Northeastern Vermont Development Association The Northeastern Vermont Development Association has released its updated economic development report for the three-county region (Caledonia, Essex and Orleans). Authored by David Snedeker, Executive Director, it includes EB-5 immigrant investor programs and other development projects and news. EB-5 Regional Center Program Extended - In December, when the federal government approved an omnibus year-end spending bill, the EB-5 foreign investment program was extendeduntil September 30, 2016.The EB-5 program was created by Congress in 1990 topromote economic growth by providing investment moneyfor job creation in rural parts of the country and specific geographic areaswith higher than average levels of unemployment. Proposed revisions to the existing programthat wouldhave provided more oversight and measures tobenefitrural areaswere not included in the temporary funding bill. During the ten-monthextension, Congress willconsiderreauthorization and reforms to the Program.
AnC Bio
Developers are finalizing the facility's architectural plans and public safety aspects. Foundation and steel work will begin in early March. Biologics Consulting Group from Alexandria, VA will oversee day-to-day construction, verification, and certification. Once started, constructionis expected to take fourteen months.
Renaissance Block
Work continues on the final design of the Renaissance Block on Main Street. The community will have a chance to voice opinions during the Act 250 process. Developers plan to complete the design, obtain necessary permits, and raise funds in 2016.
Northeast Kingdom International Airport
Theairport in Coventry, with a new 10,000 square foot terminal, will attract commercial aviation and international use witha port-of-entry to the Free Trade Zone #286. Construction is scheduled to begin in the spring of 2016.
Forinformation about the airport expansion project contact Guy Rouelle, VTrans Aviation Director [email protected].
Job Training &Employment Opportunities:
January Seminars on Employee Ownership- The VT Employee Ownership Center (VEOC) is offering a free seminar in January at two locations. The two-hour seminaris aimed at business owners and key managers and will focus on Employee Stock Ownership Plans (ESOPs) as a way to transition some or all ownership of a business. Advance registration is required but attendance isfree. (Please note that ESOPs are generally only feasible in companies with at least 20 employees and an enterprise value of at least $2.5 million. In the near future, the VEOC will be presenting a seminar on an alternative for smallerbusinesses, selling to employees using the worker cooperative structure. For more information please contact [email protected].)
ESOP Seminar for Business Owners - Thursday, Jan 28th, 1:00-3:00 pm, Gardener's Supply Company, Burlington/ to register: https://www.eventbrite.com/e/a-technical-introduction-to-employee-owners..., Jan 29th, 10:00 am-12:00, Harpoon Brewery, Windsor/ toregister: https://www.eventbrite.com/e/a-technical-introduction-to-employee-owners...
Attention: Existing & Future International Exporters Whether youare an existing exporter orlikely to become one, your company may be eligible for special export-related programs:
State Trade & Export Promotion (STEP) Grant - STEP is a pilot trade and export initiative offering matching-fund grants to assist "eligible small business concerns"enteringthe international marketplace. Services under the STEP Program are funded in part by the U.S. Small Business Administration (SBA).
Individual Export Activities ReimbursementGrant - This grant, made available through the STEP Initiative, offers reimbursement fundingto qualified Vermont businesses tocover up to $3,000 for foreign language translations ona website,the design of international marketing media, trade missions, and more.
ExporTech Tuition Reimbursement - Grant funds may be used in support of the VMECExporTech programto train company leaders and helpthem develop a customizedexport strategy for their business.
For further details on these time-sensitive grants, contact Katie Corrigan, VT Global Trade Partnership at (802) 828-1744 or [email protected]. VT Manufacturing Extension Center [email protected]
Workforce Training Grants- The Vermont Training Program (VTP) is currently offering performance-based workforce training grants.The VTP provides up to 50% of the training cost for pre-employment, new hire, and/or incumbent employee training. The reimbursementfunds arepaid outupon completion of employee training. Grant applications are accepted and reviewed on a "rolling" basis. The general turnaround time is (18) business days. Applications to the VTP should focus on a new, innovative, andstrategic employee training project. To discuss specific employee training needs and questions, contact: John Young, Director, Workforce Development Programs, at 802-355-2725 or [email protected].
Innovation Engineering Experience - A training program for businesses in the working lands sectors: Farm, Food, Forestsand Wood products - This 2-day workshop, February 16th & 17th, 2016at Vermont Technical College in Randolph Center, is a concentrated learning experience on how to define a strategic objective and then create, test and pitch new product and service ideas for increased profitability.The VT Manufacturing Extension Center (VMEC) is using a grant from the Working Lands Enterprise Board tohost this intense training program, offered at a reduced costto businesses in the working lands sectors (agriculture, food production, forest & wood products.) Participants areencouraged to attend with teams of two persons or more. Visit www.vmec.org or call (802) 728-1432 for additional information. Robynn Albert [email protected] (802) 793-2078.
Looking for Jobs (or) Workers?For companies withjob openings and for individuals looking for work in the NEK of Vermont, please remember the followingresources are available to list open positions or to search for work opportunities. Vermont Job Link:
www.vermontjoblink.com/ada/skillmatch/jobseeker_sm/jbs_jobsearch_dsp.cfm...
Great Jobs in Vermont: https://www.vermontvacation.com/relocate/
Foreign Trade Zone #286
The FTZ Activation Process:
Establishing a viable Foreign-Trade Zone operation requires the successful completion of two processes: application to the Foreign-
Trade Zones Board, and activation by the U.S. Customs Service.
The activation process should prove less complex than the application process. However, the activation process may well require every bit as much thought and planning as the application process. Otherwise, the future Zone operation may prove ineffective and expensive.
