2025-04-28T12:08:24-05:00 2024-06-30 881478669 CBIZ ADVISORS LLC 53 STATE STREET BOSTON MA 02109 990 2023-07-01 813578784 BRATTLEBORO DEVELOPMENT CREDIT CORPORATION REAL ESTATE HOLDINGS II INC BRAT 8022577731 76 COTTON MILL HILL BRATTLEBORO VT 05301 ADAM GRINOLD PRESIDENT 8022577731 2025-04-24 1 1 KRISTEN CUMMINGS P01510495 6178075000 2025-04-15 2023 2025-03-06 01:10:19Z ADAM GRINOLD 76 COTTON MILL HILL BRATTLEBORO VT 05301 1371605 0 X WWW.BRATTLEBRORDEVELOPMENT.COM X 2016 VT TO FOSTER, ENCOURAGE, AND ASSIST THE PHYSICAL LOCATION OF BUSINESS ENTERPRISES WITHIN VERMONT. 3 2 0 2 0 0 0 382465 782806 400006 2697 11278 0 577856 785503 1371605 0 382465 0 0 0 0 0 0 0 1068975 895701 1068975 1278166 -283472 93439 21698939 341147 21451231 0 247708 341147 X BRATTLEBORO DEVELOPMENT CREDIT CORPORATION REAL ESTATE HOLDINGS II, INC. IS A PUBLIC BENEFIT CORPORATION ORGANIZED AND OPERATED EXCLUSIVELY AS A CHAMBER OF COMMERCE WITHIN THE MEANING OF SECTION 501 (6) OF THE INTERNAL REVENUE CODE OF 1986 AS AMENDED, (SEE SCH O) AND FOR SPECIFICALLY STATED PURPOSES. WITHOUT IN ANY WAY LIMITED TO THE FOREGOING GENERAL PURPOSES, THE SPECIFIC PURPOSE OF THE CORPORATION IS TO FOSTER, ENCOURAGE, AND ASSIST BOTH THE PHYSICAL LOCATION OF BUSINESS ENTERPRISES WITHIN THE STATE OF VERMONT AND THE INDUSTRIAL AND ECONOMIC DEVELOPMENT OF WINDSOR AND WINDHAM COUNTIES. 0 1 THE CORPORATION WAS FORMED TO PURCHASE AND IMPROVE A MANUFACTURING FACILITY CONSISTING OF ONE BUILDING AND AN ADJACENT PARCEL OF LAND IN ROCKINGHAM, VERMONT AS WELL AS ACQUIRE CERTAIN MANUFACTURING EQUIPMENT. THE CORPORATION LEASES THE FACILITY AND EQUIPMENT TO CHROMA TECHNOLOGY CORP.,(THE "TENANT") A REGIONAL MANUFACTURING COMPANY. THESE ACTIVITIES WILL FOSTER, ENCOURAGE, AND ASSIST THE TENANT TO CONTINUE TO EXPAND ITS OPERATIONS. IN FISCAL YEAR 2024, BDCC HOLDINGS UNWOUND THE NMTC STRUTURE AND TRANSFERRED THE PROPERTY BACK TO THE OWNERSHIP OF CHROMA TECHNOLOGY CORP. 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 X 3 2 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 0 1 0 0 0 X THE ORGANIZATION 8022577731 76 COTTON MILL HILL BRATTLEBORO VT 05301 ADAM GRINOLD PRESIDENT 1.00 42.00 X X 0 155910 4677 CRAIG MISKOVICH SECRETARY 1.00 2.00 X X 0 0 0 DART EVERETT TREASURER 1.00 1.00 X X 0 0 0 BOBBI KILBURN DIRECTOR OF FINANCE 1.00 42.00 X 0 126214 23793 0 282124 28470 0 0 1 0 0 382465 382465 LEASE REVENUE 531190 400006 400006 400006 11278 11278 BDCC HOLDINGS II WIND 531190 577856 577856 577856 1371605 400006 0 589134 382465 158897 41608 2954 158882 532269 1091 1278166 288295 341147 0 0 17948497 0 3462147 0 21698939 341147 1125 0 21450106 0 21451231 0 X 247708 341147 247708 341147 21698939 341147 93439 0 X X 0 1 X 1 0 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X PART X, LINE 2: THE FOLLOWING IS AN EXCERPT FROM NOTE 2 OF THE FINANCIAL STATEMENTS: BDCC, BDCC HOLDINGS, AND BDCC HOLDINGS II HAVE BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER IRC SECTION 501(A) AS ORGANIZATIONS DESCRIBED IN IRC SECTION 501(C)(6). SEVEDS HAS BEEN RECOGNIZED BY THE INTERNAL REVENUE SERVICE (IRS) AS EXEMPT FROM FEDERAL INCOME TAXES UNDER INTERNAL REVENUE CODE (IRC) SECTION 501(A) AS AN ORGANIZATION DESCRIBED IN IRC SECTION 