COUNCIL APPROVES $1.2 MILLION IN JOB CREATION INCENTIVES
MONTPELIER, Vt. – A new college program to train pharmacists and an organic health and beauty products manufacturer have been approved for over $1.2 million in job creation incentives that could produce over 85 new jobs over the next five years.
Recently the Vermont Economic Progress Council reviewed and gave initial approval to applications by Albany College of Pharmacy to assist with the development of a Vermont campus and Tata’s Natural Alchemy, LLC, an organic skin care products maker, to set up a manufacturing plant on a Whiting farm.
“These projects will create good new jobs with small environmental footprints in areas that leverage Vermont’s strengths,” said Karen L. Marshall, Chair of the Vermont Economic Progress Council. “The College of Pharmacy builds upon our successful higher education sector, which is a key economic driver, and Tata’s Natural will promote both our agricultural and natural products reputation.”
Under the new Vermont Employment Growth Incentive (VEGI) program, the two companies are eligible to receive a maximum of $1,243,149 in job creation incentives if they receive final approval in early 2008.
Albany College of Pharmacy (ACP) will open a Vermont campus in the Burlington area this fall that will provide a four-year professional course offering. Vermont has an acute shortage of pharmacists, causing some drugstores to trim hours of operation.
The ACP Vermont Campus would provide the only opportunity in Vermont to receive a pharmacy degree. The incentive approval of up to $1,048,047 will help ACP proceed with plans to establish the program and open a campus in Vermont that could eventually serve 450 to 500 students.
“We appreciate the incentive offered by the state of Vermont,” said James J. Gozzo, PhD, president of Albany College of Pharmacy. “The awarding of the Vermont Economic Growth Incentive will allow materially more aggressive program growth to occur faster, expediting the economic impact, and enabling the College to be a major ingredient of the state of Vermont’s economic, educational and health care vision in the near future.”
Albany College of Pharmacy is a private, co-educational, not-for-profit organization with a long history of serving its students and health care professionals as one of the premier pharmacy colleges in the nation.
The Pharmacy Program that is being designed for the Vermont Campus would be a four-year professional offering. Students enrolling in this program would have four-year undergraduate degrees or would have completed all college course prerequisites prior to enrollment.
Once operational, the college would also be involved in pharmaceutical sciences and biomedical technology research. The college will also seek to develop academic and research collaborative programs with the University of Vermont and Fletcher Allen Health Care.
Tata’s Natural Alchemy, LLC, a start-up company by Whiting entrepreneur Tata Guzman, was given initial approval of up to $195,102 for a project to organically grow the ingredients required for a line of natural skin care products.
The company would cultivate, grow and harvest the plants and crops needed for the line’s raw ingredients on a farm owned by Guzman. She would also establish a headquarters, production facility and distribution center using renovated buildings on the farm.
Ms. Guzman’s mission is to create a trustworthy, healthy, all-organic line of skin care and wellness products that will deliver results equivalent to the leading “super-science” brands.
She plans to sell the line to department stores, beauty specialty stores, upscale beauty boutiques, home shopping networks and through the Internet.
Under reforms passed by the General Assembly and signed into law by Governor Jim Douglas last year, the VEGI economic incentives were authorized based on job creation and capital investments that must occur before the company receives incentive installments over a period of years.
The previous program had companies earning tax credits that were applied against future tax liability.
The Council approved the applications after reviewing nine guidelines and applying a rigorous cost-benefit analysis which showed that because of the economic activity that will be generated by these projects, even after payment of the incentives the State will realize a minimum net increase in revenues of $734,592.
The Council also determined that these projects would not occur or would occur in a significantly different and less desirable manner if not for the incentives being authorized.
To date, the program has provided incentives for the creation of 1311 new jobs with an average wage of $49,674; $59,917,851 in new payroll; and $116,432,052 in new capital investment over the next five years.
The Vermont Economic Progress Council is an independent board consisting of nine Vermont citizens appointed by the governor that considers applications to the state’s economic incentive programs.
The Council is attached to the Vermont Agency of Commerce and Community Development, whose mission is to help Vermonters improve their quality of life and build strong communities.
For more information, visit:
http://www.thinkvermont.com/vepc
VEDA LOANS TOP $109 MILLION IN FISCAL YEAR 2007
SOUTH BURLINGTON, Vt. – Two hundred forty-four commercial, agricultural and small business loans totaling $109.1 million were closed by the Vermont Economic Development Authority (VEDA) in Fiscal Year 2007, with the state’s manufacturing sector showing gains as a portion of overall loans made. The Authority released the year-end figures at their 33rd Annual Meeting in South Burlington.
