Developments > Weidmann NCIC Board Co.
This New Markets Tax Credit project involves the 36,790 square-foot expansion of a manufacturing facility and acquisition of new machinery, most notably an 800-ton hot press, for Weidmann NCIC Board Company, LLC, a joint venture between Weidmann Electrical Technology (WETI), a global leader in electrical insulation for transformer manufacturers and transformer users, and Northern Community Investment Corporation, a regional not-for-profit economic development organization. The new machinery was needed because the old machinery was at the end of its useful life and had to be replaced in order for the plant to continue to operate at its current capacity and to expand, to maintain current levels of employment with the prospect of future new job creation, and to stay competitive. Without MHIC’s $14.6 million in New Markets Tax Credit financing, plus New Markets financing from Vermont Rural Ventures of $10 million and National Development Council of $10.6 million, along with state income tax incentives, WETI was likely to expand its operations in one of its overseas locations rather than in New England. The project generated 60 construction jobs and will ensure retention of 277 full-time manufacturing jobs in this economically-distressed rural area of the Northeast Kingdom.
Weidmann NCIC Board Co.
Project at a Glance:
Location:
St. Johnsbury
Development Type:
Commercial
Project Type:
Expansion of factory and acquisition of new machinery
MHIC Financing:
$13,309,677 in NMTC financing
Sponsor:
Weidmann Electrical Technology Inc.
This New Markets Tax Credit project involves the 36,790 square-foot expansion of a manufacturing facility and acquisition of new machinery, most notably an 800-ton hot press, for Weidmann NCIC Board Company, LLC, a joint venture between Weidmann Electrical Technology (WETI), a global leader in electrical insulation for transformer manufacturers and transformer users, and Northern Community Investment Corporation, a regional not-for-profit economic development organization. The new machinery was needed because the old machinery was at the end of its useful life and had to be replaced in order for the plant to continue to operate at its current capacity and to expand, to maintain current levels of employment with the prospect of future new job creation, and to stay competitive. Without MHIC’s $14.6 million in New Markets Tax Credit financing, plus New Markets financing from Vermont Rural Ventures of $10 million and National Development Council of $10.6 million, along with state income tax incentives, WETI was likely to expand its operations in one of its overseas locations rather than in New England. The project generated 60 construction jobs and will ensure retention of 277 full-time manufacturing jobs in this economically-distressed rural area of the Northeast Kingdom.