On February 15, 2024

State announces launch of rural industry and development program

 

 

 

 

 

 

 

 

 

Governor Phil Scott and the Vermont Dept. of Economic Development (DED), Feb. 2,  announced the launch of the Rural Industry and Development Program (RIDP) to increase the amount of move-in ready industrial space, in an effort to shorten the timeline for the permitting and building of sites that businesses can confront when moving to, or relocating within, Vermont.

“Expanding Vermont businesses and recruiting new employers from out of state is an important priority for my administration,” said Governor Scott. “Having industrial space ready for occupation increases Vermont’s competitiveness and will help us overcome a challenge we’ve heard from prospective businesses.”

In 2022, DED received a dozen inquiries from companies headquartered in Canada and Germany looking for move-in ready industrial sites. Those potential employers were from the aerospace, manufacturing, construction, and tech sectors. Collectively, they could have brought 284 jobs to Vermont, but they never came because they could not find suitable industrial capacity.

Potential employers were 
from the aerospace, 
manufacturing, construction, 
and tech sectors. Collectively, 
they could have brought
 284 jobs to Vermont, 
but they never came because
 they could not find suitable
 industrial capacity.

RIDP has $5 million in grants to allocate to regional and local development corporations located in areas that can accommodate business growth. Eligible uses for a RIDP grant include the purchase, demolition, building, or renovation of a property for industrial use, as well as permitting and installing infrastructure including, but not limited to, electricity, parking, and driveways, according to the DED.

“Our regional partners know which assets in their area could benefit from RIDP,” said Vt. Economic Development Commissioner Joan Goldstein. “We’re excited to work with them to increase economic opportunity and vitality in their regions by using RIDP to make them more attractive to businesses and employers.”

RIDP requires the formation of a Rural Industry and Development Fund (RIDF). DED intends to manage RIDF as a revolving fund. That means if an industrial property that benefited from RIDP is later sold, the awardee will return the amount of the total principal of the grant plus 2.5% compounded annually, not to exceed $250,000. That money will then be used to make more RIDP grants possible.

The application portal is open now and will close on March 15, 2024.

For more information, visit: accd.vermont.gov/economic-development.

Do you want to submit feedback to the editor?

Send Us An Email!

Related Posts

Large turnout for Hartland school budget info session

May 23, 2024
By Curt Peterson The May 21 Hartland school budget information session may be the best-attended school board gathering in recent history — an estimated 40 people attended in person at Damon Hall in Hartland, and another 41 tuned in online. Hartland voters had already approved the $11,040,567 budget 320-311 on April 2. But a petition…

United Way of Rutland County names new exc. director

May 22, 2024
The United Way of Rutland County (UWRC) announced the appointment of Tina Van Guilder as its new executive director, May 17.  Van Guilder officially assumed her role as executive director May 6. With over seven years of direct non-profit leadership experience in the Rutland County area, coupled with recent roles focusing on grant coordination, budget…

Slate Valley school district to hold fourth vote on district budget

May 22, 2024
In response to the results of the last vote on May 9, and valuable community feedback during the school board meeting on May 13, the Slate Valley Unified Union School District will hold its fourth vote in an attempt to pass the budget on May 30. It will be a revote on the third FY25…

Where is the road construction this week? 

May 22, 2024
The Agency of Transportation produces this weekly report of planned construction activities that will impact traffic on state highways and interstates throughout Vermont. Hartford: Monday, May 20, through Friday, May 24, between 8 a.m. and 5 p.m., multiple concrete mixers will be moving in and out of the project area at either end of the…