Vermont EDA Approves $4.3M in Financing for Economic Development Projects

The Vermont Economic Development Authority announced approval of $4.3 million in financing for small business, mobile platform, energy efficiency, manufacturing and other projects totaling $9 million across the state.

Route 802 ecosystem for Vermont

Route 802 ecosystem for Vermont (photo – mobilenomix.com)

VEDA approved nearly $1.3 million in direct commercial financing, including $150,000 to Route 802 LLC.

This Williston, VT-based digital media firm has created a mobile platform and a digital marketing ecosystem for Vermont. They also developed Vermont’s official mobile application “ThisisVT.”

Route 802 LLC is getting $150,000 under VEDA’s Entrepreneurial Loan Program, and the company will use the funding to enhance their mobile platform. They plan to grow their workforce by 15 or so jobs over the next three years.

Another project that was approved for a commercial energy loan is an equipment upgrade project by the Sugarbush Resort. This is a four-season ski resort that spans across Warren, Waitsfield and Fayston in Vermont. VEDA has approved a $500,000 commercial energy loan to help the resort replace around 350 of their old snow guns with new, energy-efficient models.

The resort will be combining the VEDA loan with Efficiency Vermont’s Great Snow Gun Roundup Program. This program provides incentives ranging from $500 to $4,000 per snow gun to ski resorts scrapping their old snow guns and purchasing new ones. It helps the state’s ski areas reduce energy costs and emissions while improving snowmaking capabilities in the summer.

The VEDA loan plus the $939,000 in Efficiency Vermont grant funding will cover a substantial part of the Sugarbush Resort’s upgrade project cost. This upgrade will reduce their annual electricity consumption by 2,000 mwh, in the process reducing annual CO2 emissions by more than 1,100 tons.

Other projects that have received approval for VEDA financing include:-

Manufacturing Solutions, Inc., Morrisville, VT – This firm, which assembles, tests and ships products for various companies, is getting a $62,884 loan from VEDA to help them purchase and install a new cutting table and refurbish an existing one. They already have 176 employees, and expect to grow their workforce to 210 over the next three years.

Caledonia Spirits, Hardwick, VT – They are getting $80,000 in working capital for an expansion into the aged whiskey market;

Al’s Snowmobile Parts Warehouse, Newport, VT – The children of the current owners are getting a $175,000 loan from VEDA to facilitate their purchase of the property and business;

Concepts ETI, Inc., Hartford, VT – Concepts ETI, which provides engineering services and makes products involving advanced turbo machinery technology, is getting $145,612 in commercial financing to purchase new CNC machining centers to expand their in-house manufacturing capabilities. They plan to add ten employees over the next three years to their current workforce of 80.

Vermont Economic Development Authority CEO Jo Bradley said that VEDA is pleased to provide financing support for these projects, adding that jobs will be created as a result of these projects, that will help boost Vermont’s economic growth.

New Jersey Economic Development Authority Approves Grow NJ Tax Incentives for Three Projects

At their most recent meeting, the New Jersey Economic Development Authority Board approved tax incentives under the Grow NJ program for three projects.

Grow NJ tax incentives program

Grow NJ tax incentives program

One of the projects is a proposed expansion by global payment solutions company First Data Corporation.

The Atlanta, GA-based First Data Corp. is looking at locations for their growing security applications team. The company is considering Jersey City, NJ as well as the headquarters in Atlanta for the expansion.

First Data Corp will be investing nearly $1.4 million for the expansion, and plans to create 74 new jobs. In order to secure the project, the NJEDA has approved ten annual grant awards of $592,000 each for First Data Corp under the Grow NJ program, adding up to a total of $5.92 million in state tax incentives to support the proposed expansion and job creation in Jersey City.

The second project receiving Grow NJ incentives is a proposed relocation and expansion plan by Sandy Alexander, Inc., a full service graphic communication company. Their current lease on a 134,000-square-foot manufacturing facility and their headquarters in Clifton, NJ expires next year, and the company is looking for a bigger space to accommodate a planned expansion and future growth.

Sandy Alexander is considering new locations in Clifton, as well as in Rockland County, NY for the expanded manufacturing facility and headquarters operations. The company is planning to make an investment of $2.8 million and create 74 new jobs.

