Vermont Business Magazine News

J.D. Power and Associates ranked People’s United Bank highest in customer satisfaction for the New England region in its 2009 Retail Banking Satisfaction Study. People's United is the parent company of Vermont's Chittenden Bank. People’s United garnered the highest ranking customer satisfaction score of 751 points, which was 30 index points above the New England regional industry average of 721. The bank performed well in the Customer Satisfaction Study factors: Convenience, Transactions, Account Initiation/Product Offerings, Account Statements, and Fees.

The Vermont Department of Motor Vehicles will participate in Road Check 2009, an international safety activity that will take place June 2-4 throughout the United States, Canada and Mexico. International Road Check 2009 will emphasize promoting both safety and security on North American highways through the inspection of commercial vehicles and drivers.

Senator Bernie Sanders, Congressman Peter Welch and a representative of Senator Patrick Leahy announced today the release of $39 million in economic stimulus funds during a press conference at the St. Albans Bay Village Pavilion. The grants and low-interest loans, to be distributed through the Environmental Protection Agency, will go to 41 wastewater clean-up projects and 42 drinking water projects throughout Vermont.

Governor Douglas will sign into law five pieces of legislation today at venues across the state:  S.26 An Act Relating to Recovery of Profits from Crime, the Disposition of Property Upon Death, Transfer of Interest in Vehicle Upon Death, Homestead Exemption, Unclaimed Property, Credit Card Fee Disputes, and Patient’s Privilege; S.125 An Act Relating to Expanding the Sex Offender Registry; H.222 An Act Relating to Senior Protection and Financial Services; H.313 The Vermont Recovery and Reinvestment Act of 2009; and S.51 An Act Relating to Vermont’s Motor Vehicle Franchise La

The U.S. Small Business Administration will offer government guaranteed loans to finance inventory for eligible auto, recreational vehicle, boat and other dealerships under a new pilot program announced today by SBA Administrator Karen Mills. Dealer Floor Plan (DFP) financing will be available beginning July 1, according to Mills.  She announced the new program during a visit to Kokomo, IN, with Dr. Ed Montgomery, President Barack Obama’s Director of Recovery for Auto Communities and Workers.

The Paramount Theatre in Rutland announced today an expanded and varied Tenth Anniversary Season of presentations at the Paramount Theatre. The Paramount has expanded to EIGHT performance “Series” at the theatre, including SUMMER MUSIC, POPULAR MUSIC, CLASSICAL MUSIC, THEATRE, THEATRE DEVELOPMENT, FAMILY ENTERTAINMENT, COMEDY (new this season) and an upcoming, soon-to-be announced film series as well.

Beginning June 1, VPR presents a special series exploring the history, culture, and natural resources of Lake Champlain. Champlain 400 marks the 400th anniversary of Samuel de Champlain’s exploration of the region. Each Monday in June, VPR News will air ‘Stories from the Lake.’ In the morning, Morning Edition host Mitch Wertlieb focuses on the lake’s history, from the days when whales frolicked where ferry boats now sail to the stories of how battles and trade helped to form a nation.

Union Bank is pleased to announce the promotion of Karyn J. Hale to Vice President, and Carrie R. Locklin to Assistant Treasurer. Hale is a member of the Bank’s Finance Department.  Locklin is a member of the Bank’s Audit and Compliance Department.

Based on preliminary estimates, ski areas nationwide tallied 57.1 million visits for the 2008/09 season, making it the fifth best season on record. Over the last 10 seasons (1999/00 – 2008/09), the industry has averaged 56.7 million visits. The 2008/09 season represents a 0.8 percent increase from the 10-year average, and just a 5.5 percent decrease from the record 2007/08 season of 60.5 million visits. At 13.8 million visits in 2008/09, the Northeast region was up 5.5 percent from its 10-year average.

A survey conducted by Opinion Dynamics for the New England Energy Alliance found New Englanders favor market-based approaches to limit greenhouse gas emissions and improve energy efficiency by a significant margin in comparison to government regulation and mandates. There also seems to be no inclination to roll back electricity industry restructuring as a very significant 78% of survey respondents at least somewhat favor consumer choice and competition for electricity. 78% say they favor competition in the electricity industry

The weekly Pink Floyd radio show "Floydian Slip" will end its 13-year Vermont run on Winooski's Champ 101.3 with show #701 on June 7. Station management informed the show's host, Craig Bailey, of its decision on May 28, citing the FM station's evolving format and the show's lack of sponsorship as reasons.

Senate President Pro Tem Peter Shumlin and Speaker Shap Smith today announced a companion bill that the Vermont Legislature will consider and pass during the special session on June 2 to enhance the legislative budget and economic development efforts. Some of the strongest objections made by Governor Douglas, which triggered his promised veto of the budget, are addressed.

Vermont Governor Jim Douglas signed into law Wednesday H.445, An Act Relating to Capital Construction and State Bonding, which makes $109 million in investments for a wide range of capital projects from school construction to parks and recreation infrastructure.

Governor Jim Douglas has signed into law a bill that will enhance the regulation and expansion of the captive insurance industry in Vermont, a key provider of revenues and jobs for the state. At a ceremony in Burlington Wednesday, Douglas signed the omnibus banking and insurance legislation, S.42, and praised it as an important step in maintaining Vermont’s position as the largest captive insurance domicile in the U.S.

