Current News

Vermont Business Magazine Burlington's downtown mall, Church Street, the transit center and surrounding streets will get a $200 million makeover, which will include a rooftop park and access between streets that was lost when the mall was first built in 1976. The plan also includes 250 apartment spaces, a convention center/hotel, more retail and more parking. Mayor Miro Weinberger and new Burlington Town Center (BTC) owner Don Sinex, Managing Partner of Devonwood Investors, LLC, on Thursday were joined by Governor Peter Shumlin to announce a partnership to comprehensively redevelop the downtown mall consistent with the planBTV Downtown & Waterfront Master Plan.

Vermont Business Magazine For the first time in several months, the number of employed and the labor force both grew, both from the prior month and from the prior year, with both the adjusted and unadjusted numbers showing progress, despite an increase in the number of unemployed. The Vermont Department of Labor announced today that the seasonally-adjusted statewide unemployment rate for October 2014 was 4.4 percent. This represents no change from the revised September rate (4.4 percent). The equivalent national average was 5.8 percent, which decreased by one-tenth of a percent from the previous month’s estimate. October’s over the month change ends a four-month period of a rising statewide unemployment rate in Vermont. The unemployment rate bottomed out at 3.3 percent in May and has been on the rise since. Vermont’s unemployment rate was the 10th lowest in the country; it was 8th last month and in late spring was second lowest.

Merchants Bancshares, Inc (NASDAQ: MBVT), President and CEO, Michael R Tuttle, announced today the appointment of Geoffrey R Hesslink as the 13th President and CEO of Merchants' main operating subsidiary, Merchants Bank, effective January 1, 2015. Merchants is based in South Burlington, Vermont. Hesslink currently serves as Merchants Bank's Executive Vice President and Chief Operating Officer. The Board of Directors of Merchants Bank voted to approve this appointment at their meeting on November 20, 2014.

Geoffrey R Hesslink

Tuttle will retain his position as President and CEO of Merchants Bancshares, Inc and will delegate the day-to-day responsibilities for running the Bank to Hesslink.

Only 11 Vermonters remain in the running in the 2014 Button Up Video Contest. The most popular of these entries will win the $300 top prize and earn the title of “People’s Choice.” Everyone is encouraged to view and vote for their three favorites at www.ButtonUpContest.org, but voting ends November 30. The entries are funny, clever, artistic, and highly original looks at the theme of buttoning up our homes to make them cozier, save energy dollars, and fight climate change. The producers used everything from Legos and stuffed animals to costumes and songs to get their message across. They also met the challenge of fitting it all into a two minute story. The “People’s Choice” deadline is November 30.

Capstone Community Action is sponsoring this contest to inspire viewers to take action to lower their heating costs and do something positive for the planet.

Choice Strategies, a division of WageWorks, a leader in administering Consumer-Directed Benefits (CDBs), has expanded in Williston. The company recently relocated a new office space after outgrowing their Waterbury Center location. Currently, Choice Strategies provides full-time jobs for more than 120 professionals. The Choice Strategies division has relocated to a new office space in Maple Tree Place, with 13,000 square feet of working space above Maple Tree Place’s popular retail stores, it will have room for anticipated growth.

The United States Department of Agriculture (USDA) announced Thursday that schools in Bennington County, Franklin County, Rutland County, Windham County, Caledonia County and Orange County will use a $498,856 grant to connect students and teachers across the state using technology. The USDA Rural Development Distance Learning and Telemedicine Grant will allow 19 schools to purchase videoconferencing equipment and new software to give students and teachers virtual access to classes and professional development opportunities unavailable in their own school district.

“Distance learning provides rural students with world class educational opportunities at a reasonable cost,” said USDA Rural Development State Director Ted Brady. “By bringing classes to students over the internet, the Vermont Virtual Learning Cooperative, Marlboro College, and these schools are helping to increase available course offerings to students without busting a small school’s budget.”

A veteran of the Iraq and Afghanistan wars turned Vermont brewer has presented a check for more than $5,600 to Norwich University towards its $100 M “Forging the Future” comprehensive campaign. Steve Gagner, founder of 14^th Star Brewing Company in St Albans, presented the check to Norwich University President Richard W Schneider on Monday, November 10.

The funds represent profits from September homecoming sales of Citizen Soldier Amber Ale, a special brew produced by Gagner in honor of Norwich University’s five-year 2014-2019 Bicentennial countdown.

Vermont Business Magazine FairPoint strikers are mounted two actions on Thursday, including on the steps of the State House in Montpelier. The strike is more than a month old and a group of bitter union workers endured bitter cold to state their case. A recent mediation session in Boston was short and fruitless. Vermont Governor Peter Shumlin joined IBEW President Edwin D Hill in headlining the rally in Montpelier. Meanwhile, a delegation of workers and allies were in Boston protesting against the telecom company’s biggest shareholder. The 1,700 FairPoint workers of Vermont, New Hampshire and Maine have been on strike for more than a month. Strikers say that damaging cuts the company is seeking would make it impossible for them to provide quality service to their New England customers.

Leach Farms, Inc, a dairy farm in Enosburg Falls has admitted to violations of Vermont’s water pollution law and agricultural practice regulations and will pay forty thousand dollars ($40,000.00) in civil penalties for the water quality violations. This matter was investigated by the Compliance and Enforcement Division at the Department of Environmental Conservation. The matter was prosecuted by the Attorney General’s Office working cooperatively with the Agency of Natural Resources and Agency of Agriculture, Food and Markets.

“Keeping Vermont’s waterways clean is one of our State’s top environmental priorities,” said Attorney General William H Sorrell. “Improving the quality of the water in Lake Champlain is of particular importance. Farms need to understand their role in keeping the lake clean.”

The Vermont Energy Investment Corporation (VEIC) today announced the launch of Commons Energy L3C, a new subsidiary to help underserved markets such as hospitals, schools and other public entities to reduce their energy and water costs. Commons Energy is being launched with an initial capitalization of $6.5 million, including a $5 million “impact investment” from the John D and Catherine T MacArthur Foundation focused on multi-family housing. Additional support is being provided by the High Meadows Fund, the Kresge Foundation, the National Housing Trust, the Vermont Community Fund, and the Vermont Housing and Conservation Board.

Bond buyers responded positively to this week’s Vermont bond sale. State Treasurer Beth Pearce announced today that $110 million in bonds were successfully sold in three different offerings. Vermont has maintained the highest overall bond rating of all New England states – two triple-A ratings and one double-A plus rating – since early 2010.

“Bond buyers recognize Vermont bonds as a solid, quality investment,” said Pearce. “A bond rating is an independent assessment of the creditworthiness of a borrowing instrument like a bond. A higher rating leads to a more favorable effect on the marketing of a bond and leads to reduced interest rates and debt service for the entity selling the bond. Vermont has had the highest bond rating in New England for almost five years, a favorable position that has allowed the State to reduce its borrowing costs for funding a wide range of capital projects.”

Vermont Business Magazine Natural gas demand is likely to remain high, along with prices, just as the region has lost capacity with the shutdown of nuclear, oil and coal fired power plants. However, even if there is a period of extended cold weather, while prices could be high for electricity and home heating, there is unlikely to be an energy shortage. The New England region should have sufficient resources in place this winter to meet consumer demand for electricity, according to ISO New England Inc, the operator of the region’s bulk power system and wholesale electricity markets said in a report released Thursday. The total region peak demand is nearly 23 gigawatts, while Vermont is about 1 gigawatt. The region's maximum output is about 32.5 gigawatts. However, insufficient pipeline capacity to meet power generators’ demand for natural gas continues to be a particular concern during the winter months.