Governor Shumlin announces winners of $2.4 million in Downtown and Village Center Tax Incentives
BURLINGTON -- At the site of a major downtown redevelopment, Gov. Peter Shumlin announced the allocation of $2.4 million in tax incentives to 37 projects, supporting nearly $78 million in downtown and village and village center construction and rehabilitation projects.
"These incentives are proven to jumpstart transformation in communities and have brought jobs, business and housing to downtowns and villages across the state," said the Governor. "And when we put people to work revitalizing our communities, we not only support local economic development -- we're building a better and stronger Vermont for the next generation."
"These tax incentives have underpinned the dramatic changes seen in Brattleboro, St. Albans, Barre, Hardwick and Morrisville," said Department of Housing and Community Development Commissioner Noelle MacKay. "The legislature's support of a $500,000 increase to the program allowed the Downtown Board to support a record number of projects to spur building rehabilitation and economic development in 26 communities."
Other changes made this legislative session include new incentives to encourage building owners to install data wiring and technology-related equipment to help draw high-tech businesses and jobs to our commercial centers. Among the projects awarded, credits will support expansion of the Maple Corner Store in Calais; rehabilitation of an underused warehouse building in the Island District of Bellows Falls for artist studio space and commercial business, and will offset the cost of making code and facade improvements in support of new businesses in Waterbury (Craft Beer Cellar of Waterbury) and Randolph (One Main Tap & Grill), capitalizing on Vermont's growing micro-brew industry.
A sales tax reallocation for the City of Burlington also announced today will support public infrastructure projects in conjunction with the construction of a new Hilton Garden Hotel and parking facility on St. Paul Street next to the historic Woodbury Armory Building. Part of ongoing development to link Church Street with Burlington's waterfront, the project is also projected to create 130 jobs.
Other project highlights include redevelopment of the old Brandon High School into market rate housing, installation of an ADA lift in a long-standing family business in Newport to improve accessibility, code and safety improvements to a community center in Putney and redevelopment of the former Windridge Tennis Camp in Jeffersonville as an indoor/outdoor recreation and community center facility.
For a complete list of FY 2015 Projects, visit our website.
The State's Downtown Program and Board works to target state resources and training to build strong communities and promote the efficient use of land, infrastructure, and resources. Almost 150 community centers are designated downtowns and villages, and upon designation, the communities receive priority for consideration for state grants, increased Act 250 review triggers and access to state tax incentives.
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