Current News

by Timoty McQuiston Vermont Business Magazine The Burlington City Council is expected to make a final decision on the new owner of Burlington Telecom at the Council meeting Monday night. The financially troubled telecom, which has stabilizedover the last couple years, required a $16.9 million bail out by the city, which damaged the city's credit rating and led to a complex financial deal to get out from under a potential lawsuit by creditor CitiBank.

The two finalists are Ting/Tucows from Toronto and Keep BT Local. Ting was one of two commercial operators whose $30 million investment would satisfy the the city's and BT's financial obligations. KBTL would organize as a local co-op with subscribers and with the city retaining a minority ownership position.

BT offers Internet, cable TV and phone service.

Vermont Business Magazine Green Mountain Power continues to make extensive preparations for the severe winds predicted for lateSundayresulting from a strong low pressure system which will also pulls effects from Tropical Storm Phillipe off the east coast. Forecasters say gusts over 65-70 miles per hour are expected to knock down trees and branches across the state causing outages. The windstorm will hit Southern Vermont first around 9 pm, with the strongest winds predicted overnight aftermidnight, across the state.

“This forecast for winds are comparable to a storm in 2012 which resulted in more than 48,000 customers losing power for up to three days,” said Dorothy Schnure, Green Mountain Power spokesperson. “In addition to our dedicated GMP crews who are prepared, we have arranged for additional contract crews to help us restore power as quickly and safely as possible once this storm strikes.”

Vermont Business Magazine Attorney General TJ Donovan has announced a series of forums at Vermont High Schools around the state. As part of the “AGO in the Community” initiative, Attorney General Donovan and Civil Rights Unit Director, Julio Thompson, will be presenting on civil rights issues at schools throughout the month of November. “Issues of civil rights, tolerance and free speech are at the surface of today’s political discourse. Our kids and students are listening,” said Attorney General TJ Donovan. “I’m looking forward to having these discussions with Vermont students.”

Vermont Business Magazine The state of Vermont has received $105,000 that will support efforts to reduce exposure and health risks of radon found in buildings and schools. The Vermont Department of Health received funds to provide long term test kits for homeowners, and to promote radon-resistant construction techniques in new buildings and renovations. The project will also offer technical assistance for assessing and reducing radon in schools.

The State of Vermont matches the federal award with 40 percent state funding to support actions in the state’s approved work plan.

The State of Vermont’s Radon Program provides free long-term radon testing kits to the general public and provides referrals for radon mitigation contractors as well as assistance with school radon testing.

Vermont Business MagazineAward Winning Chef, Christian Kruse, takes the helm of the popular local eatery, Vergennes Laundry, on October 31st, 2017. Owners Didier and Julianne Murat transformed the original laundromat on 257 Main Street, in Vergennes, to a French inspired bakery in 2010. Seven years later, Didier and Julianne are moving on to new adventures, entrusting the beloved Laundry to the capable hands of Chef Christian Kruse who aims to bring high-quality, locally inspired dining to the Vergennes community.

"My culinary experience has taken me across the country and back,” said Chef Christian, “It's now time for a new endeavor, my dream, to open my own restaurant. When I heard the Laundry was up for sale, I knew it was the perfect fit!"

Vermont Business Magazine In recognition of the importance of the Morgan Horse to the State of Vermont, and in conjunction with a nationwide Morgan horse promotional event, Vermont Governor Phil Scott has signed a proclamation stating that October 28th, 2017, will be the official Day of the Morgan in the State of Vermont. The UVM Morgan Horse Farm is dedicated to the preservation and improvement of the Morgan horse through breeding and selection. Designated as a site on the National Register of Historic Places, the farm is also home to significant Morgan history and a variety of educational programs.

For over 60 years, the farm has provided educational experiences and training for students and visitors while perpetuating the Battell, Government, and UVM bloodlines. UVM Morgans are prized as superb pleasure horses for recreational use and as foundation broodstock.

Vermont Business Magazine The Vermont Ski Areas Association(VSAA)announced today thatpresident Parker Riehleis steppingdowneffective November 10to open his own lobbying and public relations firm.The VSAA Board of Directors has begun the search for a successor to lead the association and the $1.6 billion ski and snowboardindustry in Vermont.

Vermont Business Magazine Porter Airlines and Ski Vermont are providing travelers with special offers for the winter season. The Toronto air carrier offers seasonal service to Burlington International Airport (BTV) starting December 21. The first 50 Porter Airlines flight reservations made or Porter Escapes vacation packages booked to Vermont receive two free ski lift ticketsper booking.

by CBHallVermont Business MagazineThe town of Shelburne is continuing its fight against the Vermont Railway's salt-transloading facility just north of Shelburne village, in the wake of a 3-2 vote by the selectboard, at its October 24 meeting, to pass a revised ordinance in effect prohibiting the salt sheds' operation. But that fight, now almost two years long, is meeting increasingly angry questions from frustrated citizens.

Vermont Business MagazineValt Increceived the grand prize in the FreshTracks Capital Vermont Road Pitch Finals held on October 19th at Champlain College in Burlington. After earning the highest score from the judges, (a group of more than 30 “business bikers” comprised of investors, entrepreneurs and business advisors), Brent Heeringa, CEO of Valt, took home the $5,000 grand prize, a large Vermont Teddy Bear, and one years’ worth of mentoring from the Road Pitch motorcycle rider group.

Brent Heeringa, CEO of Valt.Photo Credit: Bob LoCicero

Vermont Business Magazine VEDA approved 344 financings in FY2017 totaling nearly $199 million. For the second year running, the Authority also surpassed any prior year’s agricultural loan approvals. These and other measures of the Authority’s contributions to Vermont’s economy will be presented today at VEDA’s 43rd Annual Meeting in South Burlington.

“VEDA’s two biggest areas of growth in FY2017 were tax-exempt conduit bonds and agricultural loans,” said VEDA Chief Executive Officer Jo Bradley. “Tax-exempt bonds are an important financing tool for larger businesses, and VEDA is the conduit that allows these companies to access the tax-exempt market.” In FY2017, VEDA issued $128.4 million in tax-exempt bonds.

Vermont Business Magazine Vermont State Treasurer Beth Pearce announced today that members of the State (VSERS), Teachers’ (VSTRS), and Municipal (VMERS) retirement systems will soon be able to save more money for retirement under an agreement with a new third-party administrator, Prudential Retirement. The Treasurer’s Office was able to negotiate a 51% reduction in administrative fees plan participants pay for supplemental retirement, saving members an estimated $3.2 million over 5 years.

“As the fiduciary of retirement plans, we work every day to ensure that plan participants can achieve retirement security,” said Treasurer Pearce. “After reviewing multiple proposals, we determined Prudential Retirement would provide excellent value and service to plan participants. Every dollar saved in administering the plans will accrue to the benefit of participating members and to Vermont taxpayers.”