(Vermont Business Magazine Roundup of news for April 2025)
Burke Mountain sold for $11.5 million
The sale of Burke Mountain Resort was approved April 24, 2025, by Judge Darrin Gayles in an order from the United States District Court for the Southern District of Florida. Gayles approved the sale of Burke to Bear Den Partners LLC for $11.5 million. The sale was the most notable lingering case involving Ariel Quiros, William Stenger, and other entities associated with securities fraud at Jay Peak and Burke Mountain Resort. Quiros was owner of both resorts. The case stems from a Securities and Exchange Commission (SEC) enforcement action against Ariel Quiros, William Stenger, and their affiliates for alleged securities fraud brought in April 2016. The court appointed a receiver, Michael I. Goldberg, to manage and dispose of assets within the receivership estate, which includes Burke Mountain Resort.
Tax revenues stay ahead of targets for February
Secretary of Administration Sarah Clark has released Vermont’s revenue results for February 2025. The General Fund, Transportation Fund and Education Fund all exceeded their respective monthly consensus cash flow target by a combined $202.3 million, exceeding the $196.8 million monthly consensus target by $5.6 million, or 2.8%. This is based on the annual consensus forecasts as adopted by the Emergency Board at its July 2024 meeting. Total General Fund revenues for February were $119.8 million, $2.2 million, or 1.9%, greater than the $117.6 million monthly consensus cash flow target.
GMCB approves settlement agreement with UVM Health Network & UVM Medical Center
The Green Mountain Care Board (GMCB) has voted to approve a comprehensive settlement agreement with the University of Vermont Health Network (UVMHN) and the University of Vermont Medical Center (UVMMC), resolving matters related to significant budget overages in Fiscal Years 2023 and 2024 and outlining a path forward for system-wide financial accountability and healthcare reform.
Vermont’s unemployment rate holds at 2.6% in March
The Vermont Department of Labor has reported that the seasonally adjusted statewide unemployment rate for March was 2.6 percent. This reflects no change from the prior month’s revised estimate. February’s revised estimate decreased by one-tenth of one percentage point from the preliminary estimate. The comparable United States rate in March was 4.2 percent, an increase of one-tenth of one percentage point from the revised February estimate. Vermont continues to have the second lowest jobless rate in the nation, along with North Dakota and behind South Dakota (1.8%). Nevada has the highest rate at 5.7%. The civilian labor force participation rate in Vermont was 65.3 percent in March, a decrease of one-tenth of one percentage point from the prior month’s revised estimate. The US average is 62.4%, according to the U.S. Bureau of Labor Statistics.
Vermont Law and Graduate School President Smolla to step down
After three years of dedicated service to Vermont Law and Graduate School, President Rod Smolla will step down from his role as president, effective July 1, 2025, to focus on writing and teaching. Smolla assumed the position of president of Vermont Law and Graduate School on July 1, 2022. Under his leadership, VLGS launched an ambitious 50th Anniversary Giving Campaign, which has so far reached $18 million of its $20 million fundraising goal. The school received a transformational $2.5 Million gift from the Maverick Lloyd Foundation to expand its environmental law and policy programs through the Maverick Lloyd School for the Environment.
Vermont farm fund surpasses $4 million in loans
Over the past fourteen years, the non-profit loan program the Vermont Farm Fund has made over $4 million dollars in loans to Vermont farmers and food producers to help build the local agricultural economy. Originally established by Pete’s Greens and the Center for an Agricultural Economy (CAE) in 2011, the Vermont Farm Fund has operated as a program of CAE since its very first loans following Tropical Storm Irene. The Fund still provides zero-interest emergency loans to farmers recovering from natural disasters, as well as low-interest loans to help new or established farms grow and expand.
Vermont House passes Vermont’s Shield Laws bill, S.28
The Vermont House of Representatives has given preliminary approval for S.28, an act related to access to certain legally protected health care services on a vote of 97 to 43. The bill strengthens legal protections for Vermont individuals and providers in accessing and providing reproductive health care and gender-affirming care. It clarifies and expands Vermont’s Shield Laws and sets new standards to combat misinformation and interference with legally protected health care activity.
