VEDA BOARD APPROVES $32.9 MILLION IN BUSINESS DEVELOPMENT FINANCING

December 17, 2008

Montpelier, VT – Development projects throughout the state have been approved by the Vermont Economic Development Authority (VEDA) to receive $32.9 million in financing assistance.

 “Several exciting educational, business, technology and community development projects will receive VEDA financing assistance,” said Jo Bradley, VEDA’s Chief Executive Officer.  “VEDA is pleased to be able to support the jobs growth and infrastructure improvement goals of these companies and organizations.”

 Among the approved projects are:

• Bennington College, Bennington and North Bennington – Final approval was given by the VEDA Board for issuance of $20 million in tax-exempt revenue bonds to assist Bennington College’s plans for a two-year, multi-faceted construction and renovation project.  TD Banknorth has committed to fund the Project through the purchase of these bonds.  The $20 million bond issue is the first part of $34 million in financing preliminarily approved by VEDA in October for completion over two years.  The financing will help Bennington College over the next two years refinance existing debt, renovate and make technical infrastructure improvements to a variety of buildings on the campus, and construct a substantial new building, the Bennington Center for the Advancement of Public Action.  The new Center will house a new curriculum initiative with classrooms, and a small conference facility equipped with broadcasting and recording capabilities.  Established in 1932, Bennington College is a nationally-recognized liberal and fine arts institution with a total enrollment of 723 students.  The college campus comprises 470 acres of land and 60 buildings in Bennington and North Bennington, including a 120,000 square foot visual and performing arts center.  The college employs 279, a number expected to grow to 290 within three years of the planned project’s completion.
  
  
• The Manor, Inc., Morrisville – The Authority gave preliminary approval to issuing a $6.5 million tax-exempt revenue bond to The Manor, Inc. to restructure debt associated with the 1999 construction of a skilled nursing and residential care facility adjacent to Copley Hospital. The Manor is a 100-bed nursing facility employing 120, which provides short-term rehabilitation services, long and short term skilled nursing and residential care/assisted living. 
   
• Tri-Park Cooperative Housing Corporation, West Brattleboro – Through VEDA’s Drinking Water State Revolving Loan Fund Program, financing of $1.3 million was approved to cover engineering and construction costs associated with replacement of the water distribution system for the state’s largest mobile home park.  The $4.5 million project being undertaken by Tri-Park Cooperative Housing Corporation will benefit 278 households with over 700 residents.  The construction project is expected to eliminate the water pressure, supply and potential contamination problems at the park. 
   
• The Family Place, Hartford – The Authority gave final approval to issuing just under $1 million in tax-exempt bonds to help The Family Place expand their services through the purchase of land and a 5,327 square foot building in Olcott Industrial Park in Hartford.  Chittenden Bank has committed to purchase the VEDA bond.  The Family Place, a nonprofit parent child center serving northern Windsor County, is limited by its current space on Route 5 South in Norwich, a location it will still maintain.  Established in 1985, the Family Place works to support the positive growth and development of all parents by offering services that build upon family strengths.  The center employs a staff of 26, a number expected to increase after the planned expansion.
  
  
• Bennington County Industrial Corporation (BCIC), Bennington – – Financing of $161,700 was approved, to fund the extension of underground electric utility lines and conduits for future telecommunication services to the remaining undeveloped lots in BCIC’s Shields Industrial Park.  The Shields Industrial Park land is some of the most desirable space for business expansion in Bennington County and the Project will enhance the marketability of these lots.   BCIC, established in 1957, is the non-profit regional economic development corporation for Bennington County.