In order to secure the investment, new jobs and retain the existing 216 Sandy Alexander jobs in Clifton, the NJEDA has approved ten annual grant awards under the Grow NJ program totaling $12.74 million in tax credits over a ten-year period.

The third project approved for Grow NJ incentives is a possible headquarters relocation by Dicalite Management Group, Inc. The company, which produces perlite products and Diatomaceous Earth for filler and filtration applications, is considering relocating its headquarters and establishing a processing plant in Pennsauken, NJ.

The Bala Cynwyd, PA-based Dicalite Management is considering sites in New Jersey and Pennsylvania for the project. Dicalite plans to invest $8.8 million and create 36 new jobs. In order to secure the headquarters relocation and the processing facility, the NJEDA has approved ten annual grant awards totaling $3.78 million in tax credits under the Grow NJ program.

The New Jersey Business Action Center worked in collaboration with the NJEDA to cultivate these economic development projects, providing ongoing customer support and interdepartmental advocacy.

Moberly, Missouri Economic Development Teams Collaborate to Secure Mid-Am Expansion

Mid-Am Building Supply, a major distributor of building materials to lumber dealers, is expanding its manufacturing operations in the Moberly Industrial Park in Moberly, MO.

Mid-Am Building Supply, Inc. expansion in Moberly, MO

Mid-Am Building Supply, Inc. expansion in Moberly, MO (photo – moberly-edc.com)

The company plans to invest $3 million to add 30,000 square feet of space for a new interior door finishing facility.

The project is expected to create 20 new full-time equivalent jobs. Mid-Am already has 300 associates spread across their service centers in Missouri, Kansas, Illinois and Iowa. They service customers across a wider 10-state area.

Mid-Am President and CEO Alan Knaebel said that after reviewing all options, they are once again proud to partner with the City of Moberly and the State of Missouri.

Moberly Area Economic Development Corporation Chairman Russ Freed said the project was a collaborative effort involving several organizations, and another example of the public and private sectors working together to promote growth and create investments for the area.

Freed thanked the City of Moberly and the Missouri Department of Economic Development for their willingness to partner with MAEDC and bring this project to reality in Moberly.

Moberly Mayor John Kimmons said Mid-Am has been an important part of the City’s business environment ever since its beginning in 1967, and the company, its owners and employees contribute a great deal to the community through their philanthropic efforts.

The Mayor added that the Moberly City Council was unanimous in their support of Mid-Am’s expansion project and felt it was critical that they do whatever they could to support the new investment.

Missouri Economic Development Department Director Mike Downing likewise said the state is proud to partner with Mid-Am for the expansion in Moberly. Downing added that Missouri’s strong and capable workforce and the access to roads, rails and rivers make Missouri a great place for investments and hiring by distribution companies such as Mid-Am.

MAEDC President Corey Mehaffy said Mid-Am is one of the many successful examples of entrepreneurship in Moberly, adding that the company’s history from a kitchen table to employing over 300 people today is a great success story. The Mid-Am story makes a great case, said Mehaffy, for why they should be supporting entrepreneurship in communities.

 

Vermont Awards $2.4M Tax Incentives for 37 Local Economic Development Projects

The State of Vermont has allocated $2.4 million in tax incentives for 37 local economic development projects that are investing a total of nearly $78 million on downtown and village center construction and rehabilitation.

Vermont

Photo – vermont.gov

Gov. Peter Shumlin said these incentives are proven to jumpstart transformation in communities and have business, jobs and housing to downtowns and village centers across Vermont.

 “And when we put people to work revitalizing our communities, we not only support local economic development – we’re building a better and stronger Vermont for the next generation,” added Gov. Shumlin.

For example, the old High School in Brandon, VT has been vacant for more than 25 years. It is now being rehabilitated into a housing complex with nine market rate apartments located within walking distance of the Town’s central business district.

This $2,500,000 project in Brandon, which is getting $125,000 in tax credits, will not only create jobs and rental housing, but also boost the local tax base.

Another project getting tax credits is the rehabilitation and redevelopment of the Berkshire Bank building in Manchester, VT. This building, a prominent historic anchor for the village corridor, has been lying vacant for years.