Rutland TIF Master Plan receives approval
The Vermont Economic Progress Council (VEPC) has approved the Rutland Tax Increment Financing (TIF) Master Plan, marking a significant milestone in the city’s efforts to revitalize its downtown. This approval paves the way for the next step: phase approval, which involves taking the first TIF project through the process with the Board of Aldermen and then to VEPC again. The first phase filing, if approved by the Board of Aldermen and subsequently by VEPC, will focus on infrastructure improvements in the northern section of Wales Street—a key area supporting the proposed hotel development. Planned upgrades include water, sewer, and stormwater improvements, as well as brownfield remediation to address existing environmental contamination.
State receives BEAD applications to serve 96% of currently unserved Vermonters
Vermont Community Broadband Board (VCBB) has completed taking in applications for Vermont’s Broadband Equity, Access, and Deployment (VT-BEAD) Program. BEAD is a federal program that provides $42.45 billion to expand high-speed internet access by funding planning, infrastructure deployment, and adoption programs in all states and territories. Vermont’s allocation of those funds is almost $229 million. That money will be used to serve all the unserved and underserved locations in the state. 96 percent of these eligible locations received at least one application, and 95 percent of eligible locations received an application that will provide fiber optic service.
Rutland TIF Master Plan receives approval from Vermont Economic Progress Council
The Vermont Economic Progress Council (VEPC) has approved the Rutland Tax Increment Financing (TIF) Master Plan, marking a significant milestone in the city’s efforts to revitalize its downtown. This approval paves the way for the next step: phase approval, which involves taking the first TIF project through the process with the Board of Aldermen and then to VEPC again. The first phase filing, if approved by the Board of Aldermen and subsequently by VEPC, will focus on infrastructure improvements in the northern section of Wales Street—a key area supporting the proposed hotel development. Planned upgrades include water, sewer, and stormwater improvements, as well as brownfield remediation to address existing environmental contamination.
Vermont Farmstead Cheese acquires Grafton Village Cheese
Grafton Village Cheese Company (GVCC), a subsidiary of the Windham Foundation, and Vermont Farmstead Cheese Company in South Woodstock has announced the sale of Grafton Village Cheese to Vermont Farmstead. This news marks a significant milestone in Grafton Village Cheese’s journey as an artisanal cheesemaker and iconic brand. This strategic move is driven by mutual goals for the long-term success and health of GVCC, a commitment to preserving the rich traditions of artisanal cheese production in Vermont, and a passion for Vermont’s agriculture industry.
Landmark College appoints Dr. Jim Dlugos as new president
The Board of Trustees of Putney-based Landmark College—the world’s first college built to exclusively serve people who learn differently—has announced that current Interim President Dr. James Dlugos will serve as the fifth president in the College’s 40-year history, effective May 1, 2025. Dlugos previously had an 11-year tenure as president of St. Joseph’s College of Maine in Standish, Maine. Upon his retirement in 2023, he founded a higher education consulting firm with his wife, Melissa, which led him to the interim opportunity at Landmark College in the summer of 2024 following the departure of Dr. Peter Eden.
Sixty-Five permanently affordable apartments open at Fort Ethan Allen in Colchester
Champlain Housing Trust and Evernorth celebrated with community members, state officials, and public funders at Fort Ethan Allen in Colchester Monday, marking the completion of 65 new permanently affordable apartments. The apartments, across three buildings, were completed in phases over the past five months. The 65 apartments are a mix of one-bedroom and studio apartments, which are lacking in the neighborhood. Eighteen will come with rental subsidy committed by the Burlington Housing Authority, capping rent at 30% of the renter’s income. CHT is also renting fifteen of the apartments to people who had been experiencing homelessness. Rents will average about $1,200, including heat and hot water – newly constructed apartments in the region are renting for twice that much.
Two Springfield companies receive VEGI awards for expansion projects
Springfield Regional Development Corporation (SRDC) and the Vermont Economic Progress Council (VEPC) have announced two recent Vermont Employment Growth Incentive (VEGI) awards to Springfield companies to support their planned expansion projects. Vermont Packinghouse received Initial approval for an Estimated Incentive of $576,909, including a Labor Market Area (LMA) enhancement, given the location in an economically distressed area of the state. ImageTek Manufacturing also got Initial approval for their VEGI application, with an Estimated Incentive of $429,850, also including the LMA enhancement, given the project location.
