Two start-up companies approved for $230,000 in job creation incentives

first_imgTwo start-up companies, one a sales firm and the other a wood products manufacturer with plans to reopen the shuttered Stanley Tool Plant in Pittsfield, have been authorized to earn up to $230,094 in Vermont Employment Growth Incentives. The one firm would re-start the former Stanley Tool plant in Pittsfield.The companies, if they grow in or locate in Vermont, could create 41 new jobs over the next five years, according to officials with the Vermont Economic Progress Council, which authorized the incentives late last week.The Original Vermont Wood Products, Inc. was authorized to earn incentives totaling $100,604. The start-up company plans to re-start production at the former Stanley Tool plant in Pittsfield and bring most of the Stanley employees back to work.They would lease the plant and equipment and make wood component parts for other customers. They also plan a new line of custom post caps, trellises, pergolas and wood sheds.    The Stanley Plant closed in 2008, bringing unemployment in Pittsfield to one of the highest levels in the state. The area also has low average income levels and the plant is the only production facility in the area and is a major source of property tax revenue for the town.These factors allowed the Council to consider an enhanced level of incentives for the project under state law. The Council took into consideration the economic condition of the region and the impact of the Stanley plant closing on the residents of Pittsford and authorized the maximum allowable level of incentives, said Karen Marshall, VEPC Chairwoman. We elected to support this start-up to the fullest extent possible because of the potential benefit to area residents, which would also reduce the demand on state and local public assistance programs.The company hopes to start hiring immediately and begin production this summer. We are very grateful for this early vote of confidence from the Vermont Economic Progress Council, said Gary Springfield, president of The Original Vermont Wood Products, Inc. We are hoping to re-open the former Stanley plant as soon as possible and put local residents back to work there producing high quality wood products.A new company that would be established in Vermont by entrepreneurs Chris Foran and Gregory Dunne was given initial authorization to earn up to $129,490. The new company would provide inside sales services to their existing company, Mansfield Sales Partners, Inc. of Woburn, Massachusetts, and other existing and new clients.Mansfield Sales partners, Inc. is a sales consulting firm that helps small and medium size companies increase revenue by building up their sales pipeline, penetrating new markets, and opening new territories. The new company would provide lead generation services to the senior sales consultants at Mansfield and provide similar services for other clients. They plan to lease a facility in Chittenden County and begin operations in late 2010. Source: Commerce Agency. 6.1.2010 We are excited to be working with the state of Vermont on this start-up project as a part of our overall growth plans, said Chris Foran, President of Mansfield Sales Partners.  Locating the business in Chittenden County will provide us with access to a high quality work force for these new positions and is a great area to locate this new business.Under reforms proposed by Governor Jim Douglas in 2006 and passed by the General Assembly, the VEGI economic incentives are authorized based on potential job creation and capital investments that must occur before the company earns the incentives and then the company receives incentive installments over a period of years.The companies are eligible to earn the job creation incentives only if they meet and maintain payroll, employment and capital investment targets each year. Overall, these projects could create 41 new full-time jobs and $1.4 million in new payroll over five years.The Council approved the applications after reviewing nine program 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 tax revenues of $68,000.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, the but for test.The Vermont Economic Progress Council is an independent board consisting of nine Vermont citizens appointed by the governor, and two members appointed by the House of Representatives and the Senate, 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://economicdevelopment.vermont.gov/Programs/VEPC/tabid/124/Default.aspx(link is external)last_img read more

House earned owner $32k a year without lifting a finger

first_img Upsizing for the ‘cat’ Land prices rocket across capitals The kitchen inside 3 Drake StHe said the house, believed to have been built in the 1930s, had been a rental property and still had the original carpet. “The new owners moved from Sydney about a year ago,” he said. “We had three registered bidders on the day but they (new owners) hadn’t even attended an open house.“They just turned up on the auction day and bought it.” Rental demand jumps in Qld And one of the bedroomsThe house was on the market for just 25 days — 37 days less than the median days on market for West End, according to CoreLogic.Mr Hatzifotis said bidding started at $800,000 and quickly rose to $1.06 million.He said the new owners planned to raise the house, put in a carport and renovate. Estate home sold 2.5 times above median MORE: Place Kangaroo Point agent Michael Hatzifotis said the owner had three houses in the street — numbers 1, 3 and 5.“We are selling number 5 as well. It goes to auction on November 18,” he said. But the block is big by inner city standards. Inside 3 Drake St at West End The owner’s other property at 5 Drake St is expected to fetch an even bigger priceMore from newsParks and wildlife the new lust-haves post coronavirus16 hours agoNoosa’s best beachfront penthouse is about to hit the market16 hours agoAs for 3 Drake St, Mr Hatzifotis said the owner “had barely lifted a finger, maybe just a lick of paint inside”. FOLLOW THE COURIER-MAIL REAL ESTATE ON FACEBOOK The bathroom is no master ensuite“I grew up in West End and we are now seeing a new generation coming in,” he said, noting proximity to good school catchment zones was drawing in families.“A lot of properties have been in the same hands for decades and those vendors are now downsizing, cashing in, and making way for a younger demographic who are not afraid of a big renovation.“Everything that is on the market now will be gone by Christmas.” Bought for $67,000 and sold for $1.06 million, 3 Drake St has been a constant money-spinner forIMAGINE earning $32,000 a year without lifting a finger. This original cottage has, on average, seen its value increase by roughly half the Aussie median wage every year since the owner bought it.It was also being rented for upwards of $500 a week, according to CoreLogic.Bought in 1987 for $67,000, the three bedroom house at 3 Drake St in West End recently sold for $1.06 million — almost 1500 per cent more than its original price.To put that in perspective, $67,000 worth of goods and services in 1987 would be worth about $160,446 now, according to the Reserve Bank of Australia.Not a bad little money-spinner. Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:51Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:51 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p270p270pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenStarting your hunt for a dream home00:51last_img read more