Governor Phil Scott Announces Over $3 Million in Downtown and Village Center Tax Credits
Governor Phil Scott today announced the recipients of $3.2 million in Downtown and Village Center tax credits to support 30 projects in 27 Vermont communities.
“I’m proud to see Vermont’s continued commitment to investing in their downtowns during these uncertain times - it is a testament to our sense of community and entrepreneurship, and I’m pleased the state can support this work through this program,” said Governor Scott. “As we continue to weather the devastating economic impacts of this global pandemic and rebuild our economy, the downtown and village center tax credits will help local communities put themselves in the best position to thrive into the future.”
The tax credits will support over $160 million in downtown, village center and rehabilitation projects. This includes over $500,000 to support redevelopment of two properties in downtown Springfield: a former manufacturing facility that will be converted into multi-family housing, and the former Park Street School, which will be redeveloped into a multi-use facility with space for a business accelerator with co-working and private commercial space, studio apartments, and community use of the former gymnasium and 800-seat theater.
“The pandemic has required everyone to step back and rethink what they do,” said Housing and Community Development Commissioner Josh Hanford. “It’s extremely inspiring for me to see that Main Street building owners have decided there has never been a better time to make the place they call home even better for their residents, businesses and visitors.”
In Bellows Falls, a former parking garage will be converted into mixed-income workforce housing and in Rochester, the tax credits will support a new lodging business with both overnight accommodations and day-rate space for cross-country hikers and bikers. Other funded projects include conversion of the former Bridgewater School into a community center and childcare center, adaptive re-use of the former Skinner Library in Manchester, rehabilitation of the East Calais General Store, code-improvements at the Craftsbury General Store and installation of a sprinkler system at the Lantern Inn in Montgomery.
For a complete list of the FY21 Downtown and Village Center tax credit recipients, please visit https://accd.vermont.gov/sites/accdnew/files/documents/HTC/CPR-FY2021HTC....