UVMHN & VTSU announce nursing career advancement partnership
University of Vermont Health Network and Vermont State University have announced a new partnership to advance opportunities for full-time nurses at the health system to achieve a Bachelor of Science in Nursing (BSN) degree. Current registered nurses (RNs) with an Associate of Science in Nursing degree will be able to pursue the advanced credential of a bachelor’s degree from Vermont State at a preferred rate.
Zebra mussels detected in United States waters of Lake Memphremagog
After several seasons of thorough sampling, Vermont Department of Environmental Conservation (DEC) scientists, consultants, and local partners have detected zebra mussels in United States waters at Lake Memphremagog. Native to eastern Europe, zebra mussels (Dreissena polymorpha) are a small, invasive shellfish that can quickly form large populations and outcompete native species for food and habitat. Currently, zebra mussels are found only in Lake Champlain and Lake Bomoseen in Vermont.
Burlington Rooms & Meals tax falls
Based on tax filings, economic activity is down about 10%. This reflects what we have been hearing from our BBA members, with some reporting even softer sales numbers. When compared to the same period last Fiscal Year (Jul. to Feb.) The city raised the taxes on these sales. In an effort to raise revenue and with the assumption that sales numbers would stay the same or grow. The result is the city is getting about 19% more tax revenue even though sales are lower.
Union Bankshares reports earnings for quarter ended March 31, declares dividend
Union Bankshares, Inc (NASDAQ - UNB) has announced results for the three months ended March 31, 2025 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended March 31 was $2.5 million, or $0.55 per share, compared to $2.4 million, or $0.53 per share, for the same period in 2024.
CVMC support staff ratify first contract
On 4/11/25, over 500 support staff at Central Vermont Medical Center voted to ratify their first union contract, seven months after their union election. Negotiations concluded on April 4th at 2am after an 18-hour overnight bargaining session. The contract raises wages by an average 27% over the three-year contract, establishes the highest starting rate for support staff job titles in the UVM Health Network ($21/hour), provides paid time off to recover after staff are assaulted at work, lays the foundation for safer staffing, and improves job security, amongst many other provisions.
Vermont sees nation’s largest household income increase
Census Bureau data indicates that Vermont was the nation’s leader in income growth from 2022 to 2023. Vermont median income grew 5.4% year-over-year, while the national median stayed roughly flat with a .15% decrease. Vermont’s median income increase represents a jump from below to above the national median. Vermont ranks 17th in household income. Vermont’s median income in 2023 was $81,200. Washington, DC, had the highest median at $108.2K, but among the states, Massachusetts was highest at $99.9K, closely followed by New Jersey ($99.8K) and Hawaii ($95.3K). The lowest were Mississippi ($54.2K) and West Virginia ($55.9K).
Eastern Union secures $9.4 million to refinance renovation project in Springfield
Eastern Union, one of the country’s largest commercial mortgage brokerages, has arranged $9,424,405 in construction-to-permanent refinancing for the first stage of a multi-phase renovation project at 100 River Street in Springfield, VT. This portion of the initiative will create a 43,000-square-foot self-storage facility and 55,000 square feet of retail space.
Planned Parenthood of Northern New England to close St. Johnsbury health center
Planned Parenthood of Northern New England (PPNNE) has announced that it will permanently close its St. Johnsbury, Vermont health center on June 3rd, 2025. Over the past five years, PPNNE has faced numerous operational challenges in providing reproductive and sexual health care services in St. Johnsbury. In addition, devastating flooding, as well as inadequate reimbursement rates for services provided have made it increasingly difficult to sustain essential care for the community.
University of Vermont and UVM Staff United reach tentative agreement on new contract
The leadership of University of Vermont and UVM Staff United announced that they have reached a tentative collective bargaining agreement. The agreement is subject to ratification by the union’s membership and approval by the UVM Board of Trustees. Specific terms of the tentative three-year agreement will be released after the approval and ratification process is completed.
Vermont’s 2025 open enrollment sees record numbers for health insurance
This week, the Department of Vermont Health Access (DVHA) released new figures on marketplace Open Enrollment for 2025. Vermont’s Open Enrollment period ended on January 15, 2025, and saw a substantial increase in the number of Vermonters enrolling in plans through Vermont’s health insurance marketplace, known as Vermont Health Connect. Most Vermonters enrolled in Qualified Health Plans through the marketplace will benefit from increased subsidies and better coverage in 2025 than in previous years. During Vermont’s 2025 Open Enrollment period, over 32,000 Vermonters signed up for their health and dental plans through Vermont Health Connect. This is an approximately 11% increase in newly enrolled members and represents historically high enrollment for the marketplace.
