Business projects totaling more than $16 million will receive $6.1 million in financing assistance from the Vermont Economic Development Authority (VEDA).
“VEDA is pleased to offer financing assistance to a wide variety of economic development projects,” said Jo Bradley, the Authority’s CEO. “Investments are being made in regional industrial parks for business start-up and expansion projects, and a number of small business, agricultural and tourism-based initiatives have been approved for direct VEDA financing, as well.”
Projects approved include:
· Franklin County Industrial Development Corporation (FCIDC), St. Albans –Financing of $1.76 million was approved to support FCIDC’s plans to make infrastructure improvements to their new 93-acre industrial park expansion site. The $2.3 million project will extend road and services from the existing park to the expansion site, creating a number of new lots for sale and commercial development.
· Sugarbush Resort, Warren, Waitsfield and Fayston - A two-part $8.86 million construction and land improvement project at Sugarbush Resort was approved for $1.3 million in VEDA financing. In Part One of the project, two new skier services buildings will be constructed at the Lincoln Peak Base Area; a new 14,000 square foot building will be constructed to provide space for the resort’s adult ski school, ski rental operations, a new coffee shop, ticketing, and other retail space; and, a new 13,000 square foot building will provide space for the resort’s children’s ski school programs. In Part Two of the project, two snowmaking pipelines will be replaced.
· Brattleboro Development Credit Corporation (BDCC), Brattleboro – VEDA approved financing of $230,000 as part of BDCC’s $1.45 million project to purchase 36.5 acres of developable land in Exit One Industrial Park, and extend a water line to the Delta Business Campus on Paul’s Road. Commonwealth Yogurt will be located at the Delta Park, which currently lacks Town water for process use and fire protection.
· Vermont Wood Pellet Company, Clarendon – VEDA financing of $100,000 will enable Vermont Wood Pellet to purchase a $200,000 drum dryer. Vermont Wood Pellet is a start-up wood pellet manufacturer which has been producing and selling Super Premium pellets since August, 2009.
· Mike and Julie-Lynn Wood, Cavendish – Mike and Julie-Lynn Wood will receive $202,500 in VEDA financing to help them purchase The Golden Stage Inn in the Cavendish village of Proctorsville. The Golden Stage Inn is a long-established ten-room bed and breakfast, located near Okemo Mountain ski resort.
In addition, VEDA approved:
· $1.67 million in financing to Vermont farmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
· $550,000 through the Authority’s Small Business Loan Program; and
· $311,508 to repair or improve existing privately-owned drinking water systems through VEDA’s Drinking Water State Revolving Loan Fund.
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 $1.5 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.
Source: VEDA. 4.28.2010