Project Summary
Chroma Technology Corp., a global leader in optical filter manufacturing and an employee-owned business, completed a $22 million expansion of its Bellows Falls facility. The 37,000 square foot addition more than doubled the company’s space, enabling it to retain 113 high-quality jobs and add 26 new positions in a region impacted by the closure of Vermont Yankee.
Why BDCC Invested
The expansion supported job retention and creation in the precision manufacturing sector, a priority identified in the Windham Region’s Comprehensive Economic Development Strategy. With Chroma considering out-of-state options, BDCC’s involvement helped preserve a key employer and stabilize the regional economy.
BDCC’s Role
Real Estate Development:
purchased the existing site, coordinated the renovation and expansion of the site, retained ownership through the NMTC compliance period, returning the property to Chroma ownership at unwind.
Project Management:
Spearheaded predevelopment efforts and coordinated permitting, capital stack, design and oversaw construction.
Financing:
Assembled a complex capital stack including:
- $500,000 loan from the Windham County Economic Development Program
- Community Development Block Grant (CDBG)
- Town of Rockingham grant
- Vermont Economic Development Authority loan
- Vermont Employment Growth Incentive
- Federal New Markets Tax Credits via Vermont Rural Ventures, MHIC, and USBANCORP
- People’s United Bank financing
Stakeholder Coordination:
Partnered with the Town of Rockingham, Vermont Agency of Commerce and Community Development, Governor’s Office, Vermont Rural Ventures, and multiple federal and private finance entities
Workforce/Business Services:
Supported VTP investment in expanding skilss through employer-driven training.
Project Outcomes
The project resulted in 37,000 square feet of new manufacturing space, significant equipment upgrades, and expanded production capacity. Chroma’s continued presence contributes to downtown vitality, local business patronage, and job growth in Windham County.
Recognition:
Celebrated by Governor Phil Scott and Senator Patrick Leahy as a model of public-private collaboration.
For more information visit https://www.chroma.com/
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