Current News

Vermont Business Magazine New unemployment claims in Vermont were up again last week and surpassed 500 claims for the first time in several months. Levels this year have been running consistently lower than those of last year, but this week were ahead of last year's numbers. For the week of October 18, 2014, there were 540 new, regular benefit claims for Unemployment Insurance in Vermont. This is an increase of 53 from the previous week's total, and 45 more than they were a year ago.

Vermont's first Bitcoin ATM will be unveiled at this year's Tech Jam by Blu-Bin and its partner, PYC. The machine, will be on display for the public at Tech Jam, and then will after the event will be set up at Blu-Bin's Burlington location. Tech Jam was a two-day event held October 24 and 25 in Burlington. According to Blu-Bin, the machine’s new location is an increasingly popular destination for bitcoin enthusiasts.

by Laura Krantz vtdigger.org Burlington College plans to sell 25 acres of its 32 acre lakefront property to real estate developer Eric Farrell next month for $7 million in an effort to keep the school open, officials said Monday. Interim President Mike Smith this month took a “deep dive” into the college’s finances and concluded the school’s status quo is not financially viable. It has $11.4 million in long-term debt and $300,000 in past-due bills, he said. Two-thirds of that is more than 90 days late, he said.

“This is the only way that I can see to give this college some stability,” Smith said.

Governor Peter Shumlin was joined friday by Senator Dick Sears, Bennington health care and law enforcement officials, State’s Attorney Erica Marthage and others at the Bennington Police Station to announce a collaborative program between United Counseling Service and Southwestern Vermont Health Care to offer opioid medication assisted treatment.

“This collaborative builds on SVHC’s leadership in health care and UCS’s expertise in providing treatment to those dealing with substance use disorders, allowing more people to get the treatment they need in their local community,” Gov. Shumlin said. “The treatment center will help keep Bennington’s families healthier and its community safer.”

"I’m thrilled we have come so far. This will be a realistic treatment alternative in line with our admission that we can't arrest our way out of this problem," Sen. Sears said. He added, “Similar programs have been proven to reduce crimes.”

Vermont Business Magazine The three-person team that has run the Burlington School District said they will quit November 10 and return to their regular duties because of the way they've been treated by the Burlington School Board. In a letter sent to Board Chairman Patrick Halladay and made public today by Interim Superintendent Stephanie Philips on behalf of her and colleagues Paul Irish and Nikki Fuller, she said that the Board was disrespectful and inattentive to the needs of the three-person team running the district while a permanent superintendent is being sought. The three are ranking staff members in the District.

In the letter, Phillips said: "Some Board members have little understanding, concern or respect for the work the interim administrative team has faced." She said public comments and emails "malign" administrators. "This behavior," she said, "only serves to expand the 'us versus them' culture."

Ledyard Financial Group (Ticker Symbol: LFGP) announced today a regular quarterly dividend of $0.45 per common share. The dividend is payable December 5, 2014 to shareholders of record as of November 7, 2014. This dividend payment will bring the total payout for 2014 to $1.72 per share which compares to the payout for 2013 of $1.44 per share.

Ledyard Financial Group, Inc, headquartered in Hanover, New Hampshire, is the holding company for Ledyard National Bank. Ledyard National Bank, founded in 1991, is a full service community bank offering a broad range of banking, investment, tax and wealth management services in the Dartmouth-Lake Sunapee Region. Ledyard National Bank has eight offices with locations in Hanover, Lebanon, Lyme, New London, and West Lebanon, New Hampshire and in Norwich, Vermont.

Darn Tough Vermont, American manufacturer of the fastest growing collection of outdoor performance socks, based in Northfield, on Friday reported continued year-over-year growth with another record-setting quarter. With Q3 topline growth up 63% over the corresponding period in 2013, the Vermont sock company exceed its Q3 plans by16 percent.

"Quarter-after-quarter and year-after-year, we continue to experience exceptional growth within a highly competitive market. Here at Darn Tough, we pride ourselves on making the best possible product and then finding a way to take it to the next level. Our success this quarter is proof that our dedication to knitting the toughest, American-made sock is inline with market demand for socks that are comfortable, durable and can perform in any condition,” says President and CEO of Darn Tough Vermont, Ric Cabot.

Governor Peter Shumlin and the leadership of the Vermont Health Care Innovation Project (VHCIP) announced today the award of seven grants totaling $2,653,145 to promote health care innovation throughout the state.

The grants will support projects that advance the three core strategies of the VHCIP:

Vermont Business Magazine Non-current mortgages in Vermont are down for the month of August compared to the same time last year, but are up slightly compared to the previous two months, according to a national analyst. Foreclosures (2.3 percent)were down one-tenth from July and August, but delinquencies have risen, from 4.8 percent in June and 4.7 percent in July to 5.1 percent in August. As with every state but Louisiana, Vermont is enjoying long a decline in bad mortgages. Vermont is down 7.9 percent in the number of non-current mortgages (foreclosure plus delinquent) and the US average decline is 13.1 percent, year-over-year. However, Vermont is now near the middle of the pack in total bad mortgages. At 7.7 percent, Vermont is only .2 percent ahead of the national average, as the mortgage devastation from the Great Recession winds down.

The Woodstock Community Trust, Twin Pines Housing Trust, and Housing Vermont joined funders and supporters of Safford Commons on Tuesday to celebrate the start of construction of the $9 million affordable housing development at the site of the former Grange Hall and church on Route 4 across from the Woodstock High School. Formerly referred to as Grange Hill, Safford Commons will provide attractive, affordable and energy‐efficient rental housing when construction is completed in September 2015. Four apartments will be created through the renovation of a former Grange Hall and church building and 24 units will be scattered among 10 new buildings. A portion of the site has been reserved for the future construction of eight for‐sale homes.

Keurig Green Mountain, Inc, has announced that it is now the exclusive manufacturer of Meijer Brand K-Cup packs for the Keurig hot brewing system. Financial terms of the agreement were not disclosed. "As a valued customer for many years, we're thrilled to expand our relationship with Meijer by welcoming them into the Keurig brand family," said John Whoriskey, President of U.S. Sales and Marketing at Keurig. "With Meijer's steadfast dedication to innovation, quality, and value and our expertise for delivering superior products for our Keurig system, we're excited to provide Meijer shoppers with a fresh cup of Meijer coffee from their Keurig brewer."

The new Meijer Brand K-Cup® packs are now available exclusively at Meijer stores. Launching with an assortment of coffees, all Meijer K-Cup® packs will be marked with the Keurig Brewed® seal indicating the product has passed rigorous testing, assuring the quality, taste, and integrity consumers expect from the Keurig® brand.

by Anne Galloway vtdigger.org A group of EB-5 investors say they are growing increasingly frustrated with Northeast Kingdom developer Bill Stenger and are speaking out publicly for the first time. The group of 20 investors in the Tram Haus development at Jay Peak Resort, led by Tony Sutton of Clermont, Florida, question whether Stenger had the right to change the terms of their original investment and whether the new financial deal imposed by Jay Peak is as good. They also claim Stenger has withheld financial information they say they are entitled to under state law and that state officials are not doing enough to protect their interests.

They say they were blindsided when Stenger unilaterally converted their shares in Tram Haus Lodge into IOUs in August 2013. They didn’t receive documents associated with the transaction until May of this year.