VEDA approves $10.2 million in financing

first_img$10.2 MILLION IN PROJECT FINANCING APPROVED BY VERMONT ECONOMIC DEVELOPMENT AUTHORITYJune 9, 2008Montpelier, VT – The Vermont Economic Development Authority (VEDA) approved $10.2 million in economic development financing for projects totaling $21.8 million.”In addition to the Authority’s ongoing support of Vermont agricultural initiatives, VEDA is pleased this round to provide financing support to several exciting educational, recreational, and downtown development projects throughout the state,” said Jo Bradley, VEDA’s Chief Executive Officer.Approved for financing assistance are:Thetford Academy, Thetford – Final approval was given to issuance of $6 million in industrial revenue bonds to support a comprehensive $7.9 million dollar campus construction and renovation project at Thetford Academy. Mascoma Savings Bank has agreed to participate in the project financing, which will add a new gymnasium and make major renovations of the current gym into a theater and cafeteria. The Academy’s science and agriculture building will be significantly renovated and updated to utilize current science technology curriculum. Established in 1819, Thetford Academy is Vermont’s oldest continuously operating secondary school, serving students from Thetford and surrounding towns.Jay Peak, Inc. and Saint-Sauveur Valley Resorts, Inc., Jay – $800,000 in financing was approved as part of a $2 million project to replace the track cables for Jay Peak’s aerial tram, originally installed in 1967, and to substantially reconstruct the summit station. Jay Peak and the resort’s parent corporation, Montreal-based Saint-Sauveur Valley Resorts, plan to replace the 7000-foot long cables for their European-style aerial tram, the only one of its type in Vermont and one of the few in the Northeast. Jay Peak is known for receiving more natural snowfall than any other ski area in the Northeast. Construction is expected to be completed prior to this year’s foliage season.Railroad Row, LLC, Hartford – VEDA approved $270,000 in financing to support the final phase of a comprehensive downtown White River Junction reconstruction project that began several years ago. In Phase III of the project, developers Railroad Row, LLC will build a four-story, mixed-use building with 15,435 square feet of leasable space. Resource Systems Group (RSG), a transportation, environmental and market research consulting firm with offices in three states, maintains its headquarters in 85% of the Phase I project space, and will further expand into the space under construction in Phase III. The firm has 62 employees, a number expected to grow to 71 within three years of the project. RSG’s and other tenant commitments for Phase III put total leased space at the new facility at 76%. The project’s two completed buildings have been 100% occupied since 2006. Kane Architecture of East Hardwick are architects on the project. Total Phase III project costs are $3.3 million, and Mascoma Bank is also a participating lender.VEDA also agreed to insure a portion of two working capital lines of credit for two well-known Vermont sportswear companies. These included a Chittenden Bank line of credit to Juno Rising, Inc., doing business as Isis in Burlington and a Mascoma Savings Bank line of credit to Black Diamond Sportswear in Montpelier.In addition, close to $1.6 million in farm ownership and operating loans were approved through the Authority’s agricultural financing program, the Vermont Agricultural Credit Corporation, and $209,000 in Vermont 504 Loan Program financing was approved for a real estate development project.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 www.veda.org(link is external) or call 802-828-5627.- end –last_img read more

