’s Snowmobile Parts, $175,000; Caledonia Spirits, $80,000.

“VEDA is pleased to provide financing support to a number of small business, manufacturing, energy, technology, and agricultural projects,” said Jo Bradley, VEDA Chief Executive Officer. “Jobs will be created as a result of these projects, helping to boost Vermont’s economic growth.”

Projects approved by the Authority for nearly $1.3 million in direct commercial financing include:

The J Warren & Lois McClure Foundation, a supporting organization of the Vermont Community Foundation, has announced $339,650 in grants to support programs promoting college and career education for Vermonters—with a particular focus on low-income students, first-generation college students, adult learners, and veterans. The McClure Foundation is guided by a vision of a vibrant, world-class economy in Vermont where no job goes unfilled for lack of a qualified applicant and in which each citizen is encouraged to learn and to contribute.

by Morgan True vtdigger.org Vermont’s largest health insurer said Tuesday that any reduction to its requested rate increase for plans it offers on the state’s health exchange could hurt its solvency, but consumer advocates argue the increase will make coverage less affordable. Blue Cross Blue Shield of Vermont is requesting an average 9.8 percent rate increase for its Vermont Health Connect plans in 2015. That translates to a $20 to $75 monthly increase in premiums, depending on the plan. Blue Cross covers more than 90 percent of those who purchased commercial insurance through Vermont Health Connect, the state’s health insurance marketplace.

by Tom Pelham, Campaign for Vermont So now the fiscal ship of state has hit the rocky shoals, as predicted. Almost a year ago, those of us at Campaign for Vermont clearly made the case that Vermont’s fiscal ship was heading toward treacherous waters (click for 'Shipwreck'). The Shumlin administration’s (click here) response was that the fiscal ship was in good hands.

More recently, Campaign for Vermont predicted the revenue down grade: Pelham: Government growing faster than the economy