Subzones:
Without exception, the Subzone user (your business) serves as the Operator of the Subzone. The Subzone conducts its Zone operations under the terms of a contractual agreement with the Grantee (NVDA for FTZ #286). Both parties should review the Grantee/Operator Agreement carefully as the agreement details the responsibilities of each party.
Operator's Bond:
How does the Operator directly accept Customs liability for its Zone operation? The answer is, by maintaining a continuous bond with the U.S. Customs Service. The bond is a Foreign-Trade Zone Operator's Bond. A Bond must be in force before foreign status merchandise can be received at the Zone site. The bond is assurance to Customs that assessments against the bond will indeed be paid by the user or Operator. Often, the face amount of the bond depends on the scale and nature of the anticipated activity and is often negotiated between Customs and the Operator.
Background Check:
One requirement of activation is that Customs conducts a background check of key employees. It should be noted that the background check typically involves: Management Personnel, Cargo Handling Personnel, and Personnel executing Customs Documents.
Procedures Manual:
Another activation requirement is that the Operator submit to Customs a written FTZ Procedures Manual describing the systems and procedures that will be employed in the Zone's operation.
Inventory Control:
The Zone's Inventory Control & Record Keeping System is a vital part of the operation. It is through this System and its use that Customs will test the claims made by the Operator when merchandise is transferred from the Zone.
Security:
Generally, the Zone's security standards are established by the Port Director of Customs, and, in most cases, require only minimal enhancement by the Operator. Normal security measures may include physical security measures such as walls, fences, doors, and locks, and monitoring devices, as well as access control systems.
Activation Procedures:
Written application to activate must be submitted to the Customs Port Director in the Port in which the Subzone is located. The Operator submits this application. The Operator has the option of activating either all, or a part of, the Zone area which was approved by the Foreign-Trade Zones Board. The application to activate must include a description of all Zone sites requested for activation, and a description of the general character of the operations to be conducted therein. If operations will include the manipulation, manufacture, or processing of merchandise, the Operator may want to submit a blanket CF 216 form, which will provide Customs' permit for that activity, with the application to activate. A statement of the general character of merchandise to be admitted to the Zone must be included. The Port Director must then notify the applicant of his or her decision to approve or deny the activation. On approval of the application, the Foreign-Trade Zone Operator's Bond is executed on a CF 301. Upon acceptance by Customs of the executed bond, the Zone site is considered activated. Foreign status merchandise may then be admitted to the Zone, and the Operator can then congratulate itself on finally being in business!
For additional information, contact David Snedeker at 748-8303 or [email protected].
More Economic Development News inthe NEK:
Composites BHS Chooses Vermont for US Expansion
Composites BHS, a Sherbrooke-based composites manufacturer, has selected St. Johnsbury for its expansion into the United States. This new investment will facilitate the creation of approximately 40 new jobs initially and 75 jobs over the next few years. The company will locate in the St. Johnsbury-Lyndonville Industrial Park in an existing building owned by the St. Johnsbury Development Fund. "This is great news for the region as Composites BHS will grow and strengthen our existing manufacturing base. The ability to attract such a successful company to Vermont only worked because of the combined efforts of local, regional, and state entities. We were competing with neighboring states for this company, so I can't say enough how encouraging it was to see St. Johnsbury leaders and the VT Agency of Commerce come together to make this happen," said Dave Snedeker of NVDA.
VEGI Incentives Approved for LunenburgPellet Mill in Lunenburg The Vermont Economic Progress Council has granted initial approval to Kingdom Pellet, LLC, a wood pellet manufacturing startup which plansto usethe former Gilman paper mill site in Lunenburg to begin operationnext year.The VT Employment Growth Incentive (VEGI) program is tied to job creation and the project's location in an economically disadvantaged region. Twenty-one full time jobs will be created,and the NEK project willhelp to stimulate economic opportunity in Essex County for the wood products sector - loggers, truckers, and private landowners who allow their woods to be harvested.
Newport Bienvenue!
This initiative is an integrated marketing and promotional campaign to draw Quebec businesses, consumers and visitors to Newport City. It's a long-range effort to drive Newport's economic growth by promoting the city's assets to enhance the business environment. Theproject is funded through a one-year USDA Rural Business Development Grant awarded to the NewportCity Renaissance Corporation (NCRC). NVDA, as sub-contractor, is providing assistancewith market research, data analysis, and business support to enhance thevisitor and customer experience.The first phase of the campaign is to identify segments of the Quebec market of interest to Newport businesses, and position these businesses to tap into the segments through an integrated marketing campaign.
Data will help identify potential markets and an inventory of Newport's assets will help to define which markets to target. Work on the campaign will be done with NCRC's downtown committee which will (1) explore and recommend ways to enhance the Quebec visitor and customer experiences in Newport and (2) develop strategies to reach out to the northern market through web, print ads, radio and other promotional tools.
Karen Geraghty, NVDA's Economic Development Specialist isspearheading the research project. [email protected] (802) 334-5861.
NVDA is a planning and development organizationserving Caledonia, Essex and Orleans Counties, and an equal opportunity lender, provider and employer.
David Snedeker, Executive Director [email protected] (802) 748-8303
Newport City Renaissance Corporation www.discovernewportvt.com Julie Raboin [email protected]
EconomicDevelopment Committee- 2nd Thurs., 8-9 AM /2nd floor Conference Room Hebard State Building[email protected]
Design Committee- 3rd Fri., 8-9 AM /CFSG office, 2nd floor, Hebard State Building