Current News
by tim
In a motion filed today in U.S. Bankruptcy Court for the southern district of New York, FairPoint Communications, Inc. (the Company) is seeking approval of the appointment of Paul H. Sunu as Chief Executive Officer of the Company. Sunu will replace David L. Hauser as CEO. Hauser will remain a consultant to the Company until its emergence from Chapter 11. Provided the U.S. Bankruptcy Court approves both Hauser's consulting agreement and Sunu's proposed employment agreement, Hauser will resign and Sunu will commence his duties as CEO.
Provided the U.S. Bankruptcy Court approves the various agreements, J. Bonnie Newman, lead director of the Company's board of directors, will become chairperson of the board of directors. Newman, of Portsmouth, New Hampshire, has served as lead director since October 2007. Sunu will also be appointed to the Company's board of directors.
by tim
Sierra magazine has recognized Green Mountain College for its innovative efforts in sustainability, ranking GMC as the greenest college in the nation in its annual "Coolest Schools" feature. The cover story in the magazine's September/October issue cites GMC for its commitment to sustainability in several categories including energy efficiency, food, academics, purchasing, transportation, waste management, administration, and financial investments.
"Green Mountain College excels in most categories, and it's the MVP when it comes to creativity. The campus gets power and heat from biomass and biogas (a.k.a. cow power)," the magazine said, referring to GMC's new combined heat and power biomass plant and the College's participation in Central Vermont Public Service's Cow Power program, which converts cow manure on Vermont farms to methane gas, a renewable source of energy. No school scored a perfect 100 in the assessment; GMC came closest at 88.6.
by tim
A new study released by Bankrate, Inc. reveals that the costs associated with buying a home are on the rise. Bankrate's 2010 Closing Costs Survey reveals that the average origination and title fees on a $200,000 mortgage this year totaled $3,741, up from $2,732 in 2009. New York state was highest at $5,623; Vermont was 40th at $3,372.
In the study's geographical breakdown, with New York leading the nation Texas, Utah, San Francisco, and Los Angeles roundg out the top five. Arkansas is the least expensive area with an average fee of $3,007, replacing Nevada, now number 34, at the bottom of the list.
by tim
Governor Jim Douglas has announced the allocation of $1.8 million in tax credits for 19 Vermont communities to assist in the renovation or repair of buildings in downtowns and village centers. At a ceremony at the fire-damaged Aldrich Block in Barre, the Governor announced the projects approved by the Downtown Development Board for Downtown and Village Center State Tax Credits.
‘These tax credits not only help invigorate Vermont’s economy, they help prevent devastating fires in our downtowns,’ Governor Douglas said. ‘In addition to supporting the redevelopment of older and historic buildings, these credits encourage the installation of sprinklers, elevators and other safety upgrades.’
The state tax credit program is available to older and historic buildings in designated downtowns and village centers, and is designed to work with the federal tax credit program to leverage a combined state-federal credit valued between 30 and 40 percent of eligible expenses.
by tim
Governor Jim Douglas today released the list of appointments made in May, June and July, 2010.
Access Board
Kim Morrow, Barre
Board of Public Accountancy
Thomas Shortle, Rutland
Act 264 Advisory Board
Theodore Tighe, Middlebury
Alcohol & Drug Abuse Council
Lisa Anne Atwood, Northfield
Vermont Aviation Advisory Council
George Coy, Swanton
Roger Damon, Saint Johnsbury
Robert Flint, Springfield
William Gillam, Rutland
Jeffrey Mast, Bennington
John McNerney, New Haven
Gregory Parke, Rutland
Mary Paull, Newport
Edward Peet, Cornwall
William Rozensky, Fair Haven
Brian Searles, Burlington
Douglas Smith, Grand Isle
by tim
The Vermont Agriculture Innovation Center (AIC) was created in 2009 when Senator Patrick Leahy secured $469,000 in funding through the USDA’s Agriculture Innovation Demonstration Center program. The goals of the Innovation Center program are to fund state-based Agriculture Innovation programs that provide technical, marketing and organizational development services to value-added agricultural businesses. ‘Value-added’ businesses include farms that do some level of processing for raw products, alternative production (e.g. organic), diversified farming, or local foods marketing.