West Genesee boys track wins 4×100 at league meet

first_imgOverall, WG’s girls finished fifth out of six teams with 45.5 points as host Liverpool (185 points) prevailed, while the boys Wildcats had 42 points for seventh place in an eight-team field as Cicero-North Syracuse (125 points) edged Baldwinsville (121 points) for the title.Olivia Becker, Sandy Gardino, Natalie Keiling and Caitlin Mills rose to third place in the girls 4×100 in 52.26 seconds, with Mikeayla DeJesus, Abby Kuppinger, Abby Cooper and Mia Mitchell third in the 4×400 relay in 4:15.77.In field events, Etana Davis was fourth in the discus with a throw of 77’8”, just ahead of Vivian Youmans (76’5”) in fifth place as Davis also had a fifth-place shot put toss of 26’3 ½”. Tags: track and fieldWest Genesee In many different spots, the West Genesee track and field teams managed to find success during Thursday’s Salt City Athletic Conference Metro division championships at Liverpool High School Stadium.The boys Wildcats were victorious in the 4×100 relay, where Dan Gill, Jakob Petrocci, Patrick Peris and Esisas Brumfield went 43.96 seconds to easily outpace runner-up Corcoran (45.54) and the field.Before that, in the 100-meter dash, Gill, in 11.16 seconds, was second to Nottingham’s Jamel Nellons (11.06) as Esisas Brumfield was third in 11.38 seconds. Peris finished fourth in the 200-meter dash in 23.92 seconds, with Petrocci ninth.center_img Sophomore Lauren Puchta took third place in the girls pentathlon with 1,880 points in her first attempt at this event. Mitchell, Emma Lounsbery, Haylee McAuliffe and Kate Glass got fourth place in the 4×800 relay in 10:48.10.Becker got fifth place in the 100 hurdles in 17.47 seconds and sixth place in the triple jump with 31’6 ½”. DeJesus was fifth in the 200-meter dash in 27.60 seconds and also fifth in the 400-meter dash in 1:01.44. Kuppinger was fifth in the 400 hurdles in 1:11.74.Natalie Buckhout had a sixth-place time of 5:05.40 in the 1,500-meter run as Liz Morey finished eighth. Alana Eastman finished sixth in the 800-meter run in 2:31.80, with Caitlin Raymond sixth in the 2,000-meter steeplechase in 8:47.90 and Faith Knox eighth in the 3,000-meter run. Mills cleared 4’6” in the high jump, tying for sixth place.Aside from the sprints, the WG boys got its best finish from Matt Bartolotta, who went 4:27.66 in the mile, second to the 4:23.77 by Fayetteville-Manlius’ Nolan Chiles. Peter McMahon finished ninth in 4:54.81.Marcus Body rose to fifth place in the pole vault, clearing 9’6” as Justin Byrne was seventh with 8’6”. Tony Pitzeruse was sixth in the shot put with a throw of 39’10” as Henri Youmans was seventh (96’3”) in the discus. Exavier Brumfileld was sixth in the long jump, going 19’5 ½”, with Noah Uczen ninth in the triple jump.Joe Desocio, Zack Quinn, Joe Parisi and Aiden Walsh were fifth in the 4×800 in 9:42.15. Bryan Reichert finished eighth in the 110 high hurdles in 20.04 seconds. Hopeton Wellington cleared 5’4” in the high jump to finish eighth.Each of WG’s teams will head to C-NS’s Bragman Stadium on Wednesday for the Section III Class AA championships.Share this:FacebookTwitterLinkedInRedditComment on this Story last_img read more

Concerns raised as Expo Rail construction continues

first_imgProgress on the Expo Line — a rail line that will run down Exposition Boulevard and around the USC campus — continues to chug along, but recent developments may cause traffic congestion in some areas and unrest among citizens in others.The final version of the project’s Environmental Impact Report was recently released, outlining the possible impacts of extending passenger train service throughout the area. The report noted several overpasses that residents desired near schools could not be built, leaving many residents upset.The rail line will pass near Dorsey High School and Foshay Learning Center, where at-level street crossing will be built as opposed to aerial overpasses. Concerns have been and continue to be raised about the safety of the crossings, especially in areas with high numbers of children.“Our basic objection is that the line is being built at street level, and that’s a danger,” said Damien Goodmon, coordinator of the Fix Expo Rail Campaign.Expo Line project officials and MTA policies, however, said the street and pedestrian crossings are safe and will not be congested.Beyond safety concerns, the project has faced budgeting and scheduling hurdles from its inception.“This region needs rail transit,” Goodmon said. “But it does not need it built cheaply and inadequately.”But Gabriela Collins of the Expo Line project said many of the concerns have arisen from project enhancements that were not part of the original plan. She said the main goal is simply to finish the project.“We’ve been responsive to concerns,” Collins said. “Our focus is to work to complete construction in a timely fashion and provide an alternative to the 10 freeway, which is highly congested.”The issues with scheduling — the project was originally set to be finished earlier than is now planned — have been brought to California Public Utilities Commissioner Timothy Simon, who said in an open letter that expediting the project is a major concern.“You can be assured that I am fully aware of the legitimate public need for a speedy resolution,” Simon wrote. “In this regard, I have asked all of our staff to expedite this process. I consider this of the highest priority.”The project is currently in Phase 2, which encompasses certification of the Final Environmental Impact Report and outlines an extension and certification of the rail line from Culver City to Santa Monica.The heavy construction that can be seen around USC is part of the first phase of the Expo Line project, which consists of building the Expo Line from Culver City to Downtown Los Angeles and includes building stations alongside USC on Flower Street at 23rd Street and Jefferson Boulevard and on Exposition at USC and Expo Park.The rail will go underground just past Jefferson at Figueroa Street and Exposition, Collins said. Now, stations are being built at Jefferson and Hoover Street as well as on Vermont Avenue and Exposition.Though there is no specific timeline for the construction, Collins said most of it should be completed over the course of the next year.The rail line will run parallel to the Santa Monica Freeway, one of Los Angeles’ most congested freeways. Other stations will include Vermont, Western, Crenshaw, La Brea and La Cienega, some of the busiest streets in L.A.Once complete, the rail will allow USC students and others easier access to all areas of Los Angeles.“The fact that those stations are being built will provide people with easier access to the Galen Center, the Coliseum, the science center and museums without having to look or pay for parking,” Collins said.According to the Expo Rail Line website, the rail from Culver City to Downtown L.A. via USC will be running by 2012, while the project as a whole is scheduled for completion by 2016.last_img read more