501(C)(3), QUALIFIES FOR CHARITABLE CONTRIBUTION DEDUCTIONS, AND HAS BEEN DETERMINED NOT TO BE A PRIVATE FOUNDATION. A RETURN OF ORGANIZATION EXEMPT FROM INCOME TAX (FORM 990) IS REQUIRED TO BE FILED ANNUALLY BY EACH ENTITY WITH THE IRS. IN ADDITION, NET INCOME THAT IS DERIVED FROM BUSINESS ACTIVITIES THAT ARE UNRELATED TO EACH ENTITY'S EXEMPT PURPOSE IS SUBJECT TO INCOME TAX. BDCC ACCOUNTS FOR UNCERTAIN TAX PROVISIONS UNDER FASB ASC 740, INCOME TAXES, WHICH PROVIDES A FRAMEWORK FOR HOW ENTITIES SHOULD RECOGNIZE, MEASURE, PRESENT, AND DISCLOSE UNCERTAIN TAX POSITIONS IN THEIR FINANCIAL STATEMENTS. BDCC MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY THE TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. MANAGEMENT HAS REVIEWED BDCC'S REPORTING AND BELIEVES THEY HAVE NOT TAKEN TAX POSITIONS THAT ARE MORE LIKELY THAN NOT TO BE DETERMINED TO BE INCORRECT BY THE IRS AND, THEREFORE, NO ADJUSTMENTS OR DISCLOSURES ARE REQUIRED. BDCC IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS PENDING OR IN PROGRESS. 1 CHROMA TECHNOLOGY CORP 10 IMTEC LANE BELLOWS FALLS VT 05101 382465 0 SLOPE STABALIZATION AND STORMWATER RUNOFF REMEDIATION 1 0 0 0 ADAM GRINOLD PRESIDENT 0 155910 0 0 0 0 0 4677 0 0 0 160587 0 0 BOBBI KILBURN DIRECTOR OF FINANCE 0 126214 0 0 0 0 0 3786 0 20007 0 150007 0 0 PART I, LINE 3 THE RELATED ORGANIZATION THAT COMPENSATES THE CEO/EXECUTIVE DIRECTOR USE THE FOLLOWING METHODS TO ESTABLISH THEIR COMPENSATION: - COMPENSATION COMMITTEE - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE FORM 990, PART III, LINE 3 THE FOLLOWING EXCERPT IS FROM NOTE 14 OF THE CONSOLIDATED FINANCIAL STATEMENTS: THE NMTC PROGRAM WAS ESTABLISHED BY CONGRESS IN 2000 TO SPUR NEW OR INCREASED INVESTMENT IN OPERATING BUSINESSES AND REAL ESTATE PROJECTS LOCATED IN LOW-INCOME COMMUNITIES. THE NMTC PROGRAM ATTRACTS INVESTMENT CAPITAL TO LOW-INCOME COMMUNITIES BY PERMITTING INDIVIDUAL AND CORPORATE INVESTORS TO RECEIVE A TAX CREDIT AGAINST THEIR FEDERAL INCOME TAX RETURN IN EXCHANGE FOR MAKING EQUITY INVESTMENTS IN SPECIALIZED FINANCIAL INSTITUTIONS CALLED COMMUNITY DEVELOPMENT ENTITIES (CDES). THE CREDIT TOTALS 39% OF THE ORIGINAL INVESTMENT AMOUNT AND IS CLAIMED OVER A PERIOD OF SEVEN YEARS (5% FOR EACH OF THE FIRST THREE YEARS, AND 6% FOR EACH OF THE REMAINING FOUR YEARS). THE INVESTMENT IN THE CDE CANNOT BE REDEEMED BEFORE THE END OF THE SEVEN-YEAR PERIOD. ON MAY 31, 2016, BDCC ENTERED INTO AN AGREEMENT TO PROVIDE FINANCIAL SUPPORT AND SHARED FACILITIES TO THE CHROMA TECHNOLOGY CORP. EXPANSION PROJECT (THE PROJECT). THE PROJECT (I) PURCHASED A 30,742 SQUARE FOOT MANUFACTURING AND COMMERCIAL OFFICE BUILDING AT 10 IMTEC LANE, BELLOWS FALLS, VERMONT (THE PROPERTY); (II) RENOVATED THE EXISTING FACILITY INCLUDING DESIGN, PERMITTING AND CONSTRUCTION OF APPROXIMATELY 6,000 SQUARE FEET OF THE EXISTING FACILITY; (III) CONSTRUCTED 25,502 SQUARE FEET OF ADDITIONAL MANUFACTURING SPACE; (IV) CONSTRUCTED AND EXPANDED PARKING AREAS ADJACENT TO THE EXISTING FACILITY; (V) ACQUIRED CERTAIN MANUFACTURING EQUIPMENT, AND (VI) LEASED ALL FACILITIES AND THE EQUIPMENT TO A REGIONAL MANUFACTURING COMPANY, CHROMA TECHNOLOGY CORP. (THE COMPANY). IN MARCH 2024, AFTER THE COMPLETION OF THE REQUIRED