Springfield Companies Awarded Vermont Employment Growth Incentives for Expansion
Springfield, VT — The Springfield Regional Development Corporation (SRDC) and the Vermont Economic Progress Council (VEPC) have announced two significant Vermont Employment Growth Incentive (VEGI) awards aimed at boosting local business expansion in Springfield.
Vermont Packinghouse has received initial approval for an estimated VEGI incentive of $576,909, which includes a Labor Market Area (LMA) enhancement due to its location in an economically distressed region. This performance-based award will support the company’s efforts to expand production capacity and increase employment at its North Springfield facility situated in Precision Park. The incentive, paid out over five years contingent on meeting application targets, will also aid Vermont Packinghouse in bolstering local agricultural partnerships and enhancing the New England food system by addressing gaps in regional meat processing infrastructure.
Similarly, ImageTek Manufacturing has been granted initial approval for an estimated incentive of $429,850, also featuring an LMA enhancement. The company plans to establish a second location in Precision Park, promoting job creation and investment in equipment as it expands its business lines. This financial support will likewise be disbursed over five years, conditional on achieving specified targets.
Bob Flint, Executive Director of SRDC, expressed his commitment to aiding both businesses over recent months, highlighting the potential economic impact of these awards, which total over $1 million. “These businesses have long been significant employers in our region,” Flint stated.
Jessica Hartleben, Executive Director of VEPC, complemented the awards’ impact, noting the VEGI program’s successful history in fostering capital investments and driving job creation in Vermont. She anticipates the positive economic effects of the expansions for the Springfield community.
The VEGI program is designed to incentivize economic development that goes beyond a business’s organic growth, fostering beneficial job creation and capital investments in the state.
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