Vermont Business Magazine Governor Scott announced today the appointment of Megan Sullivan as the Executive Director, Vermont Economic Progress Council (VEPC). Sullivan has excellent economic development experience, the governor said, having worked at the state level and in her current role as the Vermont business liaison for Congressman Welch. She previously worked at the Agency of Commerce as both a generalist and in the Procurement Technical Assistance Group.
Sullivan will start in her VEPC position on August 27 and said, “It is an honor to accept this appointment from Governor Scott. I am thrilled to begin working with the Vermont Economic Progress Council to advance investment in our communities and help spur the creation of high quality jobs for Vermont.”
Megan Sullivan speaks at the SBA awards in Waterbury in June. VBM photo.
“We are so pleased that she is joining the team and helping to further the goals of economic development for the state of Vermont.” said Joan Goldstein, Commissioner of Economic Development.
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 theVermont Employment Growth Incentive (VEGI) program andtheTax Increment Financing(TIF) District program.
The State of Vermont offers an economic incentive for business recruitment, growth and expansion. The Vermont Employment Growth Incentive (VEGI) program can provide a cash payment, based on the revenue return generated to the State by prospective qualifying job and payroll creation and capital investments, to businesses that have been authorized to earn the incentive and who then meet performance requirements.
Tax Increment Financing (TIF) District
Generally, a TIF District is established by a municipality around an area that requires public infrastructure to encourage public and private real property development or redevelopment. The property values at the time the District is created are determined and the property taxes generated by that original value continue to go to the taxing entities (municipality and state) at the pre-redevelopment level. After a period of time, typically 10-30 years, the property taxes are then re-set at the current value.
Source: Governor 8.1.2018