Current News

by Olga Peters, Vermont Business Magazine Keep an eye on these projects in the works in Lamoille County: Johnson Light Industrial Park: The town of Johnson is developing the Jewett Property into a new industrial and commercial park. The estimated project budget is $1.7 million. Last year, the municipality received a 2023 Catalyst Award. Grant through the Northern Boarders Regional Commission for $861,945. The money will fund infrastructure work at the property. The Jefferson Granary: Ben Waterman plan to revitalize the former warehouse into a food hub and retail space. Waterman acquired the warehouse from its original owners, the McGovern family, who constructed the first part of the warehouse in the late 1920s. Also keep an eye on: Smugglers’ Notch natural resources and parking upgrade and the Wolcott Community Wastewater System vote.

Vermont Business Magazine Fitch Ratings has assigned a 'AA+' rating to the following Vermont Housing Finance Agency (VHFA) multiple purpose bonds: $20.0 million 2024 series A (Non-AMT) (Social Bonds); $15.0 million 2024 series B (Federally Taxable); The Rating Outlook is Stable. The 'AA+' rating reflects the continued strengthening of the program's asset quality, as indicated in the growing percentage of the mortgage-backed securities (MBS) portion of the portfolio; the program's continued financial strength demonstrated by the FY23 results and cash flow asset parity levels; and the low percentage (2%) of variable rate debt exposure. VHFA expects to finance single-family new issuance through the purchase of MBS going forward, which will lead to a continued increase in the portfolio's MBS composition.

by Kristin Warner, VBSR Vermont sets the national standard for socially responsible businesses. Our state has the most B Corporations per capita in the country - for-profit businesses certified for meeting standards of excellence in environmental and social responsibility, compliance, and transparency. At Vermont Businesses for Social Responsibility (VBSR), we are 700 members strong and proud of our collective work to leverage the power of business to support Vermont communities. But despite our state’s business successes, pathways to entrepreneurship remain limited for many Vermonters. That’s why VBSR is supporting H.769, a bill to establish a Baby Bonds program in Vermont and ensure a birthright to capital for Vermont’s most vulnerable. The program would invest $3,200 for every Vermont child born on Medicaid. Individuals could claim their baby bond between ages 18 and 30, with the initial investment projected to grow to $11,500 by age 18 and $24,500 by age 30. 

by Sara Byers, Shelburne, Vermont I learned long ago that the line between my life and those suffering with substance misuse, homelessness, and mental illness is simply non-existent. When I look at Howard Center, I see an organization steeped in genuine concern for us collectively and for each human being. In that fleeting moment you are ready, where is the door? When you fall down, collapsing into your pain, where is the hand that lifts you out of overwhelming shame? When others seem to look at you as sub-human, who reminds you that you are loved? Many of us can never imagine ourselves in a space where we would need Howard Center services. 

Leonine Public Affairs With Town Meeting break and the March crossover dates fast approaching, policy committees in the legislature were engulfed in bill markup this week. Legislation relating to neonicotinoid pesticides, the public library system, vehicle towing, Act 250, regulation of dams, regulation of cannabis and regulation of PFAS are a few of many policy debates heating up across House and Senate committees. As anticipated, the House and Senate agreed this week to appoint a committee of conference to work on the Budget Adjustment Act (BAA). This is the first step in the negotiation and reconciliation of the BAA between the two chambers. 

by Holly Sullivan Community News Service Vermont could ban pet stores from selling dogs, cats and wolf hybrids under a bill in the House agriculture committee. The legislation, H.567, is sponsored by Rep. Emilie Krasnow, D-South Burlington, who introduced it to committee members Jan. 31. The bill, Krasnow said, aims to prevent Vermont from becoming a place for puppy farms or mills — commercial dog breeding operations that raise animals in poor conditions. “There are seven other states that have this bill now, and the Maine bill has been working since 2019,” she said in an interview. The Vermont bill is modeled after that state’s. Multiple states in the Northeast are considering similar legislation: Massachusetts, New Hampshire and New Jersey.

