The Regional Development Corporations of Vermont (RDCs of Vermont) announced their support on Thursday of S138, a bill developed by the Senate Economic Development, Housing and General Affairs committee, which is currently working its way through the Vermont Senate. The proposed legislation includes a number of provisions to stimulate economic development in the state.
Springfield's Bob Flint, President of the RDCs of Vermont, said that the group appreciated the efforts of the committee, and others in the State House, who have made economic development a priority this session.
“We know there are serious budget concerns and the hard work that’s going on to address that. But we want to extend our thanks for the understanding that there also needs to be a focus on revenue-generating activities that are important to the long-term health of Vermont’s economy,” Flint said.
Flint cited several items within S138, including proposed revisions to the Vermont Employment Growth Incentive (VEGI), the new Strong Scholars and Strong Internships programs as well as the Angel Investor, Millennial Enterprise Zone and Affordable Housing tax credits. He said that they would help to attract new investment to the state and strengthen existing businesses as well as addressing demographic and workforce challenges that companies are facing.
Other aspects of the bill that the RDCs of Vermont specified included facilitating improved permitting for Industrial Parks and establishing Enterprise Zones to incentivize commercial development. Flint said that the bill also includes language to promote training and procedures to clarify and ensure consistent implementation of the new Criterion 9L within Act 250.
The RDCs also expressed their support of the proposed Tourism and Marketing Initiative to direct promotional efforts for business development as well as establishing a new Domestic Export program to help small Vermont companies expand their markets within the US. Flint said that both of these would be natural extensions of the well-known “Vermont brand.”
On behalf of the RDCs of Vermont, Flint emphasized his appreciation of the work of the Senate committee.
“They understood the importance of driving the revenue growth of the state and have developed a bill that would have a very positive impact,” Flint said.
The RDCs of Vermont are the 12 regional development corporations that provide technical assistance and access to state programs and resources through the Department of Economic Development. The RDCs assist existing companies, as well as those looking to start a business, in their respective regions throughout Vermont. Bob Flint, Executive Director of Springfield Regional Development Corporation, is the current President of the RDCs of Vermont.