SPRINGFIELD, Vt. - Governor Phil Scott has announced funding to support 28 rehabilitation and revitalization projects in 22 of Vermont's designated downtown and village centers.
The awards help generate over $83 million in building improvements and public infrastructure to support local businesses, create new housing opportunities and incentivize other community investments.
"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," said Vermont Governor Phil Scott.
Based on the success of this program, Governor Scott has proposed increasing available credits each year since coming to office. As a result, 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.
Here are the details on the Springfield Main Street buildings.
23-25 Main Street, Springfield – A former department store, this classic art-deco building includes two floors of usable commercial space centrally located in Springfield’s downtown.
State tax credits will support brownfield remediation, code compliance, and façade work to ensure the building continues to provide a place for dynamic new businesses that support the local economic ecosystem.
Total Project Cost: $605,880; Tax Credits Awarded: $185,000 Contact: Matt Dunne, 802-436-4100, email@example.com
27-31 Main Street, Springfield – Centrally located in Springfield’s downtown, this mixed-use commercial property is currently underutilized.
State tax credits will support investments to complete required brownfield remediation, code compliance upgrades, and façade work to attract a new tenant to the empty street-level commercial space.
Total Project Cost: $282,115; Tax Credits Awarded: $117,250 Contact: Matt Dunne, 802-436-4100, firstname.lastname@example.org