Governor announces $8.6 million jobs bill with Senate economic development committee

Governor Jim Douglas and Lieutenant Governor Brian Dubie where joined by Senator Economic Development Committee Chair Vince Illuzzi and committee members Senator Tom Ashe and Senator Bill Carris today to roll out a bill that would use federal stimulus money for job creation programs. The announcement was made at a press conference held at an economic outlook conference where Governor Douglas was speaking.
This $8.6 million investment of federal stimulus funds will help train workers, provide capital for businesses, and assist our farmers and tourism-related businesses, the Governor said. We must dedicate ourselves to putting the economic strength of Vermonters first and I am pleased that Senator Illuzzi and his committee will move quickly on these proposals.
As we come out of the recession, and we will come out of the recession, those communities that invest in the future will come out stronger, said Senator Illuzzi. The state now has secured $188 million to build the broadband interstate highway system. The $3.17 million proposed in this bill will help ensure broadband access is available in the Northeast Kingdom and other rural sections of Vermont. Every last mile will have service available.
These are smart, one-time investments of one-time money that are going to put people to work now and lay the groundwork for creating more jobs in the future, Lt. Governor Dubie added. I m committed to working as President of the Senate with Senator Illuzzi and his committee to get the job done.
As part of the federal stimulus act passed last year, nearly $17.5 million in flexible funds were available from the State Fiscal Stabilization Fund (SFSF). Governor Douglas proposed using last year s portion to invest in a program called SmartVermont.
Many of the elements of this new jobs bill were proposed by the Governor in December. The bill will use this year s portion of flexible SFSF money, $8.67 million, for:
v $2 million to the Vermont Economic Development Authority to lower the interest rate of the loans it makes to Vermont companies leveraging a total of $22.5 million in low-cost loans.
v $1 million restored to the Vermont Training Program for workforce training.
v $1 million to the Vermont Economic Development Authority to support farmers by providing low-cost loans at subsidized rates and helping farmers buy needed inputs such as feed, fuel and fertilizer.
v $1 million to assist businesses impacted by the closure of the Lake Champlain Bridge or other economic factors, through a combination of direct grants and low-interest loans.
v $500,000 to restore Vermont Department of Tourism and Marketing funds cut from last year s budget to assist in marketing the state to winter visitors.
v $3.17 million to the Vermont Telecommunications Authority to help construct last mile telecommunications infrastructure to rural areas currently underserved through a Backroads Broadband program.
The press conference took place in conjunction with the Vermont Economy Newsletter s 2010 Annual Economic Outlook Conference at the Sheraton Burlington Hotel & Conference Center.
Source: Governor's office. 1.8.2010.