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Vermont Business Magazine The Legislature allocated $50,580,000 of this funding across two new grant programs — the Capital Investment Program (CIP) and the Community Recovery and Revitalization Program (CRRP) — and authorized the Department of Economic Development (DED) to design them. Under CIP, grant awards were limited to the lesser of $1.5 million or the estimated net State fiscal impact (NFI) of the project which was to be calculated by the Legislature’s and Administration’s economists. The office of the Vermont State Auditor Accounts released an audit of the programs today, of which it took several issues. Included here are the associated maps and tables documenting the entities that received the CIP and CRRP awards and dollar amounts that go with the accompanying story.

by Timothy McQuiston, Vermont Business Magazine State Auditor Doug Hoffer released an audit today of the Department of Economic Development’s implementation of two programs funded with $50 million of federal COVID money – the Capital Investment Program and the Community Recovery and Revitalization Program. The two programs were created to address the negative economic impacts of the pandemic while leveraging opportunities to grow Vermont’s economy. The programs were chosen for audit because the Department’s administration of an earlier COVID business grant program had internal control problems, raising the risk that taxpayer funds would be misspent. DED Commissioner Joan Goldstein took issue with many of the findings in audit, including that the rules the department had to follow were federal because it was federal funds that were being dispersed.

Vermont Business Magazine Traffic delays are expected near the Disaster Recovery Center (DRC) located at Waterbury Armory (294 Armory Drive, Waterbury, VT. 05676) due to road construction along Union Street from September 30 to October 1. The DRC remains open today to support survivors from 9 a.m. to 6 p.m. Conditions are expected to improve by Wednesday, October 2.

Vermont Business Magazine Average gasoline prices in Vermont are $3.18 per gallon, down 3.8 cents per gallon from last week's $3.22/g. The lowest price in the state yesterday was $2.69/g while the highest was $3.44/g, a difference of 75.0 cents per gallon. The national average price of gasoline has risen 1.4 cents per gallon in the last week, averaging $3.17/g today. 

Agency of Agriculture, Food & Markets The Capital Equipment Assistance Program (CEAP), administered by the Vermont Agency of Agriculture, Food & Markets, provides financial assistance for farms to purchase equipment that will provide improvements to water quality on their farm. Successful applicants will show how their requested equipment will increase or improve their utilization of conservation practices or otherwise reduce runoff on their farm. The maximum award amount for this competitive grant is between $25,000 - $100,000, depending on the type of equipment and applicant. There is a 10% match requirement. 

by Timothy McQuiston, Vermont Business Magazine Building projects may not be as visible as they were a few years ago, with prominent projects at Jay Peak, the University of Vermont and the University of Vermont Medical Center going up. The most obvious construction projects today are those involving infrastructure for two reasons. One, the need to upgrade culverts, bridges, highways and other projects that have been undermined by the floods of July 2023 and August of 2023, as well as the more recent floods in July of 2024. Two, many infrastructure projects were in response to the COVID-related recession and recovery, with much of that money coming from the federal government, especially the Biden administration’s infrastructure grants. The state still has nearly $2 billion in the bank earning significant interest, but that money is earmarked for many of these projects.

by Timothy McQuiston, Vermont Business Magazine Commercial real estate in Vermont is at an inflection point, as anyone can see driving around the state, especially in the more developed areas. There is a glut of office space. This will take many years to fill up. If it ever does. In the post COVID environment there are many more people, of course, working remotely. And no one believes that all of those people will come back into the office and certainly not into the office at the same levels as pre COVID. So one of the questions is what are we going to do with all that office space? It is not easily converted into housing. Especially in the office buildings we're looking at now. The major problem is the plumbing. In a typical office building, the plumbing is centrally located, which is not conducive to apartment conversion.

Vermont Business Magazine This weekly report is a list of planned construction activities that will affect traffic on state highways and interstates throughout Vermont for the week of September 30. Please remember to drive safely in all work zones. Lives depend on it.  

Vermont Business Magazine Vermont Employer Support of the Guard and Reserve has announced its combined 2023-2024 award recipients for service and support to Vermont’s Guard and Reserve members. At their annual banquet held recently at the Vt Air National Guard Base in South Burlington, Vt. ESGR presented or recognized 64 awards to over 34 employers who provided outstanding support over the past year. The 2023 event was canceled due to the Summer 2023 flooding. Guest speakers for the event were Major General Gregory Knight, Adjutant General, State of Vermont, and Bruce Townshend, Director of Engagement for Headquarters, Employer Support of the Guard and Reserve.

Vermont Business Magazine Interluxe Auctions, the leading online luxury real estate auction marketplace, is excited to announce the upcoming online auction for the multi-dwelling Blue Sky Estate in Peacham, VT. The property, previously listed for $6,275,000, is now headed to auction with a starting bid of $1,900,000 on Tuesday, October 15th at 9:00am EDT. With construction beginning in 1994 and lasting until 2015, The Blue Sky Estate was curated with meticulously crafted homes, barns, and outbuildings, all within a private retreat on the grounds of the historic Taylor Family Homestead. At its heart lies the Main Lodge, alongside the Mountain Cabin, a versatile contemporary Studio House, a Barn Apartment, and a modern Lake House. 

Vermont Business Magazine Attorney General Charity Clark, along with Lamoille County State’s Attorney Aliena Gerhard, will host a free expungement clinic on Thursday, October 3, 2024, with appointments available from 10:00 a.m. to 2:00 p.m. Expungements wipe from your record specific convictions and dismissed charges after a certain period of time has passed. Under Vermont law, many misdemeanors, 14 different felony offenses, and all dismissed charges can be expunged or sealed. The free clinic will focus on expunging and sealing criminal charges and convictions from any county in Vermont and will be open to the public by appointment only.  

Vermont Business Magazine Brattleboro Savings & Loan has announced that Tom Martyn has received the prestigious 2024 Vermont Outstanding Community Service Banker of the Year award by the Vermont Bankers Association. The award was created to recognize leaders who exemplify the best of community banking through an exceptional commitment to the communities that their bank serves. For the award, nominees are put forth by colleagues from bank leadership throughout Vermont from which a winner is chosen by a panel of peers and community leaders. The award is presented each year at the Vermont & New Hampshire Annual Banker Conference that takes place in September. Tom’s leadership as the bank’s Executive Vice President and CFO and his long-term history of volunteering and service on boards of local organizations, such as the Retreat Farm and The Landmark Trust USA at present, have significantly improved the Brattleboro area community.