VEDA approves $3.9M in projects

first_img$3.9 MILLION IN PROJECT FINANCING COMMITMENTSAPPROVED BY VERMONT ECONOMIC DEVELOPMENTAUTHORITY (VEDA) BOARD OF DIRECTORSStowe, VT A Bennington manufacturer will expand operations, a NortheastKingdom logger will purchase a protected forest parcel, and a Barre video companywill renovate their headquarters with $3.9 million in financing assistance approved bythe Vermont Economic Development Authority (VEDA) Board of Directors.Approved projects are:Vermont Composites, Inc., Bennington A $2.6 million industrial revenue bondinducement, and an $800,000 direct loan were approved by the VEDA Board, enablingVermont Composites, Inc. (VCI) to purchase the former Bijur Lubricating building, andexpand their manufacturing operations. Key Bank and the Town of Bennington arealso financing partners in the project. VCI is a leading manufacturer of carbon fibercomposite materials used in the aerospace and defense, medical equipment,automobile, and sporting goods industries. VCI employs 104 people, and it isanticipated that within three years, the expansion project will increase employment to182. In addition to land and building acquisition, Phase I of the $4,000,000 project willinvolve the installation of new production facilities and equipment. Phase II, to becompleted in spring, 2005, will involve re-roofing the facility and installation of a newautomated paint line.Peter Zaun and Dorene DeLuca, West Burke A $357,500 Farm Ownership Loanwas approved through the Vermont Agricultural Credit Corporation (VACC), VEDAsagricultural lending program, enabling established logger Peter Zaun and DoreneDeLuca to purchase a protected 935-acre forest parcel on Nurse Mountain in Granbyand Guildhall. The parcel, currently owned by the Trust for Public Lands, is subject to aVermont Forests and Parks Department easement requiring that the property bemanaged and timber removed in such a way that lasting adverse ecological impacts areminimized, wildlife habitat is enhanced, and a continuing, renewable, and long-termforest is assured.VideoVision Video Production Company, Inc., Barre A $163,000 SBA 504 loanwas approved, enabling Anthony and Cynthia Campos to renovate two buildings inBarre, parts of which are used to house VideoVision Production Company. TheCampos have owned and operated VideoVision since 1988; the company producescommercials and other videos for local companies, and films municipal meetings andsports events for broadcast on Central Vermont Community Television, a tenant in oneof the buildings. Total renovation costs are $397,319; the Merchants Bank is alsoparticipating in the project.VEDAs mission is to promote economic prosperity in Vermont by providingfinancial assistance to eligible businesses, including manufacturing, agricultural, andtravel and tourism enterprises. In its thirty-year history, VEDA has made financingcommitments totaling over $1 billion.-30-last_img

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