VEDA approves $1.8 million in project financing

first_imgVEDA BOARD APPROVES $1.8 MILLIONIN PROJECT FINANCING ASSISTANCE Montpelier, VT – Business real estate purchase and expansion projects totaling$3.34 million will receive $1.8 million in financing assistance from the Vermont Economic Development Authority (VEDA). Were very pleased to be able to contribute to the growth of these Vermont businesses, said VEDA Chief Executive Officer Jo Bradley. VEDAs mission is to help eligible businesses create jobs, and these projects stand to produce 35 new job opportunities in the next three years. Thats good news for Vermont. Projects approved for financing assistance by the VEDA Board are:” Black River Produce, Springfield – The Board approved an increase of $438,608 to an existing $648,800 loan made to Black River Produce in June, 2004 to purchase and renovate the former Idlenot Dairy processing facility in Springfield. With the project underway, substantial changes to the renovation plans have been necessitated, resulting in a $1.1 million increase in budget. Total project costs of $2.7 million are expected to provide Black River Produce with three times the space currently available to them at their Cavendish facility, enabling them to add up to 30 new jobs to their current payroll of 143 over the next three years. Black River Produce, established in 1978, is a distributor of wholesale produce, fresh and frozen seafood, and other products to high-end restaurants and specialty food retail stores throughout Vermont, New Hampshire, northwestern Massachusetts, and eastern New York State.” Nick & Morrisey, LLC, Montpelier With VEDA financing assistance totaling $736,000, real estate developers Jeff Nick & Dan Morrisey will purchase the historic Harris Hall on the campus of Union Institute and University in Montpelier. The property will be renovated, expanded, and leased to New England Culinary Institute (NECI) for use as the culinary institutes Administrative Headquarters. The Chittenden Bank is also a partner in the $1.9 million project, which will finance the renovation of the main house and carriage barn, and construction of a new two-story wing to connect the two buildings. Overall, the project will create 11,500 square feet of space for NECI, and is expected to enable NECI to make 5 new hires in the next three years. NECI, founded in 1980, is a fully-accredited and nationally-recognized leader in technical training for the food service industry. Current enrollment at the schools three campuses in Montpelier and Essex, Vermont, and in Tortola in the British Virgin Islands, exceeds 500. Agricultural loans totaling $255,000 were also approved by the Board through VEDAs farm financing assistance program, the Vermont Agricultural Credit Corporation (VACC). VEDAs mission is to promote economic prosperity in Vermont by providing financial assistance to eligible businesses, including manufacturing, agricultural, and travel and tourism enterprises. In its 31-year history, VEDA has made financing commitments totaling over $1 billion. -30-last_img read more