The $1,579,810 project, which is getting $112,500 in tax credits, aims to convert the Berkshire Bank building into a mixed-use development with housing above the retail space at the street level. The community is expecting to project economic growth outwards from the commercial core with the help of this project.

The Vermont House, a historic property in downtown Wilmington, VT, had been welcoming guests as a tavern and inn since 1864. However, it has been vacant for the last three years. This $950,000 rehabilitation project, which is getting $78,235 in tax credits, will provide tourist accommodations with 13 guest rooms within walking distance of Wilmington’s shops and restaurants.

The State also announced a sales tax reallocation for the City of Burlington to support infrastructure projects related to the construction of a new Hilton Garden Hotel. It is part of an ongoing development linking Burlington’s waterfront to other parts of the city. This $34 million project, which is getting a sales tax reallocation of $327,783, is expected to create 130 jobs.

Almost 150 community centers that are designated downtowns and villages in Vermont receive priority consideration for state grants and access to tax incentives.

Here’s the full list (pdf) of these latest projects that have been awarded tax incentives.

Intel Corp Reaches $100B Investment Agreement for Hillsboro, Oregon Operations

Intel Corporation, the City of Hillsboro and Washington County in Oregon announced that they have reached a proposed agreement under which Intel will invest up to $100 billion in the county.

Ronler Acres Intel site in Hillsboro, OR

Ronler Acres Intel site in Hillsboro, OR (photo – M.O. Stevens/Wikimedia)

The announcement was made after months of negotiations resulted in an agreement under Oregon’s public-private Strategic Investment Program (SIP).

Intel’s investment is focused on the need to replace machinery and equipment that becomes obsolete every few years as the technology advances, and on retaining the company’s 17,500 employees working in Washington County.

Under the proposed agreement, Intel would be required to make payments separately as required under state law and additional fees negotiated locally. Intel’s statutorily required payments would add up to $122 million in taxes and fees over the agreement period, with additional fees working out to another $228 million. The exact amount will vary depending on how much Intel invests and when.

This is the fifth SIP agreement Intel has agreed to since the program was authorized by the Oregon Legislature in 1993. The first two agreements in 1994 allowed Intel to invest up to $3.4 billion, followed by another agreement in 1999 for $12.5 billion, and a 2005 agreement for up to $25 billion.

These agreements produce partial property tax savings for Intel’s massive investments in machinery and equipment, while securing their jobs in the county over the long-term.

Since the program’s inception, SIP agreements have generated $30 billion in investments in Washington County and created 18,000 jobs.

According to a study by consulting firm ECONorthwest, Intel’s economic impact (as of 2012) was pegged at $26.7 billion. Intel is the single largest private-sector employer in Oregon with an annual payroll of $2.8 billion. Furthermore, every Intel job creates another three jobs in the state. This ripple effect has created 68,000 jobs, which is about four percent of the state’s workforce.

The 2014 SIP agreement (pdf file) allows for a proposed $100 billion investment that will be divided into multiple 15-year investment packages that may occur over a 30-year period.

In order to reach this agreement with Intel, the Governor’s Office and Oregon economic development agency Business Oregon collaborated with the City of Hillsboro and Washington County.

“This historic investment makes our state a global leader in high tech manufacturing and is proof positive that Oregon is fertile soil for business to grow and families to prosper,” said Governor John Kitzhaber.

Neil Tunmore, Intel vice president and director of corporate services, said that in an increasingly competitive global business environment, they are pleased that the City of Hillsboro, Washington County and the State of Oregon continue to provide the right place for Intel to invest.

Washington County Commissioner Roy Rogers represented the County Board in the negotiations with Intel. Commissioner Rogers said that by continuing the success of past agreements, they are gaining important resources for supporting public services, and will be able to retain thousands of jobs in Oregon at a critical point in the economic recovery.

Hillsboro Mayor Jerry Willey said their position as a global center for high-tech manufacturing jobs is strengthened by Intel’s decision to increase its investment in Hillsboro.

Teenage Mutant Ninja Turtles Pump $55M Into NY State Economy

Long before it became an on-screen hit, the latest installment of the Teenage Mutant Ninja Turtles was a big hit all over New York State.

