Shumlin defends $1 million from Enterprise Fund for company
SOUTH BURLINGTON, VT. >> Vermont Gov. Peter Shumlin is defending his decision to give $1 million from the state's Enterprise Fund to Global Foundries, the successor to IBM in Essex Junction.
The decision has been criticized by some lawmakers, but Shumlin says it encouraged $79 million in new investment by the company.
Dozens of lawmakers last week wrote to Shumlin to say the money could better have been used to help address some of the state's budget troubles.
But at an appearance Monday before the Lake Champlain Regional Chamber of Commerce, Shumlin said if the former IBM plant in Essex Junction — which Global Foundries took over last year — were to close, the impacts would be greater than $1 million in state revenues.
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