$10.2 MILLION IN PROJECT FINANCING APPROVED BY VERMONT ECONOMIC DEVELOPMENT AUTHORITY
June 9, 2008
Montpelier, VT - The Vermont Economic Development Authority (VEDA) approved $10.2 million in economic development financing for projects totaling $21.8 million.
"In addition to the Authority's ongoing support of Vermont agricultural initiatives, VEDA is pleased this round to provide financing support to several exciting educational, recreational, and downtown development projects throughout the state," said Jo Bradley, VEDA's Chief Executive Officer.
Approved for financing assistance are:
Thetford Academy, Thetford - Final approval was given to issuance of $6 million in industrial revenue bonds to support a comprehensive $7.9 million dollar campus construction and renovation project at Thetford Academy. Mascoma Savings Bank has agreed to participate in the project financing, which will add a new gymnasium and make major renovations of the current gym into a theater and cafeteria. The Academy's science and agriculture building will be significantly renovated and updated to utilize current science technology curriculum. Established in 1819, Thetford Academy is Vermont's oldest continuously operating secondary school, serving students from Thetford and surrounding towns.
Jay Peak, Inc. and Saint-Sauveur Valley Resorts, Inc., Jay - $800,000 in financing was approved as part of a $2 million project to replace the track cables for Jay Peak's aerial tram, originally installed in 1967, and to substantially reconstruct the summit station. Jay Peak and the resort's parent corporation, Montreal-based Saint-Sauveur Valley Resorts, plan to replace the 7000-foot long cables for their European-style aerial tram, the only one of its type in Vermont and one of the few in the Northeast. Jay Peak is known for receiving more natural snowfall than any other ski area in the Northeast. Construction is expected to be completed prior to this year's foliage season.
Railroad Row, LLC, Hartford - VEDA approved $270,000 in financing to support the final phase of a comprehensive downtown White River Junction reconstruction project that began several years ago. In Phase III of the project, developers Railroad Row, LLC will build a four-story, mixed-use building with 15,435 square feet of leasable space. Resource Systems Group (RSG), a transportation, environmental and market research consulting firm with offices in three states, maintains its headquarters in 85% of the Phase I project space, and will further expand into the space under construction in Phase III. The firm has 62 employees, a number expected to grow to 71 within three years of the project. RSG's and other tenant commitments for Phase III put total leased space at the new facility at 76%. The project's two completed buildings have been 100% occupied since 2006. Kane Architecture of East Hardwick are architects on the project. Total Phase III project costs are $3.3 million, and Mascoma Bank is also a participating lender.
VEDA also agreed to insure a portion of two working capital lines of credit for two well-known Vermont sportswear companies. These included a Chittenden Bank line of credit to Juno Rising, Inc., doing business as Isis in Burlington and a Mascoma Savings Bank line of credit to Black Diamond Sportswear in Montpelier.
In addition, close to $1.6 million in farm ownership and operating loans were approved through the Authority's agricultural financing program, the Vermont Agricultural Credit Corporation, and $209,000 in Vermont 504 Loan Program financing was approved for a real estate development project.
VEDA's mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.3 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.
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