Current News

The Vermont Economic Development Authority (VEDA) has approved $14.7 million in business, agricultural and energy conservation financing for projects throughout Vermont totaling $17.3 million.
Especially during these difficult economic times, VEDA is pleased to help businesses expand, support investments in energy conservation measures, and provide assistance to Vermont farmers in their efforts to sustain and strengthen their operations said Jo Bradley, VEDA s Chief Executive Officer.
Approved for VEDA financing assistance are:

On Feb. 23, 2009, the board of directors of Central Vermont Public Service (NYSE: CV) declared a quarterly dividend of 23 cents per share on the issued and outstanding shares of common stock, $6 par value, payable May 15, 2009 to stockholders of record at the close of business May 5, 2009.
The board of directors also declared dividends on the outstanding preferred stock, $100 par value, of $1.04 per share on the 4.15% dividend series; $1.16 per share on the 4.65% dividend series; $1.18 per share on the 4.75% dividend series; $1.34375 per share on the 5.375% dividend series; and $2.075 per share on the 8.30% dividend series, payable April 1, 2009 to stockholders of record at the close of business March 20, 2009.

Captive insurance industry tends to be counter-cyclical, lawmakers consider beneficial provision
Amid the gloom enshrouding Vermont's economy, one bright spot stands out: the captive- insurance sector. In fact, its glow may grow even brighter in the coming year, despite the dimming prospects for an early recovery.
"It's counter-cyclical," Molly Lambert, president of the Vermont Captive Insurance Association, says in regard to her industry. "As conditions become more volatile, companies learn to take more control of what they can. Risk management is one of those areas, so the mechanism of captive insurance becomes very attractive."

A Massachusetts skydiver participating in the Brattleboro Winter Carnival crashed into a 7,200-volt power line Saturday, but walked away unharmed.
I ve never seen anything like it in my entire career, said Dave Miller, operations supervisor for Central Vermont Public Service s Brattleboro District. He is one of the luckiest people I ve ever met.
The skydiver was supposed to land in front of a large crowd in Brattleboro Memorial Park as part of the annual carnival, but shifting winds caused him to crash into the power line on Maple Street, at the park s edge.
He came down on one side of the lines and his parachute came down on the other side, CVPS spokesman Steve Costello said. There are four wires on the pole where he landed, and he somehow threaded the needle between all four and escaped unharmed.

Today the University of Vermont announced details of its plan to cut $10.8 million from next year's general fund budget. The University is eliminating vacant positions, increasing student/faculty ratios modestly to achieve a long-planned target, curtailing some administrative programs, and making a limited number of layoffs. In addition to cuts in the University's general operating budget, reductions are also being implemented in income/expense activities supported by non-tuition fees and other income. The majority of the cuts will take effect on June 30, 2009. The budget plan also includes investments to support students and families and to sustain UVM's plan for high-quality, diverse enrollment during a period of economic stress in Vermont and around the world.
Actions being taken at UVM include:

Governor Jim Douglas announced today that most Vermont employers will enjoy lower workers compensation costs when new rates approved by the Department of Banking, Insurance, Securities and Health Care Administration (BISHCA) go into effect on April 1, 2009. This will be the largest average decrease in rates since 1997.
Rates for loss costs in the voluntary market the competitive market offering the most favorable rates, and the market that covers the vast majority of Vermont employers will decrease by an average of 13%. Rates in the assigned risk market the market of last resort for employers unable to obtain coverage in the voluntary market will decrease by an average of 9.6%.

The Burlington Harbor Hotel Group has obtained preliminary permits for a new hotel, to be built at 41 Cherry Street in the last remaining lot in Burlington's 40-year urban renewal. Construction of the 121-room hotel could begin in September, pending final zoning approval from Burlington regulators. The development plan also includes a 31-room expansion to the adjacent Courtyard by Marriott. Mayor Bob Kiss and developer Jay Canning of the Hotel Group have said the project will bring jobs and eventually income to the city.
In a 2004 development proposal, affordable housing was to be built in the empty lot, but developers said that component of the plan would be too costly. Instead, the city agreed to lease the land to the developers for a total of 400,000 over the next 10 years.

With several representatives for various building, construction and realty organizations present, Governor Jim Douglas (during his weekly press conference yesterday) called for enhanced efforts to help build the economy and grow Vermont jobs by embracing his proposed Economic Growth Plan. One of the critical components of the plan is permit reform.
"It is critical for us to get to work building the economy and growing jobs, said Governor Douglas. But we can t do that in our current environment we are going to have to change how we allow business to work in our state. We need to be more welcoming to those who want to grow in our state, he said.
Also speaking were Chris Snyder, from Snyder Home Construction, and Santo Longo, an Attorney from Paul, Frank and Collins. The group discussed the many challenges that Vermonters face when applying for building and construction permits, including high costs, uncertainty and very long delays.

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John Casella, chairman and chief executive of Casella Waste Systems, started his Rutland-based business in 1975, working with his brother and one garbage truck. In 1977, Casella Waste opened Vermont's first recycling center.
Fast forward to 2009: The company has grown into a national leader in recycling, reduction of landfill greenhouse gas emissions, and the generation of renewable energy. At its five gas-to-energy landfills, Casella Waste captures the methane that is produced by waste and converts it into electricity that can be distributed over the grid. The 25 megawatts of power produced by methane capture is enough to power 25,000 homes and results in substantial emissions reductions.

The request by Central Vermont Public Service (NYSE: CV) to defer the extraordinary service restoration costs associated with a December 2008 ice storm has been approved by the Vermont Public Service Board. The amount approved for deferral under the company's alternative regulation plan is $4.1 million of the approximately $5.3 million total cost of the service restoration effort. As noted in its press release of Jan. 21, 2009, this deferral will allow the company's 2008 earnings to return to the level of $1.45 to $1.55 per diluted share. The amount deferred will be collected over a 12-month period beginning July 1, 2009.

William Maclay Architects & Planners (WMAP) won an Honor Award in the 2009 Vermont Chapter of the American Society of Landscape Architects (ASLA) Open Space Competition for their design work on the Pyralisk Arts Park project in Montpelier, Vermont. Governor Jim Douglas presented the award to designer Ward Joyce and firm president William Maclay at the annual VT ASLA awards meeting held at the State Capitol on February 17.
We are honored to receive this design award, said Ward Joyce of WMAP. It highlights the value of creative design for downtown green spaces, especially along our riverfront.

Same designers led Burlington’s waterfront renewal