Who We Are
"Yellow Barn" is a unique public-private endeavor to offer best-in-class production and administrative space to new and expanding businesses at highly competitive rates. The Town of Hardwick owns the Yellow Barn. The Northeast Kingdom Development Corporation, a non-profit economic development entity, will act as fiscal agent for the facility. The Center for an Agricultural Economy will provide managerial oversight to the accelerator spaces available to new and expanding farm- and food-related businesses. Yellow Barn will have two anchor tenants: The Cellars at Jasper Hill, and Cabot.
Partners
The Town of Hardwick owns the Yellow Barn and is partnering with the Center for an Agricultural Economy (CAE), who will bring their expertise in managing the neighboring Vermont Food Venture Center and providing business advice and assistance to tenants. The Hardwick Yellow Barn will be tax-exempt, but a PILOT program will compensate for the municipal tax, reaching full valuation at Year 7.
Northeast Kingdom Development Corporation (NEKDC) is a non-profit vehicle for projects that further economic development in the region. NEKDC is a fiscal agent for the project by securing secure bridge financing as needed during the construction period. Yellow Barn Business Accelerator will be a non-profit subsidiary of the NEKDC that receives New Markets Credit (NMTC) financing. The Town of Hardwick will provide a long-term ground lease to the Yellow Barn Business Accelerator at $1 a year. The Yellow Barn Business Accelerator will then sub-lease space to the tenants in the facility.
Northeastern Vermont Development Association (NVDA), the Northeast Kingdom’s regional planning commission and economic development corporation, is also a partner in the project. NVDA is assisting with planning, grant writing, and grant administration.