The Vermont Housing Conservation Board, South Hero Land Trust, and Vermont Agriculture and Culinary Tourism Council, were recently awarded funding to provide professional development training to enhance value added agriculture in the state of Vermont. Proposals were reviewed and selected by a review committee and put forward for approval by the Agriculture Innovation Center Board.
by tim
The Vermont Agency of Transportation (VTrans) is alerting motorists who use the temporary ferry at the Lake Champlain Bridge in Addison to expect delays on Thursday and Friday afternoons through foliage.
For the past few weeks, traffic boarding the ferry service has experienced delays on Thursdays and Fridays between 3:30 p.m. and 7:30 p.m. The delays are not unexpected as historic traffic volumes using the bridge peak between August and October. The delays are a result of traffic volumes exceeding the capacity of the two ferries during these hours.
by tim
For the week of August 7, 2010, there were 678 new regular benefit claims for Unemployment Insurance, an increase of 21 from the week before. Altogether 9,175 new and continuing claims were filed, a decrease of 246 from a week ago and 3,629 fewer than a year earlier. The Department also processed 2,840 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 11 more than a week ago. In addition, there were 1,591 Second Tier claims for benefits processed under the EUC08 program, which is an increase of 178 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
by tim
Senator Patrick Leahy Thursday told representatives of the Randolph Area Community Development Corporation (RACDC), Randolph town and state elected officials, and RACDC development partners that he has secured $200,000 in federal funds to help with the development of workforce housing in downtown Randolph. The mixed-income, rental and home ownership development known as Salisbury Square will repurpose an abandoned former Randolph Ethan Allen plant site to provide new housing opportunities for Vermonters, supporting local employers and businesses, and contributing to downtown vitality.
‘Salisbury Square will put people to work today and create affordable homes for working Vermonters tomorrow,’ said Leahy. ‘The Salisbury Square development is especially exciting because it combines smart growth principles, downtown sustainability, energy efficiency, and a focus on both rental opportunities and homeownership opportunities for working Vermonters.’
by tim
Vermont schools are in line for another infusion of nearly $25.5 million in economic recovery funds, Sens. Patrick Leahy (D-Vt.) and Bernie Sanders (I-Vt.) and Rep. Peter Welch (D-Vt.) announced today.
The funds authorized by last year’s American Recovery and Reinvestment Act are in addition to an estimated $19 million included for Vermont schools in new legislation signed Tuesday by President Obama. That separate support for schools is expected to fund 300 Vermont teaching jobs.
by tim
PCM Image-Tek, a leading New England electronic assembly services provider, today announced the completion of a strategic energy conservation initiative that will reduce the company’s energy consumption by more than 75,000 kWh per year for the next 15 years.
The three-month project involved replacing the lighting system on the company’s 35,000 square foot manufacturing floor with a highly efficient lighting system that significantly improves manufacturing floor lighting while reducing energy consumption by more than half. The project, which was managed by Efficiency Vermont, will save the company more than $11,000 per year and has a payback period of two and half years.
by tim
North American Breweries recently announced the purchase of Independent Brewers United which owns Magic Hat, Pyramid and MacTarnahan’s beer. The purchase includes three breweries and five Alehouses and a retail store affiliated with one of the breweries. Terms of the deal were not disclosed. According to company officials, employment levels at the Burlington-based brewery would not be effected.
According to Rich Lozyniak CEO of North American Breweries, the new beers add craft brewing credibility, and variety to the beers currently offered by the company. ‘We are really excited to add Magic Hat, Pyramid and MacTarnahan’s beers to North American Breweries. All three brands have a rich history of craft brewing that helps us gain acceptance in that tight-knit community,’ said Lozyniak. ‘By having more beers to offer our customers, wholesalers and retail accounts, we can better compete with the multi-national mega brewers who dominate the U.S. beer industry.’