Vermont Economic Development Authority approves $92.3 million in financing

first_imgSource: VEDA. 6.7.2010 · $25 million to Mount Snow, LTD in West Dover to finance the ski area s planned capital improvement project. Founded in 1954 with two chairlifts, two rope tows and seven trails, Mt. Snow plans to replace two chairlifts, construct a 120-million gallon storage pond for snowmaking, and install snowmaking fan guns. Planned infrastructure upgrades at the mountain will help Mt. Snow increase snowmaking efficiencies and increase lift capacity. Mt. Snow employs 566 people, a number expected to rise to 583 within three years of the project. · Brattleboro Development Credit Corporation, Brattleboro – A $230,000 loan as part of a $1.4 million project to finance the purchase of a lot in the Exit One Industrial Park to provide BDCC with additional inventory of developable land, and to provide access for an existing town water line to be extended to the Delta Business Campus; and· Cynosure, Inc., Milton – $80,000 in financing was approved to fund the replacement of the roof on the 20,450 square foot building Cynosure leases to Omni Measurement Systems, Inc.In addition, VEDA approved two loans through the Authority s Technology Loan Program: Utilizing federal stimulus bonding capacity provided through the American Recovery and Reinvestment Act (ARRA), VEDA preliminarily approved $92.3 million in Recovery Zone Bond Financing to several large business projects throughout Vermont. Additional VEDA program financing of $5.4 million was also approved to farm, technology and small business projects. Vermont was allocated $135 million in federal tax-exempt bonding capacity to be committed by December 31, 2010, said VEDA CEO Jo Bradley. To date, VEDA has preliminarily committed its entire allocation, although it remains to be seen whether or not all of these projects can get all of their other pieces in place to close by year-end. We are continuing to take applications on a first-come-first-served basis in case any of the current projects are unable to proceed. We are trying hard to utilize all of our capacity in the allotted time frame.VEDA s Recovery Zone Facility Bond Program offers tax-exempt financing for large fixed-asset projects such as manufacturing facilities, other commercial establishments and office buildings. VEDA acts as a conduit issuer, thereby enabling eligible borrowers to access the tax-exempt market. Tax-exempt bonds traditionally carry lower interest rates than conventional bank loans because income earned by purchasers of these bonds is exempt from federal and state tax. This special low-interest bond financing is a real boon to Vermont s recovering economy, and we expect hundreds of jobs will be created and retained by the projects VEDA has approved, said Bradley.The following projects were given preliminary (Inducement) approval by VEDA for Recovery Zone Facility Bond financing. Final approval for the bond financings will depend on each project s success in assembling all the required resources to proceed, and issuance of the bonds by the federal December 31, 2010 deadline. Approved were:· $25 million to Weidmann Electrical Technology, Inc. in St. Johnsbury for a Project to substantially improve the company s production capacity.  Founded in Switzerland over a century ago, the Weidmann companies are global leaders in the design, manufacture and supply of electrical insulation for transformers of all voltage ranges.  The proposed Project will enable the St. Johnsbury facility to significantly boost the capacity of its large transformer paperboard machines, further expanding its presence in the world-wide market for these products.· $25 million to Central Vermont Public Service Corporation (CVPS) in Rutland for their $45.9 million planned infrastructure upgrade projects. Vermont s largest utility, CVPS operates in 13 of the state s counties and employs 530 people. Over the next two years, CVPS plans to install and upgrade distribution and transmission lines. Improvements and upgrades are also planned to distribution and transmission substations and hydro systems, telecommunication infrastructure and a Smart Grid investment is anticipated. -30-center_img · $100,000 to Numia Medical Technology, LLC in Lyndonville as part of a $150,907 project to purchase new equipment and software to support Numia s growing manufacturing and product development business.  Numia designs, develops and manufactures drug infusion systems (syringe and volumetric infusion pumps used for delivery of IV medications and fluids).  Numia employs 27 people, a number expected to grow to 35 within three years of the project; and· $60,000 to WattMetrics, LLC in Randolph as part of a $70,000 business startup project to provide turn-key solutions for measuring energy production and demand at homes and businesses.VEDA also approved:· $2.3 million in financing to Vermont farmers through the Authority s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC); and· $600,000 to small business projects in Vermont through the Authority s Small Business Loan Program.VEDA s mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. Since its inception in 1974, VEDA has made financing commitments totaling over $1.5 billion. For more information about VEDA, visit www.veda.org(link is external) or call 802-828-5627. · $15 million to King Arthur Flour Company, Inc. in Norwich and Hartford for a multi-phase facilities expansion project.  King Arthur is America s oldest flour company, producing pure, high-quality unbleached flour for more than 200 years.  The company has 151 fulltime employees, a number expected to increase to 200 within three years of the project.· $2.3 million to St. Albans Cooperative Creamery, Inc. in St. Albans to assist in purchasing and installing new manufacturing equipment and to fund necessary renovations to the production facility to accommodate the new equipment. A member-governed dairy cooperative, St. Albans Co-op was established in 1919 to provide dairy farmers a reliable market and to assist them in attaining the highest possible return for their products.  The Cooperative processes milk which is sold as cream, skim milk, skim condensed or nonfat dry milk powder.  Additionally the Cooperative operates a retail store for members that is open to the public. The Co-op has 75 employees.  The Authority also approved direct project financing to:· Ferrisburg Solar Farm , Ferrisburg VEDA approved $1.3 million as part of a $5.3 million renewable energy project to construct and operate a new 1-megawatt capacity solar electric production facility on 16 acres of land adjacent to Route 7 in Ferrisburg. TD Bank is also participating in the project;· MontChilly, Inc. in Stowe – $490,000 as part of a $1.48 million project to purchase and renovate the Northern Lights Lodge. Union Bank is also participating in the project;· Vermont Butter and Cheese Creamery, Inc., Barre Town Financing of $250,000 was approved as part of a $750,000 machinery and equipment project. Chittenden Bank is also participating in the project;last_img

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