Current News

Sanjay Sharma, dean of the John Molson School of Business at Concordia University, has been appointed dean of the School of Business Administration at The University of Vermont, effective July 1, 2011.

The state of Vermont continues to have the lowest overall foreclosure rate east of the Mississippi and one of the lowest in the nation. The January Mortgage Monitor report released by Lender Processing Services, Inc. (NYSE: LPS) shows that while foreclosure starts decreased in the first month of 2011, they still outnumber foreclosure sales by almost three to one. At the same time, repeat foreclosures - loans that had cured in one way or another, but have fallen back into foreclosure - now account for more than 35 percent of foreclosure starts. As of the end of January, foreclosure inventories stood at nearly eight times historical averages (and 25 times January 2011's level of foreclosure sales), with delinquencies more than double historical norms. January's data also showed that the foreclosure process continues to drag out as the timelines for foreclosure starts, days in inventory and sales all continue to extend. Serious delinquencies continue to rise as well.

The line of mountains that etches across the sky in northern Vermont forms some of the most iconic images of our state. Mount Mansfield is part of the Vermont crest and Camel’s Hump is featured on our state quarter. These mountains are more than a scenic backdrop. They are key to the character of Vermont and a mainstay for tourism, one of our largest industries. But what happens when buildings go up along scenic roadways that obscure these views for the general public? What can we do to protect these assets? Views to the Mountain: A Scenic Resource Manual, just published for the towns of Essex and Jericho by Smart Growth Vermont, details a scenic assessment process and provides solutions towns can adopt.

The Edison Electric Institute today honored Central Vermont Public Service with the association's "Emergency Recovery Award" for outstanding power restoration efforts in the wake of a massive two-part weather event in February 2010. This is the third time CVPS has earned this honor.
The award is presented annually to U.S. and foreign companies that face untoward circumstances caused by extraordinary events and put forth outstanding efforts to restore service to the public. Winners were chosen by a panel of judges following an international nomination process, and the awards were presented during EEI's Spring CEO meetings.

Two of the nation's largest corporations, IBM and General Electric, are supporting a rewriting of US Patent code as led by Senator Patrick Leahy. The US Senate today continued debate on S. 23, the America Invents Act. Senate Judiciary Committee Chairman Leahy (D-Vt.) opened today’s debate on the long-pending patent reform legislation, speaking about the importance of transition to a first-inventor-to-file system.
‘The transition to a first-inventor-to-file system will benefit the patent community in several ways,’ said Leahy. ‘It will simplify the patent application system and provide increased certainty to businesses that they can commercialize a patent that has been granted. Once a patent is granted, an inventor can rely on its filing date on the face of the patent. This certainty is necessary to raise capital, grow businesses, and create jobs.’

Under Secretary of State for Management Patrick F Kennedy will host a ribbon-cutting ceremony on Friday, March 4, at 2 pm to mark the official opening of the Vermont Passport Agency in St Albans. Invited guests include the Deputy Assistant Secretary for Passport Services Brenda S. Sprague, members of Congress, state and local officials, community leaders, and members of the media.
Americans with urgent travel plans will be able to apply in-person at the Vermont Passport Agency, where passport books and passport cards will be issued onsite, alleviating the need for applicants to travel to Boston for emergency services. The new agency will occupy the first floor of the historic St. Albans Federal Building, which formerly served as the city’s post office and customs house. Original brass postal boxes and two large murals painted by artist Philip von Saltza in 1939 remain on display for passport customers to enjoy.

Vermont Environmental Court Judge Meridith Wright has vacated Omya’s solid waste disposal certification, ruling that the Vermont Agency of Natural Resources (ANR) must conduct a public trust analysis when issuing a waste disposal certification because the company’s marble processing activities may impact the groundwater.
Wright’s ruling, which remands Omya’s final certification to the ANR to perform this analysis, is the first interpretation of Vermont's 2008 law designating groundwater of the State as a public trust resource. The ANR must incorporate the public trust analysis required by Vermont’s groundwater protection law into the solid waste certification process, she ruled. Wright made her ruling Monday and notified the parties in the case today. Omya may appeal today’s ruling to the Vermont Supreme Court.

Vermont youth are part of an increasingly influential consumer group. A 2010 Harris Interactive Poll reports that today’s 8 to 24 year olds in the U.S. spend approximately $239 billion annually. However, despite this spending power, the same poll reports that among the top worries of this age group are not having enough money and concern that their parents will lose their jobs. How can parents and teachers help youth reconcile their spending habits with a challenging economy? That question and more will be addressed as part of the 6th annual Vermont Jump$tart Coalition personal finance conference for teachers and parents on March 17 in South Burlington.

The State of Vermont is awarding $57,000 in grant funding to seven communities dedicated to local historic preservation and restoration efforts.
Federal funding through the National Park Service will be issued to seven municipalities under the State’s Certified Local Government matching grant program. Award recipients include the Mad River Valley Planning District for the nomination of the Mad River Glen Historic Ski District to be the first Vermont ski area listed on the National Register of Historic Places; the Town of Norwich, which is developing a walking tour brochure to highlight the local historic district; the Town of Shelburne’s plan to create a map depicting the town’s commercial and residential development and natural landscape; and the Town of Hartford’s agricultural oral history of farming project.

The Vermont District Office of the US Small Business Administration has reported that financing for the first five months of fiscal 2011 exceeded $35 million ($35,163,500). For the same period last year, the total was $30,008,647. The 504 Loan Program was $3,553,859 so far in 2011 and $4,487,583 last year.

SBA, MONTPELIER, VERMONT DO #0150
February 1, 2011 --February 28, 2011

LOAN VOLUME BY BANK BY NUMBER OF APPROVALS

Community National Bank
1
250,000
#504 loan
$$ 504 loan

Connecticut River National Bank
1
177,000

KeyBank National
1
25,000

There were 1,228 new regular benefit claims for Unemployment Insurance last week, an increase of 342 from the week before, as claims increased following a steady decline. Altogether 12,821 new and continuing claims were filed, an increase of 456 from a week ago and 2,696 fewer than a year earlier. The Department also processed 2,089 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 20 fewer than a week ago. In addition, there were 964 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 11 from the week before. The Unemployment Weekly Report can be found at: http://www.vtlmi.info/. Previously released Unemployment Weekly Reports and other UI reports can be found at: http://www.vtlmi.info/lmipub.htm#uc

The US Department of Housing and Urban Development has awarded $450,000 to two Vermont organizations to educate the public and combat housing and lending discrimination in the state, one to Champlain Valley Office of Economic Opportunity for $125 and the other to Vermont Legal Aid Inc of $325,000. Nationally, HUD awarded more than $40.8 million to 108 fair housing organizations and non-profit agencies in 36 states and the District of Columbia. This year’s award represents a $13.2 million increase over last year’s award and includes $10 million to fund activities that address lending discrimination, including mortgage rescue scams.
‘The record increase in support to local fair housing and community organizations demonstrates the Obama Administration’s firm commitment to ending housing discrimination and providing help to families victimized by mortgage scams,’ stated HUD Secretary Shaun Donovan.