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$14.7 million in business development approved by VEDA

first_imgThe Vermont Economic Development Authority (VEDA) has approved $14.7 million in business, agricultural and energy conservation financing for projects throughout Vermont totaling $17.3 million. Especially during these difficult economic times, VEDA is pleased to help businesses expand, support investments in energy conservation measures, and provide assistance to Vermont farmers in their efforts to sustain and strengthen their operations said Jo Bradley, VEDA s Chief Executive Officer.Approved for VEDA financing assistance are:Independent Brewers United Corporation, South Burlington VEDA gave final approval to issuance of a $6.7 million tax-exempt manufacturing industrial revenue bond to Independent Brewers United Corporation (IBUC), the newly-formed parent company of Magic Hat Brewing Company and Pyramid Breweries, Inc. Brown Brothers Harriman has agreed to purchase the bond. The Authority s financing approval supersedes that given Magic Hat in April of 2008, prior to Magic Hat s subsequent acquisition of the West Coast brewing company, Pyramid Breweries, Inc. Magic Hat s assets have since been merged with those of Pyramid into one operating company, IBUC, now owned by the former Magic Hat shareholders. In addition to the Magic Hat brewery and retail store in South Burlington, IBUC operates two other full-scale production breweries one in Portland, Oregon and one in Berkeley, California — and five brew pubs in cities in Oregon, Washington, and California. The $6.7 million in approved VEDA financing will help IBUC more than double production capacity at the South Burlington facility with the purchase and installation of a new brewhouse and bottling line, as well as other production and filling equipment, and associated leasehold improvements.The Manor, Inc., Morrisville The Authority also gave final 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.The Authority also approved $506,000 in farm ownership and operating loans through VEDA s agricultural financing program, the Vermont Agricultural Credit Corporation; and, $778,151 was approved for small business development projects through the Authority s Vermont Small Business Loan Program. In addition, $195,500 was approved through the Vermont Business Energy Conservation Loan Program to help several businesses make energy efficiency and conservation improvements.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 $1.4 billion. For more information about VEDA, visit www.veda.org(link is external) or call 802-828-5627.last_img read more

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Suozzi, Mangano Trade Barbs as County Exec Race Kicks Off

first_imgSign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York Nassau County Executive Ed Mangano (Left) faces off against Democrat Tom Suozzi (Right) who is vying for his old position.Well, that didn’t take long.Former Nassau County Executive Tom Suozzi and the man who unseated him four years ago, Ed Mangano, traded barbs Thursday as the two rivals officially kicked off the 2013 race for county executive.Suozzi, fresh off his Democratic primary victory Tuesday, held a press conference at the party’s campaign headquarters in East Meadow where he characterized Republican Mangano as a “compulsive borrower” who has mismanaged the county’s finances since taking office in 2009 and has driven Nassau’s debt to historic heights.“The Mangano administration has not cut spending, in fact it increased spending dramatically,” Suozzi blasted.“We are gonna cut up his credit card because that’s what you need to do with compulsive borrowers,” Suozzi added before sticking to his promise (sort of) by taking a pair of scissors to a fake Mangano credit card.Mangano’s administration was quick to respond with familiar attacks about the former county executive’s record of raising taxes.“Tom Suozzi is a compulsive liar and serial tax hiker,” Brian Nevin, Mangano’s chief spokesman shot back in a statement.“Suozzi hiked Nassau’s debt by $402 million while Ed Mangano reduced debt by millions,” he continued. “Tom Suozzi lied when he claimed he wouldn’t raise our taxes…..Suozzi raised property taxes by 23 percent, put a new tax on electricity, natural gas, home heating oil and EVEN tried to place a tax on Food and a toll on the LIE.”Suozzi, the Nassau County Executive from 2002-2009, claimed that Mangano increased the county’s long-term debt by $566 million, pushing it to its current figure of $3.5 billion. The previous high, he said, was $3.2 billion in 2001 under Republican County Executive Tom Gulotta.Mangano’s campaign said the county executive actually decreased total debt by $2.4 million from the end of 2009 to 2012.“Taxpayers couldn’t trust Tom Suozzi then, and they surely can’t trust him now,” Nevin added.Suozzi laid out a range of other concerns regarding the county, including a trimmer Nassau County Police Department, the deterioration of Nassau’s quality of life and its roads and residents still suffering from Superstorm Sandy.Suozzi, apparently re-energized since his ouster, said he’s excited for the next two months and reaffirmed his commitment to Nassau residents if he wins.“I will serve my entire four-year term. I’m not running for any other higher office, I’ve been there I’ve done that,” he said, referencing his failed gubernational bid in 2006.Mangano defeated Suozzi by 386 votes in 2009.Voters will decide who wins the rematch on Nov. 5.last_img read more

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