WheelPad expands in Wilmington with help from BDCC, VEDA and state
WheelPad L3C, a Wilmington-based company, designs and builds modular, accessible living spaces for people with mobility challenges—including veterans, individuals recovering from injuries, and older adults who wish to age in place. As the company prepared for growth and increased demand, it became clear that expanding its physical space would require the right partners and resources. WheelPad has helped countless people modify their homes to better suit their needs—so when it came time to expand their own “home,” Brattleboro Development Credit Corporation (BDCC) pitched in to help make that possible.
Mayor and Burlington Electric announce progress in annual Net Zero Energy Roadmap update
Mayor Emma Mulvaney-Stanak and Burlington Electric Department (BED) have shared Burlington’s Net Zero Energy (NZE) Roadmap update for 2024 and announced new programs to accelerate electrification throughout the Burlington community. The Roadmap update shows that Burlington’s greenhouse gas emissions in the ground transportation and thermal/buildings sectors are down 19 percent in 2024 compared to the 2018 baseline, representing a 2.8 percent reduction in 2024 compared to updated 2023 data, demonstrating continued climate progress in the two largest emissions sectors in Vermont.
Major $800,000 grant program to support Northeast dairy workforce
The Northeast Dairy Business Innovation Center (NE-DBIC) announces the new Catalyzing Regional Dairy Workforce Grant program. This $800,000 grant program will expand dairy workforce development programming in the Northeast. This funding will enhance and expand existing dairy workforce programs, benefiting both current and prospective employees of dairy farms and processors. Eligible programs include federally and state-registered apprenticeships, pre-apprenticeships, internships, and other training initiatives. Key areas of focus include expanding current programs to reach more participants and underserved communities, adding new programs to increase impact, and providing financial support to participants to encourage greater involvement.
Insurance firm ponders paying out on death policy in triple homicide case in Vermont
The insurance company that had provided coverage for a Pawlet man who was part of a triple homicide at his home last fall, is asking the federal court in Vermont to intercede on how to handle the money earmarked for the accused killer. Brian M. Crossman Jr., 23, of Granville, N.Y. has pleaded not guilty to three counts of aggravated murder in the death of his father, stepmother and her son. If convicted, on any of the charges, Crossman will face a life sentence without the possibility of parole. The son might normally be entitled to about $258,000 in life insurance proceeds from a routine death of his father, but federal and Vermont law does not allow a person involved in a death of another person to benefit financially, according to court papers.
Catalyzing Regional Dairy Workforce Grant
This new grant from the Northeast Dairy Business Innovation Center (NE-DBIC) addresses the significant need to expand dairy workforce development programming in the Northeast. Funds will support the development, expansion, and operations of existing workforce programs that are ready to expand services to benefit existing and potential employees of dairy farms and dairy processors. Programs supported may be federally registered apprenticeships, state registered apprenticeships, pre-apprenticeships, internships, or other training programs. Projects funded through this grant will focus primarily on expansion and enhancement of program operations, program services, and participant support. Awards will range from $20,000 to $100,000 with a 25% in-kind and/or cash match contribution. Approximately $800,000 in total funds are available.
Governor Scott appoints Brandon Thrailkill as Caledonia County Sheriff
Governor Phil Scott has appointed Brandon Thrailkill of Lyndonville as Caledonia County Sheriff following the passing of former Sheriff James Hemond earlier this spring. “Brandon has a proven track record of public service in Caledonia County both as a law enforcement officer and as an active member in his community,” said Governor Phil Scott. “As a lifelong resident of Caledonia County, I believe Brandon will serve Vermonters well in this role.”
Labor announces grant opportunities to support workforce development
The Vermont Department of Labor (VDOL) is excited to announce two new opportunities for organizations to partner with the Department to support workforce development efforts across the state. The applications for the EmployVT: Youth Career Connector and the Workforce Expansion Program are now open and designed to engage Vermont youth and expand employment pathways for jobseekers. These programs reflect the Department’s ongoing commitment to connecting job seekers and career advancers to promising jobs that exist with Vermont employers.
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