VEDA was also recognized at the meeting by USDA Rural Development Vermont officials as recipients of the federal agency’s 2007 “Partner of the Year Award.”
VEDA’s Chief Executive Officer Jo Bradley said that during Fiscal Year 2007, a notable shift occurred among industry classifications in the Authority’s combined portfolio of loans. “Manufacturing increased $8.5 million, and accounted for 31% of the portfolio this year, up from 29% last year,” said Bradley. “Also, agricultural lending increased $6.7 million and accounted for 23% of VEDA’s lending, up from 20% last year.” Service-related business, primarily travel and tourism, remained nearly flat in dollars, dropping to 23% from 25% last year, Bradley said.
VEDA figures show that of the 73 commercial projects financed in Fiscal Year 2007, 2,076 jobs were impacted, having an average hourly wage, including benefits, of $18.58. Bradley noted that total assets under management at VEDA have increased steadily in the last ten years, growing from $54 million in Fiscal Year 1997 to $145 million as of June 30, 2007. Also, this year, for the first time, the total portfolio of outstanding loans in VEDA’s direct lending programs topped $100 million.
At their 33rd Annual Meeting in South Burlington, VEDA received from USDA Rural Development the 2007 Vermont Rural Development Partner of the Year Award for helping to promote and expand the use of USDA Rural Development business programs.
Vermont/New Hampshire State Director Jolinda LaClair presented the award, noting the Authority’s valued partnership during 2007 in meeting Rural Development’s mission “to increase economic opportunity and improve the quality of life for rural Americans.” In just a few months as a new “eligible” business and industry lender, VEDA and the Vermont Agricultural Credit Corporation (VACC) collaborated with USDA Rural Development to originate six loan guarantees worth over $2.5 million dollars.
According to USDA Rural Development figures, this volume of loan activity surpassed all other Vermont lenders in FY 2007. Three of the loan guarantees on which VEDA partnered with USDA Rural Development this year were for renewable energy or energy efficiency projects.
According to USDA Rural Development, VEDA’s partnership with the federal agency has demonstrated a pattern of stable and steady growth. In the more than seventeen years that VEDA has managed an aggressive USDA Rural Development-funded Intermediary Relending Program (IRP), USDA Rural Development figures show over $27 million dollars of total project costs were financed with $8.45 million dollars of IRP assistance, impacting over 2,000 jobs statewide, and leveraging IRP funds by more than three to one.
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 $1.3 billion.
For more information about VEDA, visit http://www.veda.org
ONLINE GUIDE WILL HELP VERMONT COMPANIES FIND EXPORT MARKETS
MONTPELIER, Vt. — Vermont companies looking for a blueprint to export their products abroad now have one, courtesy of the State of Vermont.
The state program that assists Vermont firms with importing and exporting products has published a new online guide listing resources and contact information.
“This guide will give businesses easy access to what they need to get started in exporting, or take their exports to the next level,” said Dana Eidsness, director of the Vermont Global Trade Partnership. “From banks and translation services, to lawyers and organizations specializing in trade, it’s very comprehensive.”
The Global Trade Partnership is a collaboration of government and private enterprise in the Vermont Department of Economic Development, part of the Vermont Agency of Commerce and Community Development.
The partnership provides information to companies about importing and exporting, organizes trade missions and educational programs, provides one-on-one counseling, and helps research markets.
Since it was formed in 2004, the Vermont Global Trade Partnership has organized and sponsored 43 educational and outreach programs with its partners and completed over 800 market research and technical assistance requests for Vermont businesses and start-ups.
According to the Business Roundtable, trade supports over 77,000 jobs in Vermont, including some 17,500 related to Vermont’s trade with Canada. Trade-supported jobs account for an estimated 18.7 percent, nearly one-fifth, of Vermont's total private-sector employment.
A total of 828 companies exported goods from Vermont locations in 2005. Of those, 712 (86 percent) were small and medium-sized enterprises (SMEs), with fewer than 500 employees.
To download the 2008 International Trade Resource Guide, please visit the Vermont Global Trade Partnership on line at www.thinkvermont.com/guide.
