Springfield Regional Development Corporation (SRDC) and the Vermont Economic Progress Council (VEPC) are pleased to announce two recent Vermont Employment Growth Incentive (VEGI) awards to Springfield companies to support their planned expansion projects.
Vermont Packinghouse received Initial approval for an Estimated Incentive of $576,909, including a Labor Market Area (LMA) enhancement, given the location in an economically-distressed area of the state. The performance-based award would support the company’s plans to expand their production capacity and employment at their North Springfield facility in Precision Park and would be paid out over five years if application targets are maintained. The incentive will help Vermont Packinghouse support local farmers and a healthier New England food system, by continuing to fill a vital gap in the region’s meat processing infrastructure.
ImageTek Manufacturing also got Initial approval for their VEGI application, with an Estimated Incentive of $429,850, also including the LMA enhancement, given the project location. The company plans to expand to a second location in Precision Park, adding employment and equipment as they increase their lines of business. The incentive would be paid out over a five-year period, if application targets are maintained.
SRDC Executive Director Bob Flint said he had been working with both companies for several months on their projects. “We appreciate the support for Vermont Packinghouse and ImageTek Manufacturing with these awards, potentially totaling over $1 million. These businesses have been important employers in the region for some time and we are pleased to have assisted with their expansion plans, including facilitating these VEGI applications”, Flint said.
“The VEGI program has a strong track record of helping Vermont businesses grow through vital capital investments and higher wages,” said Jessica Hartleben, Executive Director of VEPC. “We’re excited to see Vermont Packinghouse and ImageTek Manufacturing take the next step in their growth and look forward to the positive economic impact their success will bring to the Springfield area.”
The VEGI program provides incentives from the State of Vermont to encourage prospective economic activity in Vermont that is beyond a business’s organic growth—growth that would not occur, would not occur in Vermont, or would occur in a significantly less desirable manner without the incentive. The value of each payment is calculated by the Vermont Department of Taxes based on the revenue return generated to the State by prospective qualifying jobs, payroll creation, and capital investments.