Current News

by Joe Carelli, president, Citizens Bank, Vermont and New Hampshire Each April, Financial Literacy Month offers a critical opportunity to educate consumers on the fundamentals of personal finance - from how checking accounts and credit cards work to how to establish a basic household budget. From my experiences as a financial service professional based in Vermont, and specifically as state president at Citizens Bank, I know that whether you are purchasing a home in Vermont, paying tuition at an in-state college, planning for retirement or trying to grow your business, financial knowledge is essential to your success.

Vermont Business Magazine Seeking to recognize a leading Vermont environmentalist and honor the legacy of a legendary wildlife advocate, Green Mountain Power has called for nominations for the 2017 GMP-Zetterstrom Environmental Award. Presented annually and named for famed osprey advocate Meeri Zetterstrom of Milton, the GMP-Zetterstrom Environmental Award is given to one person, business, group or non-profit who has made a significant contribution to Vermont’s environment. The award is accompanied by a $2,500 donation to the winner’s environmental cause.

“Meeri’s legacy continues to be visible in the dozens of ospreys that now make Vermont home, and the Vermonters who emulate her passion and perseverance,” GMP President and CEO Mary Powell said.“We have been thrilled with the quality of applicants over the years, and hope for some inspiring nominees for the 2017 award.”

Vermont Business Magazine Vermont Electric Power Company (VELCO) wants to ensure neighbors are aware of upcoming construction work associated with the PV20 Submarine Cable Replacement Project, to update the existing connection and ensure continued safe and reliable interconnection between the New York and Vermont electric grids. Construction is scheduled to start the week of April 17. The project will replace four 1958 vintage cables that run underwater from New York to Vermont. The replacement cables will connect to Vermont's grid at a new termination station to be located just northeast of the existing termination station in Grand Isle, Vermont.

by Timothy McQuiston Vermont Business Magazine ArcLight Capital Partners, based in Boston, was granted an amended certificate of public good by the Vermont Public Service Board on April 6 that will allow its affiliate, Great River Hydro, to acquire TransCanada’s New England hydroelectric power portfolio for $1.065 billion. The dams include those on the Connecticut and Deerfield rivers in Vermont. All workers are expected to be retained, ArcLight said when it announced the deal November 1, 2016. The state of Vermont formed a committee and briefly considered purchasing the dams itself after TransCanada announced in March of this year that it would sell the hydro plants to help it buy a Texas gas pipeline company. The state also considered buying the facilities in 2005, when USGen ultimately sold them to Calgary-based TransCanada for $505 million.

Vermont Business Magazine A group of local investors led by Ralph DesLauriers and his son, Evan DesLauriers, closed Friday on the purchase of Bolton Valley Resort. Bolton Valley, located in the town of Bolton in Chittenden County was founded by DesLauriers and his father Roland in 1966. DesLauriers owned and operated the resort from its founding until 1997. Since then, the resort has changed hands several times and until Friday, was owned by two real estate developers from Burlington, Larry Williams and Doug Nedde. The purchase of the resort by DesLauriers and his partners brings the resort full circle after 20 years.

Vermont Business MagazineChamplain College will bestow honorary doctorates upon NBC's Today Show host and founder of Roker Media Labs, Al Roker, and CEO of the Forney Group and the Executive Managing Director of Global Cyber Security Management at Equinoxys Inc., Renee Forney, during the College's Commencement exercises on Saturday, May 13, 2017.

Vermont Business Magazine The Vermont House Committee on Energy and Technology voted unanimously today that they will allow Executive Order 06-17. Per 3 V.S.A. Section 2002, the Executive Order will go into effect next week. Executive Order 06-17 intends to unify the state’s information technology operations and forms the Agency of Digital Services, transferring most IT positions to the new agency. This was one of Governor Phil Scott's first orders he signed in January.

Vermont Business Magazine OnMonday, April 17, Governor Phil Scott will help launch the first ever statewide substance use disorder workforce summit at Vermont Technical College. Following through on one of his campaign proposals, Scott, the State of Vermont and Vermont State Colleges are partnering to host more than 150 leaders including health care, higher education, state government, and nonprofit professionals as well as elected officials to evaluate substance use disorders in Vermont and the workforce challenges of providing treatment. The three panels will address barriers, challenges, and opportunities to meet the workforce needs of the substance use disorder provider community. Recommendations – both immediate and long-term – will arise from the summit dialogue for the organizing groups to act on in the coming months.

Vermont Business Magazine The Vermont Department of Taxes reminds taxpayers that the deadline to file Vermont personal income tax returns is Tuesday, April 18. The April 18 deadline also applies to homestead declarations, property tax adjustment claims, renter rebate claims, and applications for the extension of time to file a personal income tax return.

Taxpayers who are not ready to file their Vermont returns may request an extension using Form IN-151 or online, but they must file extension requests by April 18. This extends the due date six months to Oct. 16, 2017. Requesting an extension does not extend the period to pay tax. Taxpayers must submit tax owed by April 18 to avoid penalty and interest for late payment.

Vermont Business Magazine Attorney General TJ Donovan urges Vermont residents to file claims on a $125 million multistate settlement that provides $35 million to consumers who paid for the brand-name drug Provigil or generic modafinil from June 24, 2006, to March 31, 2012.At the States’ request, the court extended the time to file claims on the settlement to June 25, 2017.

Vermont Business MagazineFairPoint Communications announced today the completion of broadband expansion projects in 25 Vermont towns that extend and enhance FairPoint’s approximately 18,000 mile fiber optic network, which is the largest, fully-owned and managed fiber-based network in northern New England. As a result of these completed projects, improved broadband speeds are available to more than 4,500 locations throughout Vermont. In Williston, more than 375 locations have been impacted – providing broadband service to some locations for first time.

US District Court, Southern District of FloridaThis Settlement Agreement and Release (the “Agreement”) is entered into by and among Michael I. Goldberg, in his capacity as receiver (the “Receiver”) for the entities identified on Schedule A to this Agreement (collectively, the “Receivership Entities”), Thomas A. Tucker Ronzetti, Harley S. Tropin, and Kozyak Tropin & Throckmorton, LLP, as interim class counsel (“Class Counsel”) on behalf of the plaintiffs in the Investor Class Action (as defined below), and Raymond James & Associates, Inc. (“Raymond James”). (The Receiver, Class Counsel, and Raymond James shall each be referred to as a “Party” and shall collectively be referred to as the “Parties.”)