WHITE RIVER JUNCTION, Vt., Jan. 19, 2016 /PRNewswire/ -- Vermont-based Maponics, (www.maponics.com), provider of location boundary content, has been selected by the Vermont Economic Progress Council (VEPC) as eligible to earn payments under the Vermont Employment Growth Incentive (VEGI) program.
Maponics was one of only ten Vermont companies selected to receive the growth incentive in 2015. The job creation incentives approved in 2015 total $4.3 million, which will encourage the creation of 332 new jobs for Vermonters. These projects will create an estimated $13.5 million in new, full-time payroll for Vermonters. Among the companies selected, there are stated plans to invest $47.7 million in facilities and machinery and equipment in Vermont between 2015 and 2019.
"The VEGI incentive program continues to ensure Vermont's businesses remain in Vermont and draws new growth as companies seek out Vermont's innovative economy," said Patricia Moulton, Secretary of the Agency of Commerce and Community Development.
The Council approved the applications after reviewing nine program guidelines and applying a rigorous cost-benefit analysis that calculated the level of new tax revenue a project will generate for the state. The model estimates that the total economic activity approved for these projects will generate $1.7 million in net new tax revenue, even after payment of the incentives.
Maponics was authorized for $156,490, which can be earned by creating new payroll and jobs over the next five years.
"As we continue to experience a growing upward trend in the demand for our portfolio of boundary data and GIS content, we are honored to be recognized as a growing company in the state of Vermont," said Dan Adams, CEO of Maponics. "We have more than doubled our staff size since 2012 and are pleased to have the ability and resources to provide continuous opportunities for GIS career seekers in the state."
Maponics is a highly focused spatial data company that specializes in mapping areas and populations of interest. By merging technology and data, Maponics creates innovative products built on real-world geography. Maponics boundaries power many of today's best-known web, social media and real estate brands, including over 70% of the top real estate website portals. Learn more at www.maponics.com
CONTACT: Jessica Willis, 615-739-2980, email@example.com