LABOR DEPARTMENT: NOVEMBER UNEMPLOYMENT DOWN SLIGHTLY
MONTPELIER, Vt. – The Vermont Department of Labor announced today that the seasonally adjusted unemployment rate for November 2007 was 3.9 percent, down four-tenths of a point from last month and up two-tenths of a point from a year ago. It is important to note that the observed seasonally adjusted monthly changes in the labor force, employment and unemployment levels are not statistically significant from October values. Detailed analysis of these estimates reveals a higher than normal amount of “statistical error or noise.” For comparison purposes, the US seasonally adjusted unemployment rate for November was 4.7 percent, unchanged from October 2007.
Unemployment rates for Vermont’s 17 labor market areas ranged from 2.2 percent in Hartford to 5.6 percent in Newport. Local labor market area unemployment rates are not seasonally adjusted. For comparison, the unadjusted unemployment rate for Vermont was 3.7 percent, unchanged from October 2007.
“While Vermont’s November employment and unemployment levels reflect improvement, the estimates this month may contain a margin of error which overestimates the fall in unemployment rate,” said Patricia Moulton Powden, Commissioner of the Vermont Department of Labor. “In addition, November’s job counts grew at 0.3% annually. We expect that December’s employment and unemployment estimates will return to levels similar to where they have been in recent months.”
Seasonally adjusted job levels grew by 400 or 0.1% from October to November, and by 1,000 or 0.3% since November of 2006 (see graph ). Most industry sectors saw little change form October. The Professional & Business services sector led gainers adding 200 jobs in November. Leisure and Hospitality also added 200 seasonally adjusted jobs, but November is a traditionally slow month for this sector.
Before seasonal adjustment, Total Non-Farm jobs fell by 1,600 from October but grew by 1,000 or 0.3% over November of 2006. Seasonal job gains were seen in Retail Trade, and State and Local government Education. Seasonal declines were seen in Leisure and Hospitality, and Construction. Annual job gains were seen in Wholesale Trade, (+200/1.9%), Professional, Scientific & Technical Services, (+200/1.5%), Hospitals, (+300/2.7%) and Leisure & Hospitality, (+250/0.8%). Annual job losses were observed in Manufacturing (-350/-1.0%) and State Government Education, (-200/-2.0%).
For more information, visit: http://www.vtlmi.info/press.htm
VERMONT COUNCIL FOR QUALITY OFFERS PROGRAM
COLCHESTER, Vt. — The Vermont Council for Quality is offering training in both quality improvement and performance improvement for Vermont businesses.
The Founded in 1996, the Vermont Council for Quality is a non-profit corporation that helps Vermont organizations improve performance and competitiveness. VCQ is modeled after the Malcolm Baldrige National Quality Award Program and is one of 40 state and local award programs in the United States.
VCQ provides continuous improvement education and training, organizational self-assessments, networking opportunities, serves as a resource referral for information, knowledge, and sharing of best practices within and between Vermont organizations. Classes take place at VCQ’s facility at 480 Hercules Drive, Colchester
Baldrige Training
Performance Improvement Training
Through a partnership with the Vermont Training Program of the Department of Economic Development, VCQ offers reduced rates for training and assessments to the following Vermont organizations:
-- Manufacturers
-- Hospitals
-- Information Technology
-- Telecom
-- Environmental
This generous underwriting has provided advancement of training to hundreds of employees within the state. Please call (802) 655-1910 for details and more information or to register, or visit http://www.VermontQuality.org.
STATE REMINDS EMPLOYERS MINIMUM WAGE GOING UP
MONTPELIER, Vt. – Vermont’s lowest paid workers, including wait staff and others who rely on tips for part of their pay, will see more in their paychecks after New Year’s Day.
That’s because Vermont’s minimum wage will increase from $7.53 per hour to $7.68 per hour on January 1, 2008.
The Vermont Department of Labor is reminding employers of the changes in an effort to avoid any problems with workers’ first paychecks.
“This is important, especially for ‘service and tipped’ employees because for first time since 2005 their basic wage rate is also increasing from $3.65 to $3.72 per hour,” said Vermont’s Labor Commissioner, Patricia Moulton-Powden.
Vermont’s minimum wage increases at the same rate as the August Consumer Price Index (CPI) each year. The CPI increased by two percent.
Legislation signed by Governor Jim Douglas earlier this year also ties basic wages for tipped employees to the CPI. Service or tipped employees are individuals working in hotels, motels, restaurants, or other businesses who customarily and regularly receive more than $120.00 per month in tips for direct and personal service.