Tupper Lake Mayor Paul Maroun at advance TMNT screening

Tupper Lake Mayor Paul Maroun at advance TMNT screening (photo – NY State Film Office)

The benefits of Paramount Pictures and Nickelodeon Movies’ production of TMNT were felt all over New York during the 70 days of filming.

According to the MPAA, the production spent more than $55 million on local goods and services, salaries and state taxes. Salaries for NY labor alone added up to $30 million, and the production paid $3.2 million in taxes to the state.

They put 1,500 New York residents to work for more than 12,000 man-days. The filming was spread over the state’s diverse geography, from the skyscrapers in downtown Manhattan to the climatic action sequences in the Adirondacks.
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Academy Sports + Outdoors to open $100M Distribution Center With 700 Jobs in Tennessee

Academy, Ltd. (d/b/a Academy Sports + Outdoors) announced plans to open a new distribution center in Cookeville, TN.

Academy Sports + Outdoors

Academy Sports + Outdoors (photo – academy.com)

The company will invest at least $100 million into the project, and expects to create 700 new jobs in Cookeville and Putnam County over the next five years.

Construction will begin later this month on the 1.6 million-square-foot distribution center. They expect to begin hiring associates for open positions by fall next year, and the distribution center will be operational by early 2016.

This will be their third distribution center, adding to the existing ones in Katy, TX and Jeffersonville, GA.

The company’s CEO and president Rodney Faldyn said the distribution center will support their long-term growth and continued expansion while enabling them to provide customers with quicker access to their favorite sports, lifestyle and outdoor products.
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New Mexico FundIt Federal-State Partnership Offers One-Stop Funding for Community Projects

New Mexico has launched a program called FundIt that brings together state and federal agencies with local officials in order to help communities in the state get complete funding for their projects.

Gov. Martinez announcing NM FundIt program

Gov. Martinez announcing NM FundIt program (photo – NMEDD)

This one-stop funding program provides a centralized location to obtain financing from start to completion for projects that will help with their job creation efforts and assist small business development.

Communities undertaking infrastructure projects will be able to vet their project in front of multiple state and federal infrastructure funding agencies simultaneously.

The federal and state agencies that are participating in the FundIt program will work together to analyze and compare proposals such as downtown revitalization, industrial parks, business incubators, housing projects and infrastructure development.

Federal agencies including the SBA, USDA and HUD will coordinate funding for FundIt projects with the New Mexico Departments of Transportation, Environment, Finance and Administration, the Mortgage Finance Authority and the NM Finance Authority.

Projects will also be submitted by the Council of Governments (COGs), the NM MainStreet program and regional representatives of the NM Economic Development Department.

The plan to create this one-stop funding group came from the New Mexico Rural Economic Development Council, which was restored to assist smaller communities in the state improve their economic development efforts.

This FundIt program is one of the components of New Mexico’s plan for “Rural Renaissance” and has been included as a part of the state’s five-year economic development strategic plan.

Announcing the program, Governor Susana Martinez said that it is important, especially for New Mexico’s rural communities, to be able to identify funding for projects that will help grow jobs and improve the quality of life for residents.

The Governor said they want to help by making the process more effective by bringing all the players in one place instead of making communities go to each agency separately for piecemeal financial support.

New Mexico Economic Development Cabinet Secretary Jon Barela said the FundIt initiative will save communities and small businesses time, helping them focus on creating jobs instead of navigating a maze of government agencies.

Indiana Hires Tech Policy Expert to Lead Nanotechnology Economic Development

The Indiana Economic Development Corporation has hired semiconductor industry technology policy specialist Ian Steff to serve as a senior advisor in the fields of nanotechnology and advanced manufacturing.

Ian Steff, senior advisor, nanotechnology and advanced manufacturing, IEDC

Ian Steff, senior advisor, Nanotechnology and Advanced Manufacturing, IEDC

Steff is coming to Indiana and the IEDC straight from his previous position in Washington, DC as vice president, Global Policy and Technology Partnerships, for the Semiconductor Industry Association (SIA).

