Council Authorizes $1.5 Million Of Incentives Under New ProgramMONTPELIER, Vt. The Vermont Economic Progress Council has approved more than $1.5 million in job creation incentives under the states new economic development program, including assistance to the new owners of Specialty Filaments.At its meeting last week, the Council reviewed and authorized the first incentives under the new Vermont Employment Growth Incentive (VEGI) program, making three companies eligible to receive up to $1,329,404 in job creation incentives and $240,496 in property tax incentives.We are very pleased that one of our first authorizations under the new Vermont Employment Growth Incentive program was to assist the Monahan Company in preserving the jobs at the former Specialty Filaments facility, said Karen Marshall, Chair of the Vermont Economic Progress Council. Vermonts economic incentive program is going to work to keep Vermonters at work in Middlebury.Monahan SFI, LLC, a subsidiary of the Thomas Monahan Company of Arcola, Illinois was given preliminary authorization for $758,806 in economic incentives to add new jobs and invest in new machinery and equipment at Specialty Filaments, which closed and laid off 175 employees earlier in the month.The new subsidiary purchased the assets of Specialty Filaments, Inc. in a bankruptcy auction. Monahan SFI, LLC will re-open the plant and re-hire most of the employees laid off during the recent plant closing, and will submit a more detailed application for a full review at a later date.Pad Print Machinery of Vermont, Inc. was authorized for $331,399 in economic incentives to add new jobs and invest in a new facility and machinery and equipment. The East Dorset company plans to create a new subsidiary, Ink Jet Machinery of Vermont, to develop and manufacture digital inkjet print head engines.The company had been considering several options other than creating the new subsidiary, including outsourcing production to China or growing only a few jobs within Pad Print Machinery of Vermont, said Marshall.Olympic Precision, Inc. was authorized for $239,199 in economic incentives to create new jobs and invest in equipment by building the Center for Precision Manufacturing, a Department of Defense-funded research and development facility.The company and the Town of Windsor were authorized for property tax stabilization with an estimated value of $240,946, and will collaborate with the Windsor Improvement Corporation to redevelop a currently unusable lot and build a facility to house the Center, which will be operated by Olympic Precision, Inc.Under reforms passed by the General Assembly and signed into law by Governor Jim Douglas last year, the economic incentives were authorized based on job creation and capital investments that must occur before the company receives payment.The prior program had companies earning tax credits that were applied against future tax liability.The Council approved the applications after reviewing nine guidelines and applying a rigorous cost-benefit analysis that showed that because of the economic activity that will be generated by these projects, even after payment of the incentives the State will realize a net increase in revenues of $1,441,885.The Council also determined that these projects would not occur or would occur in a significantly different and less desirable manner if not for the incentives being authorized.The Vermont Economic Progress Council is an independent board consisting of nine Vermont citizens appointed by the governor that considers applications to the states economic incentive programs.The Council is attached to the Vermont Agency of Commerce and Community Development, whose mission is to help Vermonters improve their quality of life and build strong communities.For more information, visit:http://www.thinkvermont.com/vepc/index.cfm(link is external)-30-
Newsroom GuidelinesNews TipsContact UsReport an Error One of the few undisputed facts in this case is that Donald Sterling revoked the Sterling Family Trust on June 9. The argument now is whether or not Shelly has the authority to close the $2 billion sale of the team to former Microsoft CEO Steve Ballmer as part of her post-revocation responsibilities.Ballmer’s attorney Adam Streisand said he and Shelly’s attorneys could have argued that Donald’s revocation itself was invalid but didn’t because they were already confident on the post-revocation point and wanted to streamline the case.Schield testified that the Sterlings’ real estate properties were cumulatively worth $2.5 billion, but selling enough at once to pay off the loans would be difficult and likely would result in a below-market price. He also said he warned Donald and his attorney Bobby Samini that revoking the trust would “open up Pandora’s box, and there would be severe consequences” due to the outstanding loans, but received no response.During cross-examination of Schield, Donald Sterling’s attorney Maxwell Blecher suggested that alternatives included private loans or taking the company public.On redirect, O’Donnell asked if Donald’s current reputation could affect the implications of taking the company public. What was scheduled to be the longest day in the Sterling probate trial turned out to be the shortest.Donald Sterling’s attorneys submitted an updated 10-person witness list last week, setting up Monday’s court date to be filled with testimony. Instead, they didn’t call a single person to the stand.On the fifth day of a court battle that could determine ownership of the Los Angeles Clippers, the only witness to testify was Darren Schield, the longtime CFO and controller of Beverly Hills Properties — a role that essentially puts him in charge of the day-to-day financial operations of the Sterlings’ nearly 10,000 apartment units.Called by Shelly Sterling’s attorneys, Schield testified that the Sterlings’ held roughly $480 million in combined debt with Union Bank, Bank of America and Citi National Bank. Shelly Sterling’s attorney Pierce O’Donnell framed that debt as a burden on the Sterling Family Trust, making it necessary for Shelly to sell the Clippers and pay back the loans as part of the “winding down” of the trust. “I don’t know if anyone would want to go into partnership with us right now,” Schield said.Schield’s testimony ended in less than 45 minutes. The trial will pick up again 1:30 p.m. Tuesday, with Clippers interim CEO Dick Parsons to take the stand. Bank of America’s Anwar Zakkour, who helped negotiate the sale of the team, is scheduled to testify as well.Donald’s attorneys plan to call Shelly Sterling to the standTuesday, with her testimony going into Wednesday if necessary.
