VEDA APPROVES $10.6 MILLION in ECONOMIC DEVELOPMENT FINANCING

VT Digger

Apr. 7, 2016, 10:22 am by Press Release Leave a Comment

FOR IMMEDIATE RELEASE: April 6, 2016
CONTACT: Jo Bradley, Chief Executive Officer
Vermont Economic Development Authority (VEDA)
802-828-5627

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VEDA ...... approved financing for two Killington-based travel and tourism projects:
· Killington Mountain Lodge – VEDA financing of $1.5 million was approved as part of a $6.6 million permanent financing package for the purchase and substantial renovation last year of a former condominium property once known as the Inn at Six Mountains. Centennial Bank is also providing financing for the project. The newly-opened Killington Mountain Lodge (http://killingtonmountainlodge.com) is a 64,000 square foot four-story hotel with 103 rooms situated on approximately 4.2 acres located just below the Killington Mountain Resort on the Killington Access Road. In addition to renovating each room in the new hotel, significant improvements were made to the lobby, which now boasts the largest indoor fireplace in Vermont, an outdoor courtyard featuring a large hot tub with fire pits, game/movie room, exercise room, restaurant and bar, indoor pool, and two conference rooms. The hotel also has two full kitchens and its restaurant will offer a limited upscale menu. Management for the new hotel expect to create 57 new jobs within three years of the project; and
· Summit Lodge – VEDA approved partial financing of $560,000 to support the purchase of the Summit Lodge. VSECU also provided financing for the project. Originally established in 1960, Summit Lodge was the first lodge built in Killington, and is located just minutes from the Killington and Pico ski areas. The property consists of a four-season, full-service 45-room lodge located on 8.26 acres of land, is a well-known venue in the region for hosting weddings, and attracts customers for hiking, golfing, kayaking, and other outdoor activities year round. The Lodge’s new owners plan to make extensive upgrades to the property during the next several years, and estimate employment there will double from ten to twenty positions within three years of the purchase.
About VEDA
The Vermont Economic Development Authority (VEDA) is Vermont’s nonprofit economic development finance lender. VEDA was created by the General Assembly in 1974 with a mission “to contribute to the creation and retention of quality jobs in Vermont by providing loans and other financial support to eligible and qualified Vermont industrial, commercial and agricultural enterprises.”
Over the years, VEDA has grown and adapted its financing programs to keep pace with an ever-changing economy.
VEDA offers a wide range of low-cost lending options for Vermont businesses and farms of all sizes, and the Authority’s
lending solutions are customized to each borrower’s individual needs. Whether in the form of direct loans, tax-exempt bond issuance or loan guarantee support, VEDA’s innovative financing programs help ensure that Vermont businesses and farms have the capital they need to grow and succeed. VEDA most often lends in conjunction with banks and other financing partners, helping to stimulate economic development activity in Vermont.
Since 1974, VEDA has provided over $2.16 billion in financing assistance to thousands of eligible Vermont entrepreneurs, manufacturers, small businesses, family farms, and agricultural enterprises, helping them to realize their business growth goals, create jobs, and enhance the vitality of Vermont’s economy. For more information about VEDA, visit www.veda.org or call 802-828-JOBS.


Comment: Thanks to Wayne Wilbur for the following info:

A  Correction to the Article's Claim that the Summit lodge was the "First" on the Access Road is Totally False! Bigelow's lodge, now known as the Fireside was Built in 1958, and was in Fact the "First" Lodge.