MONTPELIER, VT – VEDA has approved $32 million in loan and bond financing for several business development projects, including bond reissuance for a large non-profit retirement community, expansion of a Morrisville manufacturing facility, and construction of a new boutique hotel inBurlington.
“VEDA is pleased to offer financing support to these exciting development projects,” saidJo Bradley, VEDA Chief Executive Officer.
Among the projects approved by VEDA for financing assistance:
Wake Robin Corporation, Shelburne – VEDA approved reissuance (refunding) of up to $27 million in tax-exempt 501 (c) (3) (Non-Profit) Revenue Bond financing for the benefit of Wake Robin Corporation, Vermont’s first Continuing Care Retirement Community offering “life care” to residents as they age. VEDA has assisted Wake Robin with tax-exempt bond financing several times. Wake Robin presently has 212 independent living units, 31 residential care (assisted) living units and 51 skilled nursing beds. The skilled nursing unit includes an 18-bed dementia-focused wing. The 136-acre facility also has a community center, library, dining facilities, and other social and recreational amenities. Wake Robin presently employs approximately 178 full and part-time people, and nearly 330 people live at Wake Robin.
Hotel Vermont Holdings, Burlington – Financing of $1.3 million was approved to help Hotel Vermont Holdings construct a new 126-room boutique hotel on a .3 acre parcel of land adjacent to the Courtyard Marriott hotel inBurlington. The new hotel is the final phase of an overall private/public $65 million project begun in 2003 on land owned by the City of Burlington, also including the Courtyard Marriott, Westlake condominiums, a two-deck expansion of the municipal parking garage, and a 7,500 square foot “green roof” atop the public parking. It is anticipated that within three years of the construction project, 76 new jobs will be created. NBT Bank is also providing financing for the $20 million project.
Butternut Mountain Farm, Morrisville – Financing of $1.3 million was approved for a project to help Butternut Mountain Farm (BMF) construct a 30,800 square foot addition to their existing 40,100 square foot facility in the Morrisville Industrial Park. The addition will be primarily dedicated to the receiving, storage, batching and pumping of bulk maple syrup. Union Bank is also providing financing for the project. BMF was established in 1972 as a family business producing maple syrup, Christmas trees and timber products. Today, the company operates farms in Johnson and Barton, a retail store in Johnson, and its warehouse and processing facility in Morrisville. Along with producing its own maple syrup, BMF purchases pure maple syrup from over 300 independent producers inVermont and throughout the maple region. BMF sells to specialty stores as well as national mail order companies, major grocery chains, and multinational companies. It is projected that within three years of the expansion project, employment numbers at BMF will grow from the current 67 to 79.
Dorset Park Skating Association, Inc., South Burlington – Final approval was given for the reissuance (refunding) of nearly $1.5 million of 501 (c) (3) (Non-Profit) Revenue bond financing for the benefit of the Dorset Park Skating Association, Inc. (DPSA) inSouth Burlington. DPSA is the non-profit corporation that operates the Cairns Skating Arena inDorsetPark inSouth Burlington. The bond reissuance will help DPSA refund the outstanding balance on a $2.8 million bond issued by VEDA to cover costs associated with construction of the original 32,430 square foot skating arena in 1996 and the adjacent 35,500 square foot skating rink constructed in 2001. TD Bank purchased and holds the VEDA revenue bonds.
VEDA also approved:
- $1.3 million to Vermontfarmers through the Authority’s agricultural loan program, the Vermont Agricultural Credit Corporation (VACC);
- $392,000 through the Authority’s Small Business Loan Program to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing; and
- $201,354 through the Drinking Water State Revolving Loan Fund, which provides funds to repair or improve existing privately-owned drinking water systems.
VEDA’s mission is to promote economic prosperity in Vermontby 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 $1.8 billion. For more information about VEDA, visit www.veda.org or call 802-828-5627.