Vermont Business Magazine Abbie Sherman has been appointed Executive Director of the Vermont Economic Progress Council (VEPC), expanding her role at the Department of Economic Development (DED).
Joan Goldstein, commissioner of the Department of Economic Development, said, "We are confident that she will continue to serve the VEPC board, Vermont businesses, and municipalities very well in her expanded capacity."
In addition to her duties with VEPC Sherman has served as an integral member of the DED assisting wherever there had been bottlenecks due to the increased demands placed on us for business assistance due to COVID-19.
Sherman is also the current president of the Vermont Government Finance Officers Association. This varied experience gives her the unique depth and breadth of understanding of the issues facing businesses and municipalities throughout the state of Vermont.
"She will serve Vermont and Vermonters very well in this position and will be able to hit the ground running," Goldstein said.
The Vermont Economic Progress Council (VEPC) is an independent board of Vermont citizens, nine appointed by the Governor and two appointed by the General Assembly. Additionally, there are two non-voting representatives from each region, one designated by the regional development corporation and one by the regional planning commission. The regional representatives serve in an advisory and advocacy role.
VEPC serves as an approval and authorization body for the Vermont Employment Growth Incentive (VEGI) program and the Tax Increment Financing (TIF) District program.
Vermont Employment Growth Incentive (VEGI):
The State of Vermont offers an economic incentive for business recruitment, growth and expansion. The VEGI program provides cash payments to businesses that have been authorized to earn the incentive and who then meet performance requirements. The value of each payment is based on the revenue return generated to the State by prospective qualifying jobs, payroll creation, and capital investments.
Tax Increment Financing (TIF) District:
Generally, a TIF District is established by a municipality around an area that requires public infrastructure improvement to encourage private real property development or redevelopment. TIF is a tool that municipalities may use to ease the taxpayer burden associated with necessary infrastructure improvements.
Source: Department of Economic Development 12.7.2021