DERBY - The Vermont Economic Development Authority (VEDA) rejected financing in the amount IROC needs to survive.
Thursday, VEDA agreed to finance up to $750,000 and required contingencies such as cash on hand solely for the use of paying the VEDA debt under the agreement. However, this amount is not enough to make it work, said Phil White, executive director of IROC (Indoor Recreation of Orleans County).
IROC attempted to get $1.1 million for refinancing, which would have covered everything including $150,000 to rehabilitate the facility and money to settle its mortgage with Community National Bank.
White said that more than $90,000 annually was pledged to IROC with town support, dasher board campaign sales, and yearly pledges from individuals, if the facility was able to get financing.
For more of this story, see Monday's edition of The Newport Daily Express for March 25, 2013.