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Old 02-02-2010, 09:53 AM
 
Location: Live - VT, Work - MA
819 posts, read 1,378,997 times
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News story today..............

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Interesting.

Thoughts?
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Old 02-02-2010, 11:41 AM
 
894 posts, read 1,400,493 times
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Cool
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Old 02-02-2010, 03:12 PM
 
Location: Live - VT, Work - MA
819 posts, read 1,378,997 times
Reputation: 606
I think this is pretty interesting in the sense the NEK ,and particularly Newport has been hit with some recent employment “struggles” and could seriously use the uplift that 200 newly employed people will bring.

Granted many of the jobs will require specialties not found in great supply in the Newport area, however there will be some job creation in support of the business as well as the building effort. Additionally the folks they bring to the area to fill the skill sets not readily available in Newport will need housing, will pay taxes, will buy goods and services.

If you do some back of the napkin math 200 jobs @ $40-50K average will bring in $5M+ per year to the local economy, that is a good increase for a small place like Newport.

Last edited by Logs and Dogs; 02-02-2010 at 03:16 PM.. Reason: because
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Old 02-02-2010, 03:21 PM
 
Location: Vermont
3,419 posts, read 9,437,993 times
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I like Bill Stenger. We need more of him around.
Great news for the Newport area for sure.
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Old 02-09-2010, 11:42 AM
 
Location: Red Hook Brooklyn-winter Derby Line Vermont-summer
281 posts, read 1,159,646 times
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It is great for the area and a feather in Bill Stengers cap.However I wouldn't count on this facility opening anywhere near on schedule. This is an area that has fought bitterly over opening a Walmart or other type box store for at least 10 years.Change is always proposed and never completed.
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Old 02-09-2010, 06:23 PM
 
Location: Vermont / NEK
5,786 posts, read 13,018,702 times
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I haven't read anything to suggest that the state government and the Newport city council are anything other than very supportive of this plan. The proposed bio tech plant is to be situated, at least for the time being, in an existing building - the former Bogner plant where ski apparel was once manufactured. It's away from the center of town with quite a bit of open land surrounding it. Parking and traffic shouldn't create any additional problems. The structure was built in the late 70s or early 80s and is actually quite modern - at least from outside appearances.
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Old 02-10-2010, 07:39 AM
 
Location: Live - VT, Work - MA
819 posts, read 1,378,997 times
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If they fight this one, it very well could be the final nail in the coffin for the Newport economy as it spins in a death spiral towards bleakness and irrelevance. People can’t complain on one hand about having no jobs available and no one to support the tax base and then fight the few companies that can actually do something about it.

This should be very good news for Newport and they surrounding area. Now if they can just keep the area looking and “behaving” like the NEK always has we should be good to go.
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Old 12-08-2010, 11:01 AM
 
Location: Maidstone
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Sorry to bump an old thread, but I haven't seen anything in the news about this lately. Is the biotech company still coming to Newport? Anybody in the area know if they're moving forward with the building/renovations?
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Old 12-18-2011, 07:29 PM
 
Location: Red Hook Brooklyn-winter Derby Line Vermont-summer
281 posts, read 1,159,646 times
Reputation: 162
One year since this thread last got bumped and still no Korean Biotech company and no construction on Korean Biotech company. I think it is still supposed to come here and provide about 200 jobs but I am glad I have not tried to hold my breath waiting because obviously I'd be dead. What is still more important and seems currently dead is a Walmart or Target for the Newport area.At the time Wal-Mart wanted to come in they were basically told F-off and now that there is more support than say 5 years ago Wal-Mart has returned the F-Off.
Oh Jay Peak did put in a nice year round indoor waterpark that just opened and alot of things are going on but these are low paying jobs and many are seasonal.The biotech plant would provide higher paying jobs but we wait, and wait and wait....
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Old 12-18-2011, 08:11 PM
 
Location: Vermont / NEK
5,786 posts, read 13,018,702 times
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I did read something in the local press a few months ago that stated it is still going to happen. I can't recall the details, but another medical manufacturer is also planning to move to Newport to be closer to the bio tech operation. Apparently, Jay Peak's Bill Stenger is involved as well and the EB-5 visa program, which allows foreigners to invest heavily in projects such as this. That's how Jay Peak got all their new stuff built.

I drive by the proposed location a few times each week and haven't seen anything yet to indicate that they're gearing up for business. But I'll take a closer look next time I go that way as the building is hidden from the road.
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