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 |
