GS Precision groundbreaking

NMTC Project


BUSINESS FINANCING

  • Project Sponsor: Brattleboro Development Credit Corporation
  • Investment: $12 million
  • Location: Brattleboro
  • Manufacturing

Vermont Rural Ventures provided $12 million of New Markets Tax Credit authority to retain, expand, and strengthen GS Precision’s global position as a leading precision-tool manufacturer.

Gap and Investment

VRV financing is part of a public-private partnership to retain GS Precision and grow new jobs. The project allows GS Precision to increase production to meet new large contract demands and improve operating efficiencies to better control production costs. VRV’s NMTC allocation filled the gap between total development costs and sources of funding available.

Impact

If not for this NMTC transaction, GS Precision and its existing skilled workforce of 329 would have left Vermont.  This comes at a crucial time for Brattleboro and the greater Windham County which has experienced slow economic decline for the past 15 years through a loss of 2,200 jobs from 2000-2010 and another 5% between 2010 and 2015.

This important project retains 329 jobs, 15% of Brattleboro’s manufacturing workforce, and adds 100 new quality jobs for the area.


Project Team

Vermont Rural Ventures: Beth Boutin and Devin Fallon

Business: GS Precision

Legal: Nolan Sheehan Patten LLP, Downs Rachlin Martin PLLC, Jensen Baird Gardner & Henry

Accounting: CohnReznick, LLP

Architect: Hill Engineers, Architects, Planners, Inc.

Contractor: ReArch Company

Partners

Massachusetts Housing Investment Corporation
Brattleboro Development Credit Corporation
TD Bank
Vermont Economic Development Authority
Vermont Agency of Commerce and Community Development
Town of Brattleboro

PDF Version

pdf-1 VRV_ProjectSheet_GS-Precision_print