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Vermont Tax-Exempt Bonds Assist Three Firms With Expansion

01/26/2017
Vermont Economic Development Authority provided tax-exempt bonds and other incentives to spark manufacturing expansion projects in the cities of Essex, Rutland and Barre.

"VEDA is pleased to provide financing assistance to several manufacturing businesses that are expanding and creating new jobs for Vermonters," said Jo Bradley, VEDA's Chief Executive Officer.

Projects approved by VEDA for financing assistance include:

Autumn Harp, Inc. and Black Bay Ventures V received final approval for the issuance of tax-exempt VEDA industrial revenue bonds to help the company undertake an expansion project at the its Essex, Vermont, manufacturing facility which is owned by Black Bay Ventures V, LLC.

Autumn Harp is a Research & Development and manufacturing partner in the cosmetics and skincare industry. The company is in need of additional manufacturing space to meet increased product demand and ensure its ability to add additional products for its customer base of multinational companies. The project will also include new machinery and equipment purchases by Autumn Harp. The bonds will be purchased by TD Bank.

Rutland Mental Health Services, Inc., a non-profit provider of essential mental health services in Rutland County, Vermont, was granted final approval for up to $3.0 million in tax-exempt bonds to refinance debt associated with the 2008 construction project at its South Main Street facility.

VEDA also gave final approval for the issuance of up to $1.0 million in taxable bonds related to costs incurred in 2014 for the construction of its Stratton Road facility. The underwriter of the bonds will be Municipal Capital Markets Group, Inc., and Zions Bank will be the Trustee.

Global Values, Inc. was approved for $90,000 in financing to enable the Barre, Vermont, granite monument manufacturer to expand operations. The company will purchase of additional machinery and equipment and related renovations to their facility. Community National Bank is also providing financing for the expansion project.

A distributor of imported high-quality, color granite monuments since 1999, GVI purchased Houle Brothers in 2015 to expand into granite manufacturing. GVI now purchases raw blocks of stone, both locally and imported, and manufactures them to completion with control over production, timing, and margins. GVI has 31 employees, a number the company expects to increase to 65 within three years of the expansion project.
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