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CFES Brilliant Pathways raises over $450,000 to support rural schools in Vermont and NY

Sat, 07/20/2019 - 3:40am -- tim

Vermont Business Magazine Since CFES Brilliant Pathways was founded in 1991, rural America has experienced declines in population and jobs as well as lower aspirations among youth. On Saturday July 13, CFES reinforced its commitment to rebuild rural America by raising over $450,000 to help students become college and career ready. 

Frustrated Weinberger reacts to more delays at CityPlace

Fri, 07/19/2019 - 2:38pm -- tim

Vermont Business Magazine Today, Burlington Mayor Miro Weinberger released the following update in response to Brookfield Properties’ announcement that its CityPlace Burlington project is faced with additional delays. While lacking details, the project will be redesigned and likely scaled back. "Like many in our community, I am frustrated and disappointed that the developers have not commenced construction of CityPlace Burlington. At the same time, Brookfield’s statement today and recent actions demonstrate that there remains a potentially very good path forward with them to transform this long-troubled site into a vibrant, mixed-use neighborhood."

White + Burke negotiates sale of Water Tower Circle building

Fri, 07/19/2019 - 1:56pm -- tim

Vermont Business Magazine Tim Burke, Director of Brokerage Services for White + Burke Real Estate Investment Advisors, Inc. in Burlington, announced the sale of 150 Water Tower Circle, a 30,000 SF, Class A office building located in the Water Tower Hill Business Park, in Colchester VT. The building was formerly occupied by New England Federal Credit Union. 

Burke represented the Seller, New England Federal Credit Union Company, in the sale transaction. The Buyer was Engelberth Construction Inc. 

EPA endorses Vermont's clean water funding strategy

Fri, 07/19/2019 - 12:17pm -- tim

Vermont Business Magazine In a letter sent on July 11, the US Environmental Protection Agency (EPA) endorsed Vermont’s clean water funding plan - as outlined in Act 76 of 2019 - as meeting the requirements of the Lake Champlain Total Maximum Daily Load (TMDL). Act 76, passed in May, makes a long-term, annual commitment of more than $20 million in state funds to leverage other funding sources, resulting in an estimated annual clean water investment of more than $50 million. For this year anyway, both a portion of the Rooms & Meals tax and surplus budget funds from last fiscal year are contributing to the fund. Act 76 also creates a project delivery framework to ensure water quality projects meet Vermont’s clean water goals.

Leahy, Welch push to curtail warrantless vehicle checkpoint stops

Fri, 07/19/2019 - 11:32am -- tim

Vermont Business Magazine US Senators Patrick Leahy (D-Vermont) and Patty Murray (D-WA) late Thursday reintroduced their legislation to strengthen privacy protections in the United States by limiting the unreasonably large “border zone.”  Representative Peter Welch (D-Vermont) introduced an identical version of the bill in the House of Representatives.

Weekly unemployment claims fall again

Fri, 07/19/2019 - 11:30am -- tim

Vermont Business Magazine Weekly unemployment numbers edged down again last week as claims recede after a steep spike, which is typical for the end of school. Summer usually then brings low claim levels. Initial claims for the week of July 13, 2019, totaled 384, down 154 from last week. Claims were 49 more than they were at this time last year. Altogether 3,868 new and continuing claims were filed, an increase of 120 from a week ago, and 67 more than a year ago.

Unemployment rate unchanged at historic 2.1 percent, labor force gains

Fri, 07/19/2019 - 10:43am -- tim

Vermont Business Magazine Vermont's seasonally-adjusted statewide unemployment rate for June was 2.1 percent, as all three major metrics showed improvement. The rate itself reflects no change from the revised May rate. Since the US Bureau of Labor Statistics online historical series started in 1976, the current seasonally-adjusted estimate of the number of unemployed Vermonters (7,245) as well as the statewide seasonally-adjusted unemployment rate are at historically low levels. Vermont’s unemployment rate was again lowest in the nation. New Hampshire was number four lowest (2.5 percent, up one tenth). Alaska was highest at 6.4 percent. The comparable United States rate in June was 3.7 percent, which was an increase of one-tenth.

Community Bank supports Habitat for Humanity’s Rutland house

Fri, 07/19/2019 - 6:09am -- tim

Vermont Business Magazine The Community Bank NA's Rutland, Woodstock Ave, and Green Mountain Plaza branches recently helped Habitat for Humanity of Rutland close the funding gap for its Crescent Street build through a $3,000 donation to purchase necessary supplies. Once complete, the Crescent Street house will become home for a local family in need.

Killington breaks ground on K-1 Base Lodge

Fri, 07/19/2019 - 4:14am -- tim

Vermont Business Magazine Killington Resort, the largest ski and snowboard resort in Eastern North America, broke ground Tuesday on its K-1 Base Lodge, upon receipt of final permitting. The new, 58,000-square-foot lodge, which will be 21,000 square feet larger than the previous lodge, is slated to open for the 2020-21 winter season in time for the 2020 Audi FIS Ski Women’s World Cup.

Billado: A rosy red Vermont

Fri, 07/19/2019 - 3:06am -- tim

by Deb Billado, Chairwoman, VTGOP Nationally the economy (Republican in the making) is booming, millions of new jobs are being created - oppressive regulations on businesses are being repealed - the stock market keeps reaching new highs and Republican tax cuts have put more money in our pockets. Many businesses, even in Vermont, are passing on these benefits by giving cash bonuses to their employees.

People's United reports 2Q19 net income of $133.2 million

Thu, 07/18/2019 - 4:43pm -- tim

Vermont Business Magazine People's United Financial, Inc (NASDAQ: PBCT) today reported results for the second quarter 2019. These results along with comparison periods are summarized below. Net income was $133.2 million compared to $110.2 million the same time last year. Loans and deposits were both up nearly 20 percent over the prior year. The Company's Board of Directors approved the repurchase of up to 20 million shares of common stock. The share repurchases will be made at the discretion of the company following the close of the United Financial Bancorp acquisition.