VEDA Board approves $10.7M in funding

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VEDA Board approves $10.7M in funding

Tue, 08/31/2004 - 8:00pm -- tim

VEDA BOARD APPROVES $10.7 MILLION IN PROJECT FINANCING COMMITMENTS
Montpelier - Vermont manufacturing, educational, healthcare-related, technology and agricultural projects totaling $23.2 million have been approved by VEDAs Board of Directors for $10.7 million in Vermont Economic Development Authority financing assistance.
The Boards commitment of VEDA resources has enabled these projects to leverage an additional $12.5 million in private and public capital to create jobs, enhance vital community services, and improve Vermonters lives, said Jo Bradley, VEDAs Chief Executive Officer.
The projects approved by the VEDA Board are:
Ï Visiting Nurse Association and Hospice of Vermont and New Hampshire, Inc., Hartland, VT The White River Junction and Lebanon, New Hampshire offices of the Visiting Nurse Association and Hospice will be consolidated into a new 18,200 square foot office building to be constructed on 2.1 acres of purchased land at the Billings Farm Commerce Park in Hartford. The $4.3 million project received VEDA assistance in the form of a $3,978,500 Industrial Revenue Bond inducement, to be purchased by a local banking institution. Construction of the new facility is expected to reduce VNA VT/NHs operating costs, and provide the organization with a more modern, functional administrative office. VNA VT/NH serves approximately 6,000 patients a year in home- and community-based settings in over 70 Vermont and New Hampshire towns.
Ï Burr & Burton Academy, Manchester The VEDA Board gave final approval to issuance of a $5 million 501(c)(3) Industrial Revenue Bond to support Phases I and II of a total $15.3 million construction and renovation project at the school. In April, VEDA had approved a bond inducement of $3 million to begin Phase I of the project, but due to the success of the schools capital campaign, the VEDA Board increased the bond to $5 million bond, enabling Phase II to begin ahead of schedule. Factory Point National Bank will purchase the bond. Phase II of the project includes renovations to the Riley Arts Building, as well as a new gym lobby, classrooms, offices, locker rooms and a weight room.
Questech Corporation, Rutland The Board approved a Subchapter 5 loan of $492,700 to enable Questech to establish a new manufacturing line for production of metal-resin decorative tiles and trims. Financing for half of the overall project costs of $1,231,750 are being contributed by the Chittenden Bank. It is anticipated that establishment of the new production line in Rutland will enable owners to grow the company from 50 to 73 jobs within three years. Founded in 1989, Questechs products are now in over 12,000 retail locations, including Lowes and Home Depot.
Montpelier Community Internet Cooperative, Montpelier A Technology Infrastructure Financing Program loan of $62,820 was approved, enabling the Montpelier Community Internet Cooperative (MontpelierNet) to purchase and install equipment to create a wireless network in the Capital City that will provide high-speed Internet connections for its members. The project is being done in partnership with the City of Montpelier, which has invested approximately $55,000 to build the core of the wireless network. The Vermont Broadband Council has also contributed $6,980 in financing assistance to the project.
Also approved for financing by the Board in VEDAs SBA 504 Loan Program were:
TAG Investments, LLC (Blanchard Contracting), Windsor A loan of $134,000 was approved to support a $326,000 project to acquire land and a building on Route 5 North in Windsor, allowing Blanchard Contracting to increase business and consolidate services. Mascoma Savings Bank is also contributing financing to the project.
Ten Acres Lodge, Stowe - VEDA will provide $420,000 in financing assistance to enable Frank and Robin Wilson to purchase, renovate and upgrade the Ten Acres Lodge. Total project costs are expected to be $1,368,500; Union Bank is also contributing financing to the loan package.
In VEDAs Vermont Agricultural Credit Corporation (VACC) program, the Board approved a total of $645,000 in Farm Operating and Farm Ownership loans to three agricultural businesses:
Sheldon Farm, Inc. in Fair Haven - $188,000;
Timothy and Tina Stanhope in Berkshire - $174,000; and
Brian and Cynthia Dane in West Charleston - $283,000.
VEDAs mission is to provide financial assistance to eligible businesses to stimulate job creation, and enhance economic stability and growth in Vermonts manufacturing, travel and tourism and agricultural sectors. In the Authoritys 30-year history, VEDA has made project financing commitments totaling over $1 billion.