$3.9 MILLION IN PROJECT FINANCING COMMITMENTS
APPROVED BY VERMONT ECONOMIC DEVELOPMENT
AUTHORITY (VEDA) BOARD OF DIRECTORS
Stowe, VT A Bennington manufacturer will expand operations, a Northeast
Kingdom logger will purchase a protected forest parcel, and a Barre video company
will renovate their headquarters with $3.9 million in financing assistance approved by
the Vermont Economic Development Authority (VEDA) Board of Directors.
Approved projects are:
Vermont Composites, Inc., Bennington A $2.6 million industrial revenue bond
inducement, and an $800,000 direct loan were approved by the VEDA Board, enabling
Vermont Composites, Inc. (VCI) to purchase the former Bijur Lubricating building, and
expand their manufacturing operations. Key Bank and the Town of Bennington are
also financing partners in the project. VCI is a leading manufacturer of carbon fiber
composite materials used in the aerospace and defense, medical equipment,
automobile, and sporting goods industries. VCI employs 104 people, and it is
anticipated that within three years, the expansion project will increase employment to
182. In addition to land and building acquisition, Phase I of the $4,000,000 project will
involve the installation of new production facilities and equipment. Phase II, to be
completed in spring, 2005, will involve re-roofing the facility and installation of a new
automated paint line.
Peter Zaun and Dorene DeLuca, West Burke A $357,500 Farm Ownership Loan
was approved through the Vermont Agricultural Credit Corporation (VACC), VEDAs
agricultural lending program, enabling established logger Peter Zaun and Dorene
DeLuca to purchase a protected 935-acre forest parcel on Nurse Mountain in Granby
and Guildhall. The parcel, currently owned by the Trust for Public Lands, is subject to a
Vermont Forests and Parks Department easement requiring that the property be
managed and timber removed in such a way that lasting adverse ecological impacts are
minimized, wildlife habitat is enhanced, and a continuing, renewable, and long-term
forest is assured.
VideoVision Video Production Company, Inc., Barre A $163,000 SBA 504 loan
was approved, enabling Anthony and Cynthia Campos to renovate two buildings in
Barre, parts of which are used to house VideoVision Production Company. The
Campos have owned and operated VideoVision since 1988; the company produces
commercials and other videos for local companies, and films municipal meetings and
sports events for broadcast on Central Vermont Community Television, a tenant in one
of the buildings. Total renovation costs are $397,319; the Merchants Bank is also
participating in the project.
VEDAs mission is to promote economic prosperity in Vermont by providing
financial assistance to eligible businesses, including manufacturing, agricultural, and
travel and tourism enterprises. In its thirty-year history, VEDA has made financing
commitments totaling over $1 billion.
-30-