Governor Phil Scott and Senator Patrick Leahy were joined by local, regional, and state partners to celebrate the ground breaking of LEDdynamics’ new home. The new 27,600 sq. ft. facility will allow the rapidly growing Randolph-based manufacturer of Light Emitting Diode (LED) products to double its workforce.
The Governor and Senator announced nearly $1.5 million in state and federal assistance to support the project, the largest being a $1 million Community Development Block Grant (CDBG) to the Town of Randolph. The federal grant will help Green Mountain Economic Development Corporation (GMEDC) purchase the Beanville Road property and build the new facility, which will be leased by LEDdynamics when finished in Spring 2019.
The Governor also announced state incentives from the Vermont Economic Progress Council and the Vermont Training Program. The nearly $5 million project is financed with a Vermont Economic Development Authority loan, in addition to company equity. When complete, the new manufacturing facility will allow LEDdynamics to employee more than 100, working on new innovative lighting products sold worldwide.
“I am thrilled to see LEDdynamics grow and expand in Randolph with strong support from the town, community and regional economic development leaders,” said Scott. “Homegrown businesses and entrepreneurs are the engine of Vermont’s economy, creating jobs and helping create more opportunity for Vermonters. I thank Bill McGrath and his team for their commitment to Vermont and appreciate the work and support of all our state and federal partners that helped make this project possible.”
“Vermont’s economic future will be determined by our ability to work together to help existing Vermont businesses grow and thrive here. Today that future looks brighter because LEDdynamics is choosing to expand here in Randolph, rather than accept an offer to move out of state,” said Senator Patrick Leahy. “Congratulations to Bill McGrath, and the entire team at LED for choosing Vermont. Your investment here will make both Randolph and the Green Mountain State stronger and more vibrant.” As Vice-Chairman of the Senate Appropriations Committee Leahy has long championed the CDBG program and in the latest round of spending negotiations protected the program after it was proposed to be eliminated.
LEDdynamics was founded in 2000 in Rochester, Vt. Its President, Bill McGrath, is a Randolph resident, Vermont Technical College alumnus and former professor of electrical and mechanical engineering. The business, with custom solutions, new products and developments born form Vermont innovation and ingenuity, has outgrown its existing facility, which opened in Randolph in 2004.
“Bob Haynes, Executive Director of GMEDC solved our several-year search for a new location by securing this wonderful spot in Randolph,” said McGrath. “He helped us assemble a team to obtain the necessary grants, financing, design, permitting and construction services required to deliver a state of the art building that will help us stay in Vermont and grow substantially for many years to come. We are very excited and most grateful!”
About the Vermont Agency of Commerce and Community Development
The Vermont Agency of Commerce and Community Development’s mission is to help Vermonters improve their quality of life and build strong communities. ACCD accomplishes this mission by providing grants, technical assistance, and advocacy through three divisions: The Department of Economic Development, the Department of Tourism and Marketing, and the Department of Housing and Community Development. For more information on ACCD please visit: accd.vermont.gov.