Governor Shumlin Announces $2 Million in Downtown Tax Credits

MORRISVILLE – July 24, 2013 – (RealEstateRama) — Gov. Peter Shumlin announced the allocation of nearly $2 million in tax credits to support about $18 million in building improvements and investment to help revitalize Vermont’s downtowns and community centers. Competitively awarded by the Downtown Development Board, this year’s tax credits went to 31 projects in 20 communities.

Among the projects, credits will support the reconstruction of the Landry Block in St. Johnsbury, which was severely damaged by fire in December 2012. Also on the list are new investments in the vacant and underutilized Shade Roller Mill in Vergennes, and the Catamount High School in Bennington, as well as the rehabilitation, façade improvement and code upgrades to six projects in Morrisville, including the former Arthurs Department Store on Lower Main Street.

Other project highlights include access and safety improvements at Barre’s National Historic Landmark – the Old Labor Hall; conversion of the former Masonic Building in Springfield into space for four commercial enterprises; rehabilitation of the vacant Bank Block in Richford’s center; rehabilitation of the former Post Office in White River Junction for the Center for Cartoon Studies and Schulz Library; and flood repairs and rehabilitation of the Vermont House in Wilmington.

“Historic preservation has always been an important component of Vermont’s community and economic development strategy, and the state tax credit program not only helps repair these buildings, but also creates jobs and attracts businesses and tourists to our downtowns,” the Governor said at an announcement ceremony today in Morrisville.

The tax credit program is one of the benefits of Downtown and Village Center Designation. The funds make it possible to revitalize hard-to-finance projects in community centers across the state, supporting state-mandated code retrofits like elevators and sprinklers systems that are cost prohibitive to many commercial building owners. This year is no exception. Tax credits will support installation or upgrade of 7 elevators and 22 sprinkler systems, making our downtowns safer and more accessible.

“Across the state tax credits have successfully channeled public and private investments into our downtowns and village centers.  As we’ve seen in Hardwick and Barre, the program has a proven track record sparking community revitalization,” said House Speaker Shap Smith, D-Morrisville. “With six tax credit projects planned or ongoing in Morrisville, we’re well-positioned to be the next downtown success story.”

Noelle Mackay, Commissioner of the Department of Housing, and Community Development, and Chair of the Downtown Board said, “Program changes made this year help prepare the ground for expanded economic activity and housing opportunities in walkable areas around Vermont’s downtowns and villages.  These changes are an important part of our ongoing efforts to make more sustainable and strategic infrastructure investments and create more jobs and housing opportunities in and around our community centers.”

Vermont’s Downtown Program is an incentive and training program that helps maintain Vermont’s compact development pattern by targeting state resources to promote the efficient use of land, infrastructure, and resources.  Over 125 of Vermont’s Downtowns and Village Centers are designated and these communities receive priority for consideration for state funding, increased Act 250 thresholds, and tax credits to promote vital communities.  Map of designated communities.

FY14 Tax Credit Projects

Project Location

Total Allocated

Total Project Cost

1

Barre/46 Granite Street (Labor Hall)

               23,280

                 46,801

2

Newport/100 Second Street (NEK Homecare)

             102,500

               700,000

3

Wilmington/15 W. Main Street (The Vermont House)

               63,400

               232,600

4

Springfield/71 Main Street (Masonic Building)

               47,273

               300,000

5

St. Johnsbury/438 Railroad Street (Landry Block)

             168,279

           1,122,395

6

Vergennes/1-2 Canal Street (Shade Roller Mill)

             237,500

           3,000,000

7

White River Junction/46 S. Main Street

               10,255

               220,661

8

Morrisville/10 Railroad Street (Depot)

               31,842

               500,000

9

Windsor/56 G Company Road

             130,000

               532,000

10

Morrisville/53-63 Lower Main Street (Arthurs)

             233,500

           5,375,000

11

Bellows Falls/The Square (Hotel Windham)

               25,000

           1,200,000

12

Rutland/51-67 Merchants Row

               46,500

               320,000

13

Hartland/155 Route 5

               35,538

               295,000

14

Wilmington/9 W. Main Street (Cane’s Tavern)

               41,250

               125,000

 

 

15

Bellows Falls/30 Island Street

               17,728

               448,000

16

Richford/61 Main Street (Bank Building)

               59,273

               212,546

17

Bennington/230 School Street (Catamount School)

             169,792

               697,921

18

Hyde Park/111 Main Street

               17,839

               154,643

19

Burlington/37 Church Street (Outdoor Gear Exchange)

               45,200

               278,000

20

Barre/10 Jefferson Street (Elks Club)

               57,500

               133,000

21

Randolph/10 Prince Street (Chadwicks)

               30,263

               258,251

22

Waterbury/18 N. Main Street (Old Stagecoach Inn)

                 2,543

                 10,170

23

Bellows Falls/35 Westminster Street (Arms Building)

               92,500

               300,000

24

Morrisville/49 Portland Street

               35,095

               114,586

25

Montpelier/155 Elm Street

               54,172

               237,912

26

Barre/248 N. Main Street

               35,450

                 95,400

27

Morrisville/18 Lower Main Street (Union Bank)

               18,750

                 75,000

28

Morrisville/64 Portland Street

                 7,500

                 30,000

29

Burlington/151 S. Champlain Street (Blinn Block)

               93,900

               808,760

30

Lyndonville/61 Depot Street

               26,300

                 56,000

31

Morrisville/73 Main Street

               10,047

               109,800

TOTAL

         1,969,969

         17,989,446

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