Vermont Business Magazine When it comes to investing, every investor is always looking for ‘the next big thing’. Centuries ago, it was the gold rush era, and more recently, it was digital currency creating all the buzz. Looking ahead, MarketBeat.com ran a survey of 3,000 respondents to ask them a hypothetical question: If you had $10,000 to invest in one future industry, which would you choose?

Vermont Business Magazine In 2012, the Vermont Legislature passed Act 142, creating the Vermont Working Lands Enterprise Initiative, and the structure for investment of state dollars into agricultural and forestry-based businesses.  Over the ensuing eleven years, the Working Lands Enterprise Initiative (WLEI) has invested $15.6 million in 446 farm, food, and forestry projects and leveraged an additional $24.6M in matching funds. These projects have created 540 new jobs, impacted 24,985 acres, and generated $92M in sales. To celebrate these investments and the resulting impacts, the WLEI Board has released the latest Impact Report detailing the significant outcomes from the entire 11 years of the program. With ongoing support from Governor Phil Scott and the Vermont Legislature, WLEI continues to grow, and in fiscal year 2023 received an increase in annual base funding from $594,000 to $1,000,000. 

by Timothy McQuiston, Vermont Business Magazine A letter sent from ACLU Vermont to the Vermont Department of Health accuses VDH Commissioner Mark Levine, MD, of violating the Open Meeting Law in regard to the Opioid Settlement Advisory Committee. The ACLU maintains that Dr Levine changed the spending priorities after the committee had decided how to spend some $2.6 million of the opioid settlement funds. Senate Pro Tem Baruth added that "Commissioner Levine's logic does not pass the straight-face test." Governor Scott's office fired back, saying the law was followed and that, "Health Commissioner Mark Levine, MD, was inappropriately smeared this week without any consultation with State statute to verify the facts. In January, Dr. Levine acted on his authority to make recommendations to the Legislature as part of Governor Scott’s budget recommendation on how to spend $4.9 million in funds available through an opioid settlement."

Vermont Business Magazine A Ukrainian national pleaded guilty February 15 to his role in two separate and wide-ranging malware schemes involving tens of millions of dollars in losses. The cyberattacks included the one against the University of Vermont Medical Center in Burlington in October 2020, at the height of the COVID-19 pandemic. The UVMMC attack affected about 5,000 computers and cost the hospital about $30 million in recovery and repair. Medical staff reverted to using paper charts, but there were no negative medical consequences reported as a result of the cyberattack. Nor did the hospital pay out any ransom or even receive a demand for it. According to court documents, Vyacheslav Igorevich Penchukov, also known as Vyacheslav Igoravich Andreev and Tank, 37, of Donetsk, Ukraine, helped lead a wide-ranging racketeering enterprise and conspiracy that infected thousands of business computers with malicious software known as “Zeus” beginning in May 2009. 

Vermont Business Magazine The Vermont Department of Financial Regulation (DFR) recently entered into a settlement with TradeStation Crypto, Inc. (TradeStation) to resolve Vermont’s securities investigation into TradeStation’s crypto interest-earning program. TradeStation, a Florida corporation formed in 2018, provides crypto-asset-related financial services to retail and institutional customers in the United States, including investing and trading services. From August 2020 to June 2022, TradeStation offered a crypto interest-earning program to Vermont investors. Under this program, investors passively earned interest on crypto assets by loaning them to TradeStation. 

Vermont Business Magazine United Way of Northwest Vermont (UWNWVT) is issuing $372,000 in subgrants to 19 organizations to support substance misuse prevention efforts in Chittenden, Franklin, Grand Isle, and Washington Counties. The funding comes from the State of Vermont Department of Health Division of Substance Use Programs (DSU) and is part of the state’s new framework for regional funding to advance a statewide system of substance misuse prevention. UWNWVT is one of four Lead Prevention Organizations selected by DSU to lead regional substance misuse prevention activities and subgrant funds to community prevention partners.