PLAYA VISTA >> In the aftermath of the Clippers’ disappointing, lopsided loss to the Golden State Warriors Wednesday night, Marreese Speights was asked about the Clippers “losing their spirit” – a phrase Doc Rivers repeated in his postgame interview.“That’s the scouting report when you play against the Clippers,” Speights said. “It’s always been, especially with the Warriors, you play against the Clippers, you hit them a couple of times and their spirit is going to be down. That’s what happened, so we’ve just got to find a way to get over that hump.”Later, he shared his plan for how to accomplish that.“First we need to start really just leaving the refs alone,” Speights said. “Guys just got to sacrifice, do some other things than scoring, do some other things than your personal goals. Just try something new. They’ve been doing it here for four or five years and it hasn’t been working, so it’s time to try something new.” Newsroom GuidelinesNews TipsContact UsReport an Error And the Clippers’ selflessness isn’t that direction.“That’s the other thing I didn’t like,” Rivers said. “… I don’t think we have an agenda team. I think we’ve proven that.”J.J. Redick said he saw Speights’ comments screenshotted and shared on social media.“I have no problem with what he said,” Redick said.Redick had his own thoughts with what’s wrong with the Clippers, who have lost five times since Thanksgiving.“I think the big takeaway for me after the game last night was just like, we’ve got to play with some joy,” Redick said. “Basketball’s meant to be fun. We’re serious, you’ve got to be prepared, you’ve got to follow the game plan and all that, but I just think we’re better when we play with joy.“The Warriors certainly do that on a nightly basis. I’m not going to continue to compare the two teams, but they’re sort of the standard right now, along with the Spurs and the Cavs. Those are the teams that have won the last three championships. Those teams play with joy.”Speights said he thinks the Clippers are on the path to becoming a great team, and he didn’t want his comments to suggest otherwise.“You’re going to go through ups and you’re going to go through downs. Like I said, we’re going through a transition of becoming a different team, be pioneers of the NBA, understanding we’re going to get a lot of team’s best – really just stop over thinking a little bit,” he said. “Like the other day we had a great practice and it really didn’t carry over to the game. That started off something really good because you could see guys trying to get better, wanting to better. Every time you step on this practice court, a winning mentality comes out. And it’s going to carry on to the court.“Like I said, it takes time. It’s a process.”Rivers said Clippers put too much pressure on themselvesIn his multiple viewings of Wednesday’s loss to the Warriors, one thing stuck out more than any other.“I just didn’t think we played well yesterday, but I thought we wanted to,” he said on Thursday. “Watching the tape, we came to the game with good intentions. Sometimes, you want to beat a team so badly that you can’t beat a team. And, that’s what I saw. We put so much pressure on ourselves to win the game that we were in the way of ourselves.”And, maybe, that’s why the Clippers were so loose with the basketball early in the game.“I hate turnovers. I despise them,” Rivers said. “And, I think we’re turning the ball over too much as a group, and we have to fix that.” If the man they call “Mo Buckets” was speaking his mind Wednesday, Thursday, he had to do “Mo Explainin’.”“It’s just sometimes, I should have just said it in different kind of ways,” Speights said. “I’m on the team, man. I’m biased to this team. Every time I step on that court, I’m going to play hard for Doc, for this city, for team. I’m not trying to call nobody out. The will to win…you just want to win. You just want to do it the right way. You want to do it for a great coach like Doc and the city of LA.“That’s something that maybe I should have said a little different. I’m not calling nobody out.”Doc Rivers, who said he didn’t read Speights’ comments but “heard” about them, disagreed with two of Speights’ assessments.“The officiating thing, I don’t think, is our issue. I will say that,” Rivers said. “… (If that were the problem) then, Golden State will be struggling. They’ve been No. 2 the last years in techs, too. I think we need to point fingers in another direction than that.”