Current News

Senator Patrick Leahy (D-Vermont) on Friday announced that the Boys & Girls Clubs of Vermont will receive $550,000 in federal grants to fund activities and programs administered by five organizations in Vermont, an increase of nearly 10 percent over the previous year. Leahy, long the Senate’s leading champion of the Boys & Girls Clubs, said: “The Boys & Girls Clubs play vital roles in our communities across Vermont. They serve as on the front line in creating safe spaces for young people to grow up free of drugs and crime. These grants are a direct investment in the future of these young people, and in the future of their communities. As a former prosecutor I’ve seen firsthand how these programs make a difference. Nationwide, the Boys & Girls Clubs continue to do invaluable work, and we need to provide them with the resources to ensure they can continue these step by step, child by child efforts.”

Coldwell Banker Hickok & Boardman Realty released the Northwest Vermont Market Report: 2014 Year in Review, an analysis of the real estate market and trends for 2015 in Chittenden, Franklin, Grand Isle, and Addison Counties. As the report shows, the past year proved to be a year of ups and downs for the Northwest Vermont real estate market, ending on a positive note. Difficult winter conditions and concerns about the future of IBM’s Essex Junction plant dampened sales in the spring and early summer. The announced purchase by GlobalFounderies of the plant and sustained low interest rates were a few factors that helped strengthen the fall market.

People's United Financial, Inc, parent of People's United Bank, (NASDAQ: PBCT) today reported net income of $64.7 million, or $0.22 per share, for the fourth quarter of 2014, compared to $59.3 million, or $0.20 per share, for the fourth quarter of 2013, and $61.6 million, or $0.21 per share, for the third quarter of 2014. Operating earnings were $65.1 million, or $0.22 per share, for the fourth quarter of 2014, compared to $60.0 million, or $0.20 per share, for the fourth quarter of 2013, and $63.0 million, or $0.21 per share, for the third quarter of 2014.

Timbervest, LLC, an Atlanta-based company that manages timber-related assets and investments, today announced it sold more than 10,000 acres of timberland assets in Florida, South Carolina and Vermont from its Timbervest Partners I (TVP I) investment fund. The combined value of the three transactions totaled more than $14.2 million. Following the sales, the $230 million, vintage 2005 TVP I fund continues to own and manage high quality timberlands located throughout the country and its investor base consists of both institutional and high-net-worth investors.

“We are excited to complete these transactions,” said Bill Boden, managing partner of Timbervest. “Each property’s unique environmental characteristics and timber attributes made them highly attractive assets. At this stage of the TVP I fund, we are actively evaluating other sales opportunities.”

Florida Property

With Martin Luther King weekend on the way, Vermont ski and snowboard resorts are brimming with events and deals. From fireworks to meeting owls, lodging packages to learn-to ski incentives -- check them all out at SkiVermont.com.

EVENTS

January 17, 2015 – Okemo Shakin' Skate Night

The Vermont Economic Development Authority (VEDA) has approved nearly $30.5 million in business financings, including reissuance of a $20.5 million tax-exempt revenue bond. Roughly $10 million of the total approved financing is comprised of loans for a variety of economic development projects in Vermont’s commercial, agricultural, small business and energy sectors.

VEDA approved the reissuance of up to $20.5 million in tax-exempt revenue bonds previously issued by the Authority for Wake Robin Corporation, a Vermont 501(c)(3) nonprofit corporation that owns and operates a well-known continuing care retirement community with approximately 320 residents in Shelburne. VEDA has assisted Wake Robin with tax-exempt bond financing several times to finance the construction and expansion of the facility. The new bond was purchased by M&T Bank.

In addition, VEDA approved over $3 million in direct commercial loans, including:

Vermont Tech has received the first training provider grant awarded in 2015 by the Vermont Department of Economic Development’s Vermont Training Program. The $18,000 grant will offset some of the costs associated with Vermont Tech’s Advanced Machinist Apprentice Program. In an effort to fill a growing manufacturing need in Vermont, Vermont Tech partnered with Green Mountain Economic Development Corporation, Hartford Area Career Technology Center, GW Plastics, North Hartland Tool and NE Precision to create the four year Advanced Machinist Apprenticeship Program. The program allows participants to earn college credit while gaining on-the-job training.

Vermont Business Magazine Governor Peter Shumlin took to the podium before a joint meeting of the Legislature in the House Chamber this afternoon to outline plans to increase Medicaid payments to providers, with the help of a $90 million payroll tax on every employer; to close a loophole in the income tax of $15 million to help pay off a $94 million budget shortfall in order to balance the FY 2016 Vermont state budget; and to use a carrot-and-stick approach to find a way to increase public education quality while lowering property taxes. He did not explicitly enunciate an immediate way to lower property taxes, but hopes that local communities and the state can develop a partnership to do so. To that end, he suggested the state offer $3 million carrot to help schools consolidate, while at the time holding a stick to ensure that local districts could be forced to close schools if standards are not met.

Fired-Up Tobacco, Inc and its owner, Christopher P Moreau of Barre, Vermont have settled with Attorney General Bill Sorrell for violations of Vermont’s tobacco law. Mr. Moreau and Fired-Up Tobacco, Inc. failed to file required reports, failed to maintain records, failed to report the sale of certain tobacco products, and illegally sold their own store-brand of roll-your-own tobacco.

Three Vermont communities advanced to the semifinal round of the Georgetown University Energy Prize (GUEP), a national competition that is challenging communities across the U.S. to rethink their energy use. At a press event in Washington, DC. today, Montpelier, South Burlington and Waterbury/Duxbury (a joint application) were among the 50 communities acknowledged for leading the way on energy efficiency. Each of the 50 towns from around the country will compete for a $5 million purse, which can be used to support community energy efficiency initiatives, education or energy innovation.

Under the leadership of the local energy committee, each of the three communities plans to use this significant prize to build off of – and considerably strengthen – their work to help their municipalities and neighbors reduce their fossil fuel use.

Public Assets Institute Vermont taxes are higher, as a percentage of income, on the poor and those in the middle than they are on the 1 percent at the top, according to the new study "Who Pays?" released Wednesday by the Institute on Taxation and Economic Policy (ITEP). Vermont is not alone; the wealthiest pay less than everyone else in all states. But Vermont is better than most when it comes to collecting taxes from those who are better able to pay, according to the study.

"In recent years, multiple studies have revealed the growing chasm between the wealthy and everyone else,” said Matt Gardner, executive director of ITEP. “Upside down state tax systems didn’t cause the growing income divide, but they certainly exacerbate the problem. State policymakers shouldn’t wring their hands or ignore the problem. They should thoroughly explore and enact tax reform policies that will make their tax systems fairer.”

Bond Auto Parts, Inc, a Barre, Vermont, based company, created a fundraising mission during this past holiday season and raised $30,525 for local food shelves across its network of stores. Food shelves across the region are typically hit hard during the holiday season and the money raised can go to purchasing food to replenish their shelves or help run their programs. Bond Auto’s 45 store locations throughout Vermont, New Hampshire, Massachusetts and New York worked hard along with their customers to raise the funds. Each store started raising funds just before Thanksgiving and had until December 31st to raise raise as much as they could to donate to a local food shelf within their community.