The State of Vermont has allocated $2.4 million in tax incentives for 37 local economic development projects that are investing a total of nearly $78 million on downtown and village center construction and rehabilitation.
Gov. Peter Shumlin said these incentives are proven to jumpstart transformation in communities and have business, jobs and housing to downtowns and village centers across Vermont.
“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,” added Gov. Shumlin.
For example, the old High School in Brandon, VT has been vacant for more than 25 years. It is now being rehabilitated into a housing complex with nine market rate apartments located within walking distance of the Town’s central business district.
This $2,500,000 project in Brandon, which is getting $125,000 in tax credits, will not only create jobs and rental housing, but also boost the local tax base.
Another project getting tax credits is the rehabilitation and redevelopment of the Berkshire Bank building in Manchester, VT. This building, a prominent historic anchor for the village corridor, has been lying vacant for years.
The $1,579,810 project, which is getting $112,500 in tax credits, aims to convert the Berkshire Bank building into a mixed-use development with housing above the retail space at the street level. The community is expecting to project economic growth outwards from the commercial core with the help of this project.
The Vermont House, a historic property in downtown Wilmington, VT, had been welcoming guests as a tavern and inn since 1864. However, it has been vacant for the last three years. This $950,000 rehabilitation project, which is getting $78,235 in tax credits, will provide tourist accommodations with 13 guest rooms within walking distance of Wilmington’s shops and restaurants.
The State also announced a sales tax reallocation for the City of Burlington to support infrastructure projects related to the construction of a new Hilton Garden Hotel. It is part of an ongoing development linking Burlington’s waterfront to other parts of the city. This $34 million project, which is getting a sales tax reallocation of $327,783, is expected to create 130 jobs.
Almost 150 community centers that are designated downtowns and villages in Vermont receive priority consideration for state grants and access to tax incentives.
Here’s the full list (pdf) of these latest projects that have been awarded tax incentives.