GS Precision Expands with New Markets Tax Credit

//GS Precision Expands with New Markets Tax Credit

Burlington, Vermont — Vermont Rural Ventures provided $11.7 million New Markets Tax Credit financing to enable a $17 million expansion that will bring 100 new jobs at GS Precision in Brattleboro, Vermont. Low-cost New Markets Tax Credit financing from Vermont Rural Ventures, in partnership with the Massachusetts Housing Investment Corporation, will aid in retaining and building new jobs in Vermont.

“This project has been a team effort to combine federal, state, and local resources to retain and create great jobs in Brattleboro,” said Governor Shumlin. “This is the kind of public-private partnership that will help ensure Windham County’s economic future.”

“The high-paying, quality manufacturing jobs that will be here in Brattleboro through this expansion should make all Vermonters proud,” said U.S. Senator Patrick Leahy. “No rock was left unturned in finding the resources to finance this deal. I am pleased that Vermont could count on federal programs to partner with G.S. Precision to make this possible. This creative package shows once again that successful economic development is truly a team sport.”

“This is great news for Brattleboro and Windham County,” said Congressman Peter Welch. “I applaud the collaborative efforts of state and community leaders who marshalled the federal, state and local resources needed to keep a great company with deep Vermont roots right where it belongs in the Green Mountain State.”

GS Precision will lease expanded production facilities and equipment from a support organization of the Brattleboro Development Credit Corporation, which will renovate and expand the buildings in its industrial park.

“The expansion of our facilities in Brattleboro along with the investments in equipment made possible by this project will allow us to increase our capacity to meet the growing demands of the markets that we serve,” said G.S. Precision President and CEO Norm Schneeberger. “The combined efforts of Senator Leahy, Governor Shumlin, Pat Moulton and her team at the Agency of Commerce and Community Development, Adam Grinold and the BDCC, the Town of Brattleboro and many other individuals have been instrumental in our decision to focus our expansion plans in Brattleboro. On behalf of all GSP employees, I offer our gratitude and appreciation.”

The event took place at 347 John Seitz Drive at the Exit One Industrial Park which is a part of the G.S. Precision expansion. The project will accommodate the company’s expansion of operations, purchase of new equipment and plans for adding 100 employees in the next few years.

This project will allow GS Precision to retain its existing Vermont workforce of 329 and expand its workforce upwards of 100 new permanent jobs. The project is a prime example of how public and private partnerships can grow jobs in Vermont. The financing package leverages GS Precision funds, a Community Development Block Grant, the Vermont Yankee closure and town funds, TD Bank and Vermont Economic Development Authority financing, and New Markets Tax Credit equity.

About Vermont GS Precision (GSP)

GS Precision is a precision computer numerical control (CNC) machining company headquartered in Brattleboro, Vermont that employs over 500 people nationwide and 329 people in Vermont. GSP is a leader in the manufacturing of high-precision machined components and sub-assemblies for the aerospace, medical, fiber-optic, automotive, and other specialty industries.

About Brattelboro Development Credit Corporation (BDCC)

The Brattleboro Development Credit Corporation (BDCC), is a private, nonprofit economic development organization that serves as a catalyst for industrial and commercial growth throughout Southeastern Vermont, including Windham County and the towns of Readsboro, Searsburg, Weston, and Winhall. The primary objective of the BDCC is to create and retain a flourishing business community that supports vibrant fiscal activity, and improves the quality of life of all its residents.

About Vermont Rural Ventures (VRV)

Vermont Rural Ventures (VRV) uses its federal New Markets Tax Credit (NMTC) allocations to help businesses and nonprofits grow and expand in Vermont’s downtowns, manufacturing, nonprofit and value-added food and farm sectors. The NMTC program lowers the cost of capital for important infrastructure, expansion, machinery and equipment, or acquisition projects and spurs additional private investment in low-income communities. VRV is a community development entity wholly owned by nonprofit Housing Vermont.

# # #

2016-02-15T12:16:47+00:00 December 29th, 2015|VRV News|