Standing on the stage of Rutland’s Paramount Theatre on Tuesday, Gov. Phil Scott announced a new round of capital investment grants for Vermont businesses and nonprofit organizations.
In choosing Rutland to make the announcement during his weekly press conference, Scott sought to highlight the stark differences in economic fortunes between the Burlington area and the rest of the state.
“The common goal behind most of the investments we made this year is to strengthen all Vermont communities, especially those who have struggled for far too long,” Scott said. “I think most in the Rutland area would agree there is a big economic gap between the northwestern part of the state and everywhere else.”
The new round of grants totals $3.5 million.
The program aims to reverse the economic harm caused by the Covid-19 pandemic through capital investments to help businesses and nonprofits recover, retain jobs and foster growth.
The grants include $232,468 to the Northeast Kingdom Development Corporation to help the city of Newport buy and renovate the vacant property known as the Bogner building, part of the proposed-but-never-built AnC Bio manufacturing facility.
That proposal was at the center of Vermont’s EB-5 scandal — the largest fraud case in state history. It was supposed to house a biomedical research center regulators later called “nearly a complete fraud.” Over $80 million was raised from more than 160 foreign investors seeking permanent residency in the United States in exchange for their investments. In reality, very little of that money was invested to build the facility.
Other recipients of the new round of grants include the Fairbanks Museum and Planetarium in St. Johnsbury, the Boys and Girls Club of Brattleboro, TenFold Engineering in Springfield and World Learning, Inc., which will receive $62,000 toward renovating six dormitories to house 120 refugees in Windham County.
Paramount Center Inc., which operates the Paramount Theatre, received $345,462 in the first round to renovate the theater and adjacent Richardson Building. Eric Mallette, executive director of the Paramount Theatre, said work should begin by the end of the year.
The Department of Economic Development has another $3.5 million to award from funds appropriated last year.
This year, the Legislature appropriated another $40 million for capital grants. Municipalities as well as nonprofits and businesses will be able to apply.
“We are particularly interested in water and wastewater infrastructure projects that will help spur economic development projects or housing projects,” Commissioner of Economic Development Joan Goldstein said. The maximum award for those projects will be $1 million or 20% of the total project cost.