Tipped employees’ total earnings during a pay period must equal or exceed $7.68 per hour. If a combination of tips and the basic wage do not meet that requirement, the employer must make up the difference.
“Between 16,000 and 20,000 Vermonters receive minimum wage or are service employees who receive part of their compensation through tips,” Moulton-Powden said. “These workers are the most vulnerable to rising gasoline and home heating fuel prices, and this can help ease that burden.”
In January 2008 the minimum wage in neighboring states will range from a high of $8.00 in Massachusetts to a low of $6.50 in New Hampshire. Vermont’s minimum wage is the second highest in the region.
Anyone with questions about the minimum wage may visit the Department of Labor online at http://www.labor.vermont.gov or contact the Department of Labor, Wage and Hour program at 802-828-0267.
CURRENT VEDA RATES:
5.75% Tax-Exempt
6.5% Taxable
Call for details: 828-JOBS
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ECO JOKE
From: Vermont Department of Environmental Conservation
To: {Name of Business Withheld By Request}
Re: Perkins Pond dam
It has come to the attention of the Department of Environmental Conservation that there has been recent unauthorized activity on the above referenced parcel of property. You have been certified as the legal landowner and/or contractor who did the following unauthorized activity:
Construction and maintenance of two wood debris dams across the outlet stream of Perkins Pond.
A permit must be issued prior to the start of this type of activity. A review of the Department's files shows that no permits have been issued. Therefore, the Department has determined that this activity is in violation of 10 VSA, Chapter 37.
The Department has been informed that one or both of the dams partially failed during a recent rain event, causing debris and flooding at downstream locations. We find that dams of this nature are inherently hazardous and cannot be permitted. The Department therefore orders you to cease and desist all activities at this location, and to restore the stream to a free-flow condition by removing all wood and brush forming the dams from the stream channel. All restoration work shall be completed no later than January 31, 2009.
Please notify this office when the restoration has been completed so that a follow-up site inspection may be scheduled by our staff. Failure to comply with this request or any further unauthorized activity on the site may result in this case being referred for elevated enforcement action.
We anticipate and would appreciate your full cooperation in this matter. Please feel free to contact me at this office if you have any questions.
From: {Name of Business Withheld By Request}
To: Vermont Department of Environmental Conservation
Re: Perkins Pond dam
To Whom It May Concern:
We are in receipt of your recent correspondence. {Name of business} is the legal landowner but not the Contractor at the above referenced parcel.
A couple of beavers are in the process of constructing and maintaining two wood "debris" dams across the outlet stream of Perkins Pond. While I did not pay for, authorize, nor supervise their dam project, I think they would be highly offended that you call their skillful use of nature’s building materials "debris." I would like to challenge your department to attempt to emulate their dam project any time or any place you choose. I believe I can safely state there is no way you could match their dam building skills, their resourcefulness, their ingenuity, their persistence, their determination and/or their work ethic. As to your request, I do not think the beavers are aware that they must first fill out a dam permit prior to the start of this type of activity.
My questions to you are:
(1) Are you trying to discriminate against the Perkins Pond Beavers?
(2) Do you require all beavers throughout this State to conform to said dam request?
If you are not discriminating against these particular beavers, through the Freedom of Information Act, I request completed copies of all those other beaver dam permits that have been issued. Perhaps we will see if there is a violation of 10 VSA, Chapter 37.
I have several other concerns. My first concern is, aren't the beavers entitled to legal representation? The Perkins Pond Beavers are financially destitute and are unable to pay for said representation, so the State will have to provide them with a lawyer.
In addition, the Department's concern that either one or both of the dams failed during a recent rain event, causing flooding, is proof that this is a natural occurrence, which the Department is required to protect.
In other words, we should leave the Perkins Pond Beavers alone rather than harassing them and calling their dam names. If you want the stream "restored" to a free-flow condition please contact the beavers -- but if you are going to arrest them, they obviously did not pay any attention to your letter, being unable to read.
In my humble opinion, the Perkins Pond Beavers have a right to build their unauthorized dams as long as the sky is blue, the grass is green and water flows downstream. They have more rights than we do to live in and enjoy Perkins Pond.
So, as far as the beavers and I are concerned, this case can be referred for more elevated enforcement action right now. Why wait until 1/31/2009? The Perkins Pond Beavers will be under the ice then and there will be no way for you or your staff to harass them then.
Sincerely,
{Name withheld by request}