SEVEN-YEAR NMTC PERIOD, THE ISSUER OF THE NMTC LOANS (CDES) EXERCISED ITS PUT OPTION AND BEGAN THE PROCESS OF LIQUIDATING ITS INTEREST. AS A RESULT, THE ISSUER OF THE NMTC LOANS SOLD ITS INTEREST IN THE NMTC INVESTOR TO BDCC FOR A PUT PRICE OF $1,000. EXERCISE OF THE PUT OPTION PROVIDES BDCC WITH OWNERSHIP OF THE NMTC INVESTOR, WHICH ALLOWS FOR THE SETTLEMENT OF THE ASSOCIATED NMTC NOTES RECEIVABLE AND PAYABLE, AS BDCC BECOMES THE HOLDER OF THE CDE'S NOTES RECEIVABLE FROM BDCC HOLDINGS II. UPON FORGIVENESS OF THE LOANS, THE PROPERTY WAS TRANSFERRED BACK TO THE COMPANY. THE NET FINANCIAL IMPACT TO BDCC HOLDINGS II WAS $577,856. FORM 990, PART VI, SECTION A, LINE 3 CHROMA TECHNOLOGY CORP. PROJECT SCOPE OF WORK: (1) COORDINATE, AUDIT, AND CONTROL FINANCIAL PROJECTIONS; (2) REVIEW AND APPROVE FINANCIAL MATERIALS AND FINAL FINANCING PACKAGES; (3) WORK WITH PROFESSIONAL SERVICE PROVIDER TO PREPARE TAX CREDIT APPLICATION, GRANT MANAGEMENT ADMINISTRATION, AND OVERSIGHT; (4) PERFORM FUNCTIONS RELEVANT TO LEGAL REQUIREMENTS OF PROJECT IN COORDINATION WITH DEVELOPMENT CONSULTANT, ATTORNEYS, AND OTHERS; AND (5) EXECUTE DESIGN AND CONSTRUCTION FUNCTIONS ON BEHALF OF THE PROJECT. FORM 990, PART VI, SECTION A, LINE 6 SOLE MEMBER OF THE CORPORATION SHALL BE BRATTLEBORO DEVELOPMENT CREDIT CORPORATION, ("BDCC") A VERMONT PUBLIC BENEFIT NONPROFIT, TAX-EXEMPT CORPORATION. FORM 990, PART VI, SECTION A, LINE 7A PURSUANT TO SECTION 3.2 OF THE BY-LAWS THE BOARD OF DIRECTORS SHALL AT ALL TIME INCLUDE PRESIDENT OF BDCC AND THE EXECUTIVE DIRECTOR OF BDCC. FORM 990, PART VI, SECTION A, LINE 7B PURSUANT TO SECTION 7.1 OF THE BY-LAWS, BDCC MAY AMEND OR REPEAL THE BY-LAWS. FORM 990, PART VI, SECTION B, LINE 11B A DRAFT OF FORM 990 WITH ALL ATTACHMENTS WAS DISTRIBUTED TO THE DIRECTORS IN ADVANCE OF A MEETING TO DISCUSS THE FILINGS. DIRECTORS INPUT WAS SOUGHT AND APPOPRIATE ADDITIONAL DISCLOSURES AND CORRECTIONS WERE MADE. FORM 990, PART VI, SECTION B, LINE 12C ON AN ANNUAL BASIS, THE CONFLICT OF INTEREST / RELATED PARTY TRANSACTION POLICY IS REVIEWED AND EDITED FOR COMPLIANCE, AS NECESSARY. ANY / ALL EDITS ARE CONFIRMED WITH GENERAL COUNSEL, AND THEN THE POLICY IS REVIEWED AND APPROVED BY THE BDCC BOARD OF TRUSTEES, INCLUDING THE COMPLETION OF THE QUESTIONNAIRE WHICH IS COMPLETED BY STAFF AND THE BOARD OF DIRECTORS/TRUSTEES. THESE QUESTIONNAIRES ARE COMPLETED AT LEAST ANNUALLY, OR AS NEEDED, AND ARE EXECUTED IN PARALLEL WITH THE START OF EACH FISCAL YEAR. IF THERE IS A POTENTIAL CONFLICT OF INTEREST THE INDIVIDUAL INVOLVED DOES NOT CAST A VOTE ON SUCH MATTER. FORM 990, PART VI, SECTION C, LINE 19 GOVERNING DOCUMENTS AND POLICIES ARE AVAILABLE FOR PUBLIC INSPECTION AT THE ORGANIZATION'S OFFICE DURING REGULAR BUSINESS HOURS, UPON REQUEST. BRATTLEBORO DEVELOPMENT CREDIT CORPORATION 76 COTTON MILL HILL BRATTLEBORO VT 05301 036010485 ECONOMIC DEVELOPMENT VT 501(C)(6) N/A 0 BDCC REAL ESTATE HOLDINGS INC 76 COTTON MILL HILL BRATTLEBORO VT 05301 810687884 ECONOMIC DEVELOPMENT VT 501(C)(6) BDCC 0 SOUTHEASTERN VERMONT ECONOMIC DEVELOPMENT STRATEGIES INC 76 COTTON MILL HILL BRATTLEBORO VT 05301 462760132 ECONOMIC DEVELOPMENT VT 501(C)(3) LINE 7 BDCC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0