Current News

by Chris Miller Forty years ago, Ben Cohen and Jerry Greenfield turned an old gas station into the birthplace of Vermont’s Finest. While it wasn’t part of a conscious strategy to reduce Burlington’s consumption of fossil fuels, there is something a bit satisfying that Ben & Jerry turned a place that pumped gasoline into cars into a place that pumped hot fudge onto ice cream.

Vermont Business Magazine Ledyard Financial Group, Inc (ticker symbol LFGP), the holding company for Ledyard National Bank with an office in Vermont, has reported earnings for 2017 of $3,845,238, a 6.9% decrease over the prior year. As a result of the Tax Cuts and Jobs Act of 2017 that was enacted into law on December 22, 2017, the Company revalued its net deferred tax asset position to reflect the reduction in its federal corporate tax rate from 34% to 21%. This revaluation resulted in an increase to income tax expense of approximately $503,800. Pre-tax income for 2017 was $5,208,013 or a 1.4% improvement over the prior year. This improvement was due to strong equity markets, robust new business activity at Ledyard Financial Advisors, and an improvement in net interest margin.

Vermont Business Magazine The Vermont Community Loan Fund is now accepting applications for Building Bright Spaces for Bright Futures (BBSFBF) 2018 grants. The fund was created in 2002 by the Vermont legislature to increase the quantity and quality of child care and early education programs in Vermont. Since 2006, the fund has awarded over $1.3 million, to 124 Vermont child care programs, benefitting over 3,700 children and their families.

Administered by the Vermont Community Loan Fund (VCLF), the BBSFBF program is funded with revenue generated from the sale of specialty child care license plates, contributions from the general public and monies provided by the State of Vermont Child Development Division.

The BBSFBF Fund links Vermont families to services, resources and information, with an emphasis on providing access to high quality early childhood programs.

by Tom Sullivan, President, University of Vermont Dear Members of the University of Vermont Community: Recent events on campus have focused our attention on important and pressing issues: racial equality, diversity, and justice. Any great university embraces open, critical discourse. As we discover and learn from each other, we often find ourselves engaged in vigorous debate and heartfelt disagreement. The process is often messy. It is important that we never lose sight of the core elements that make UVM a vibrant intellectual community of which we all can be proud: diverse perspectives, meaningful dialogue, mutual respect, and civility. These are fundamentals that should guide all of our actions as we move forward as a community.

Vermont Business Magazine The Miro For Mayor Campaign Finance Statement was submitted on February 24, 2018, for Burlington Mayor Miro Weinberger’s re-election campaign. See report below. Total donations are $107,000 and total expenditures to date are $78,000.

Vermont Business Magazine Marcelle Leahy, accompanied by her husband, U.S. Senator Patrick Leahy (D-Vt.), on Saturday christened the USNS Burlington (EPF 10) at the Mobile, Ala., shipyard where it is being finished. Marcelle Leahy was chosen to sponsor this newest Navy ship, named for Vermont’s largest city, which will be able to quickly deliver service members and materiel for military and humanitarian missions.

Marcelle Leahy smashes the ceremonial bottle of sparkling wine against the USNS Burlington on Saturday. Photo by Senator Patrick Leahy.

Leonine Public Affairs This week saw a dramatic uptick in political momentum around the regulation of firearms. This was a direct reaction to the Florida school shooting tragedy and a near brush with a similar incident occurring closer to home in Fair Haven, Vermont. Against the backdrop of hundreds of Vermont high school students filling the State House to voice their demand for increased protections against firearms, Governor Scott changed his position on gun control and voiced a willingness to consider a variety of regulations. Similarly, Democratic Attorney General TJ Donovan, the legislature's Democratic leadership and Democratic/Progressive Lt. Governor David Zuckerman held a joint press conference and urged the passage of a bill requiring universal background checks that was introduced in 2017 but has yet to move. All of this set the stage for likely action in the Senate this coming week.

by Donald L Baker, President, Vermont Market, KeyBank According to the Equipment Leasing and Financing Association, in 2018 businesses are expected to make their largest capital investments since 2012. Driving this activity is an increase in business confidence, a strong global economy and, yes, the first tax overhaul in three decades.

Vermont Business Magazine KeyPoint Partners, LLC (KPP) has negotiated a lease with H&M at University Mall in South Burlington, according to Robert Lemons, Managing Partner of the firm. H&M will anchor the mall and anticipates that it will open this first Vermont location just in time for the 2018 holiday season. KPP Vice President of Leasing Don Mace completed the transaction. Target will also open its first Vermont store at UMall this fall.

Aerial view of University Mall. Courtesy photo.

Vermont Business Magazine Weekly unemployment claims are on a slow decline, as they have been since the beginning of year. For the week of February 17, 2018, there were 412 claims, 63 fewer than than they were the previous week and 159 fewer than they were a year ago. Altogether 5,937 new and continuing claims were filed, a decrease of 103 from a week ago, and 901 fewer than a year ago. For most weeks of 2017, including the last several months, claims have registered below the year before.

Vermont Business Magazine An investigation by the Burlington Police Department and the FBI has determined that the racist posters recently distributed on the Burlington college campuses, particularly at the University of Vermont, were not undertaken by local college students, but were the work of provocateurs and "that these individuals intended to cause strife, disruption and mistrust on local college campuses by expressing hostile and troubling messages in their public places. There is also evidence that these individuals have participated in extremist group activities in other communities."

Vermont Business Magazine The Vermont Department of Financial Regulation (DFR) and the Attorney General’s Office (AGO) on Friday filed a motion with the Superior Court Washington Unit that would allow the State to publicly disclose documents relating to the alleged fraud case against Ariel Quiros and Bill Stenger.

These motions are the next step in Governor Phil Scott’s plan – developed by DFR in consultation with the AGO – to expedite public disclosure of records relating to the EB-5 program. Typically, all documents relevant to the litigation would remain sealed until the conclusion of the case, but under this plan the State will ask the Court to allow for release as the State produces files to the defendants.