- Project Sponsor: Vermont College of Fine Arts
- Investment: $12.7 million
- Location: Montpelier
- Higher education: capital projects and expand its degree programs
Vermont Rural Ventures provided $12.7 million of New Markets Tax Credit authority to renovate the Vermont College of Fine Arts’ campus and strengthen its position as a national center for graduate fine arts education.
Gap and Investment
VRV financing fills a gap in the Vermont College of Fine Arts capital campaign to complete several capital projects and expand its degree programs. By preserving working capital through low-cost, long-term financing the graduate college is well positioned to focus on capital projects and the growth and stability of its degree programs – all the while safeguarding its financial stability.
VCFA is consistently ranked in Vermont Business Magazines “Best Places to Work” and is a major employer in the area with 33 full-time and six part-time permanent employees and 82 faculty that spend 14-20 days every year on campus for residencies. Job creation as a result of program expansion will bring in upwards of 25 new faculty and seven staff positions to Central Vermont, and over 100 employees through the relocation of its tenant, the State of Vermont. As a further impact, VCFA generates $83,800 per program, per year of ancillary economic revenue for the Montpelier/Central Vermont economy.
Vermont Rural Ventures: Beth Boutin, Glenn Von Bernewitz, and Devin Fallon
Non-profit: Vermont College of Fine Arts
Legal: Nolan Sheehan Patten LLP, Downs Rachlin Martin PLLC, Leveraged Law Group LLC
Accounting: CohnReznick LLP
Contractor: Connor Contracting, Inc.
Architect: Black River Designs, PLC
US Bancorp Community Development Corporation
Mascoma Savings Bank
Vermont Economic Development Authority