Governor Phil Scott Announces Winners of Over $3.6 Million in Downtown and Village Center Tax Incentives
Awards going to 28 projects in 22 of Vermont’s designated downtowns and village centers
Credits to generate over $83 million in building and infrastructure improvements statewide
St. Johnsbury, Vt. – Governor Phil Scott today announced funding to support 28 rehabilitation and revitalization projects in 22 of Vermont’s designated downtown and village centers. These awards will help generate over $83 million in building improvements and public infrastructure to support local businesses, create new housing opportunities and incentivize investments that will improve the resiliency and vitality of Vermont’s community centers.
“Like so many aspects of our lives, neighborhoods and economy, Vermont’s downtowns and villages have been significantly impacted by the pandemic. That is why it is inspiring to see so many Vermont companies, non-profits and individuals committed to making significant investments for the future of their communities. This collaborative approach is part of the reason our Downtown Program is so successful,” said Governor Scott. “The kind of projects we’re funding today, along with the strategic use of federal relief dollars, gives us the opportunity to make transformative change that will have long-lasting impacts around the state.”
In 2021, $3.6 million in tax credits will offset the costs of major investments to projects, including transformation of the former Bennington High School into a community center with recreation and arts programs, local businesses, and new housing; creation of three apartments in a formerly vacant home in the village of East Hardwick; reinvestment to support the reopening of Currier’s Market in Glover; and support of a major investment to adapt a vacant warehouse at the former Ide Feed Mill in St. Johnsbury into a processing facility for a local hemp-based manufacturing company.
“The Downtown and Village Center tax credit program has remained popular, despite recent economic uncertainty,” said Department of Housing and Community Development Commissioner Josh Hanford. “The continued fierce competition for funding we see every year is a testament both to the effectiveness of the program, but also to the dedication of so many Vermonters who continue to invest in making the place they call home even better for their residents, businesses, and visitors.”
Based on the success of this program, Governor Scott has proposed increasing available credits each year since coming to office. And with support from the Vermont Legislature, the cap on these credits has been raised from $2.4 million to $3 million over the last five years.
About the Vermont Agency of Commerce and Community Development
The Vermont Agency of Commerce and Community Development’s (ACCD) mission is to help Vermonters improve their quality of life and build strong communities. ACCD accomplishes this mission by providing grants, technical assistance, and advocacy through three divisions: The Department of Economic Development, the Department of Tourism and Marketing, and the Department of Housing and Community Development. For more information on ACCD please visit: accd.vermont.gov.