The SIA is the U.S. semiconductor industry’s lead trade association. Steff worked closely with SIA’s Public Policy Committee, and assisted the SIA in the development of global strategies and coordination of Washington-based initiatives.

His portfolio also included university research partnerships and worldwide technology policy, and he was the SIA’s primary liaison to the World Semiconductor Council (WSC).

Before taking up this position at the SIA, Steff was manager for government affairs at Dewey and LeBoeuf LLP, where he handled the SIA’s policy advocacy issues. Steff also has experience working for Congress as a senior staff assistant for the House Ways and Means Committee.

Steff has a B.A. in International Studies from American University, and an M.A. in International Science and Technology Policy from George Washington University.

He also serves on the boards of many technology, semiconductor and microelectronics organizations and associations, including as Chair of the Executive Committee of the Board of Directors of the U.S. Information Technology Office (USITO).

As a senior advisor at the Indiana Economic Development Corporation, Steff will now be spearheading strategies for further developing the state’s existing nanotechnology industry and related advanced manufacturing initiatives.

Global sales of products built using nanotechnology components are estimated to reach $2.4 trillion by 2015. Indiana Secretary of Commerce Victor Smith said that nanotechnology is quickly becoming a major field internationally, and Indiana is positioned at the forefront of technological innovation.

Smith added that companies throughout the state are already making impressive use of nanotechnology, and the universities are leading advancements in this discipline.

Several Indiana companies such as Kokomo Semiconductors and Eli Lilly already use nanotechnology, and universities including Indiana University, Purdue and Notre Dame are leading internationally-recognized nanotechnology developments. Ivy Tech Community College has a nanotechnology program which trains students to work as technicians in this sector.

Steff said that Indiana with its 21st century workforce, attractive investment climate and competitive research infrastructure has positioned itself to succeed in this sector.

“I look forward to expanding existing partnerships and supporting new ones that will yield jobs and research opportunities statewide,” said Steff.

Pennsylvania Approves $14M Funding for BFTP Tech-based Economic Development

Pennsylvania’s Ben Franklin Technology Partners program is getting $14 million in funding for providing technology-based economic development support for entrepreneurs and job creation.

Ben Franklin Technology Partners

Ben Franklin Technology Partners (photo – benfranklin.org)

The funding, approved by the Ben Franklin Technology Development Authority (BFTDA), will be used by the four BFTP centers to provide operational assistance, entrepreneurial support and investment capital to emerging technology-based companies and existing small manufacturers who are creating and retaining jobs in Pennsylvania.

Ben Franklin Technology Partners (BFTP), an initiative of the BFTDA and the Pennsylvania Department of Community and Economic Development (DCED), is one of the longest-running and most successful technology-based economic development programs.

The program was won awards for excellence in tech-based economic development from the International Economic Development Council (IEDC) as well as the U.S. Department of Commerce’s Economic Development Administration (EDA).

BFTP has been supporting early-stage and established companies for more than 30 years since its inception in 1983, and provides a 3.5-to-1 return on investment for every state dollar invested.

A study of the economic impact of BFTP in Pennsylvania from 2007-2011 was released last year, and showed that BFTP boosted the Pennsylvania economy by $6.6 billion during this period. A total of $502 million in additional state tax receipts were generated through BFTP investments in client firms and related BFTP client services.

For this period from 2007-2011 covering the recession and high unemployment rates nationwide, the BFTPs helped client companies add 7,485 additional jobs. Client revenues, investments and purchasing helped create another 12,715 indirect and induced jobs across Pennsylvania, adding up to a total of 20,200 jobs that would not have been created in the absence of the BFTP program.

In 2013, the four BFTP centers helped client companies create a total of 1,365 jobs, retain another 951 jobs, and secure more than $468 million in additional financing for their projects.

Also in 2013, 98 new companies were formed, 118 patents and software copyrights awarded, and 318 new products and processes launched by the client companies, who reported generating a total of $412 million in sales revenues.

Governor Tom Corbett said the results of their investment in these four outstanding partners are impactful and the effect on Pennsylvania’s economy is transformational.

“Throughout Pennsylvania there are thousands of men and women working at family-sustaining jobs because of the Ben Franklin Program,” said Gov. Corbett.

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