posted at 10:22 am Tue Apr 6th, 2010 by (WherezIt_Staff)
A new company that would make stainless steel chimney liners has been authorized to earn nearly $68,000 worth of state job creation incentives if it opens its plant in Chittenden County.
New England Supply Inc. could create 17 new jobs over the next five years if it sets up shop in Williston, according to officials with the Vermont Economic Progress Council, which authorized the incentives at its recent meeting.
"This is further proof that Vermont can compete for manufacturing jobs, if we are willing to," said Karen L. Marshall, Chairwoman of the Vermont Economic Progress Council. "New England Supply would provide good jobs for Vermonters, and significant growth potential."
The company's founder, Pierre Simard, spent 13 years as the president of a similar chimney supply manufacturing company in another state and said the incentives would be a factor in his decision about where to locate the new factory.
"As I move forward with securing the necessary investors and determining where the plant should be located, having these incentives in place makes Vermont that much more competitive," Simard said.
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.
New England Supply Inc. would be eligible to earn the job creation incentives only if the company meets and maintains payroll, employment and capital investment targets each year.
The Council approved the application 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 the project; even after payment of the incentives the state will realize a net increase in tax revenues over five years.
The Council also determined that this project 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:
Williston, VT 05495 (Set as Local)
Montpelier, VT 05602 (Set as Local)