The Council on the Future of Vermont (CFV) was a two year project of the Vermont Council on Rural Development. Join us in a regional roll-out of the results where residents can learn about the CFV process and share their ideas and priorities for their own towns and Vermont. A series of free and open public discussions will be held around the state this summer. FIND YOUR REGIONAL MEETING BELOW! All Meeting Times are: 6pm to 7:30pm

Senior political correspondent Juan Williams of National Public Radio and other national media will be the keynote speaker at the summer meeting of the Vermont Business Roundtable, which will be held on June 18 at the Sheraton Burlington Hotel and Conference Center. Williams will deliver “The Latest from Washington – An Insider’s View” following dinner and a brief awards presentation.

A groundbreaking ceremony will be held today for Champlain College's renovation of historic Perry Hall. The $15 million student “Welcome Center” is one of Vermont's largest, non-transportation construction projects. President David F Finney said the project is important to both the college and Burlington, especially during the current economic conditions. When completed, Perry Hall will house the admissions, financial aid, student accounts and advising and registration departments.

By Timothy McQuiston. Businesspeople did not have to encourage Governor Douglas to use the bully pulpit to make his case for vetoing the Vermont state budget, but they did it anyway. Douglas was at DEW Construction in Williston for a town hall style meeting with about 40 business leaders. Douglas has also visited businesspeople in St Albans and in the Northeast Kingdom to spread his message that the Legislature’s $4.5 billion budget spends too much, taxes too much, and where lawmakers did make cuts, they made the wrong cuts.

By Timothy McQuiston. Governor Douglas today avoided a veto of H446, the renewable energy bill, by letting the it become law without his signature. The governor opposed the bill because he said it gets government in the way of what already is a competitive and growing private marketplace for the development of renewable energy.

Week Ending May 23, 2009. There were 958 new regular benefit claims for Unemployment Insurance last week, a decrease of 422 from the week before. Altogether 15,386 new and continuing claims were filed, 951 less than a week ago and 7,809 more than a year earlier. The Department also processed 2,629 First Tier claims for benefits under Emergency Unemployment Compensation, 2008 (EUC08), 162 more than a week ago. In addition, there were 1,095 Second Tier claims for benefits processed under the EUC08 program which is a decrease of 284 from the week before.

Senator Bernie Sanders (I-Vt.) announced today that he secured $500,000 for Vermont public schools to install solar panels, the latest development in the senator’s ongoing campaign to transform Vermont’s energy system.

US Senator Patrick Leahy (D-Vt) says Vermont will receive $30 million under an innovative and proven economic development program – New Market Tax Credits (NMTC) – to spur economic growth and affordable housing in the state.  The funds, included in the recently enacted American Recovery and Reinvestment Act (ARRA), will be formally announced by Secretary Timothy Geithner at noon today.  The New Market Tax Credit Program, created in 2000, offers incentives to private investors to invest in economic development projects that primarily benefit low-income Americans, by off

TD Banknorth, through the TD Charitable Foundation, recently donated a total of $20,000 to local organizations in Chittenden County as part of the bank’s commitment to giving back to the community. Included in the gifts are Recycle North, Shelburne Museum and Nordic Spirit Soccer Club. The following organizations received a donation from the TD Charitable Foundation:

Governor Jim Douglas today signed into law H. 152, An Act Relating to Encouraging Biomass Energy Production.  The Biomass bill creates a “biomass energy development working group” to investigate and recommend fiscal and regulatory incentives for biomass energy, as well as guidelines and standards for maintaining forest health, procurement standards and other policy considerations for biomass development in Vermont.

As the nation debates health reform options, Governor Jim Douglas today announced that Vermont was chosen to participate in Transforming Care for Dual Eligibles, a national initiative that will test innovative models for people who are dually eligible for Medicare and Medicaid . Vermont will join six states in developing and implementing strategies to improve care and control costs for dual eligibles, a high-need population with individual health care costs nearly five times those of other Medicare beneficiaries.

Ahead of a June 2 special legislative session, legislative leaders and the Douglas Administration will hold public forums to inform the public about the budgetary issues. Douglas vetoed the $4.5 billion budget and has offered his own alternative. Before the Legislature would take up Douglas' changes, it will first have to vote to sustain or override the veto.

Appearing at a Memorial Day weekend event here today, Senator Bernie Sanders announced that $237,500 will be awarded for monuments in four communities throughout Vermont.

Pizzagalli Construction Company of South Burlington started work this week on a new Radiation Oncology facility on the Medical Center Campus at Fletcher Allen Health Care.  The $8 million project, designed by Cannon Design, will include approximately 23,000 square feet of new construction.  The total cost of the project, including the structure and new medical equipment, is $19.3 million.

Governor Jim Douglas today issued a veto of H436, An Act Relating to Decommissioning Funds of Nuclear Energy Generation Plants. The legislation sought to guarantee that Vermont Yankee owner Entergy Corp ensure that it would have sufficient funds to close up the plant once it stops producing electricity.

Officials in the tourism and hospitality industry said they were pleased that the alternative budget approach proposed by Governor Jim Douglas contains an additional $850,000 to market the state. With the summer tourism season unofficially kicking off over Memorial Day Weekend, Tourism and Marketing Commissioner Bruce Hyde said the money couldn’t come at a better time.