Governor Jim Douglas has announced the allocation of $1.7 million in tax credits for a dozen Vermont communities to assist in the renovation or repair of buildings in downtowns and village centers. Governor Douglas announced the projects approved by the Downtown Development Board for Downtown and Village Center State Tax Credits at a ceremony in Springfield the site of two approved projects.
These tax credits are especially important as we seek to rejuvenate Vermont s economy, Douglas said. The downtown tax credits support the redevelopment of older and historic buildings, and encourage the installation of sprinklers, elevators and other building upgrades.
In addition, public investments like these tax credits help spur job creation, both short and long-term, Douglas said.
The state tax credit program is available to older and historic buildings in designated downtowns and village centers, and is designed to work with the federal tax credit program to leverage a combined state-federal credit valued between 30 and 40 percent of eligible expenses.
These federal credits not only benefit the user, they boost state revenues from taxes on wages generated by new jobs and on sales of goods and services.
These projects help revitalize downtowns and village centers; preserve Vermont's historic buildings; enhance the tourism industry; and make good use of existing infrastructure while fighting sprawl, Douglas said.
In other business, the Downtown Development Board awarded Village Center Designation to the communities of Craftsbury Village, Craftsbury Common, Glover, West Glover, Upper Granville and Lower Granville.
The Vermont Downtown Development Board also awarded two downtown transportation grants one in the amount of $50,000 to Bellows Falls to improve pedestrian access and safety, streetscape improvements, and enhancement of the Bridge Street Bridge aesthetics, and $5,000 to the community of Newport for the design and installation of a way-finding signage system.
To date, 23 downtowns and 94 village centers are designated and all older and historic buildings in these designated areas are eligible for these investment incentives.
To become a Designated Downtown, communities must have both a downtown revitalization organization and demonstrate their commitment and capacity to support such a program, as well as meet several other requirements. Village Centers go through a similar, but abbreviated process.
Designated communities become eligible to compete for funding for building rehabilitation and safety improvements, and transportation projects.
2009 Downtown and Village Center State Tax Credits
Brandon / Seminary Hill School, Tax Credit: $139,350 Total Project Cost: $3,350,000
The tax credits will help put Brandon High School vacant and deteriorating for nearly 30 years -- back into service as nine residences and studio/offices. The building will be returned to their 1916 appearance and the failing roof structure will be replaced with one that can support solar arrays, a green (planted) roof, water storage, and a wind turbine. An elevator will be installed and all mechanical and electrical systems will be brought up to code.
Putney / Village Store, Tax Credit: $93,750 Total Project Cost: $700,000
Substantially damaged by a fire in 2008, the tax credits will help continue Putney Historical Society s work to restore the general store that has anchored the town center for more than 200 years. The building was initially stabilized by dedicated efforts of community members, and financial assistance from Vermont s Community Development Program and the Preservation Trust of Vermont. The next phase will continue the rehabilitation to make the building ready to house a new store and upstairs tenants. Work will include a new code compliant electrical & fire alarm system, plumbing and heating systems, and ADA improvements, as well as a new sprinkler system on every level.
Craftsbury / Village School, Tax Credit: $137,500 Total Project Cost: $2,682,500
In the past year, Craftsbury has faced challenges and opportunities. The Craftsbury Historic General Store closed, the Inn on the Common was foreclosed, and an ever increasing number of homes are for sale; however, Sterling College is embarking on a building project supported by the state of Vermont; the Craftsbury Outdoor Center was acquired by a well-endowed non-profit, ensuring its long-term viability; and Pete's Greens continues to grow, innovate and attract attention. With the help of the tax credits, the renovation of the Academy building will make it a symbol of community renewal. The community s economic base - driven by recreation-based tourism, education, agriculture and the arts will also benefit by continued access to much improved and code compliant space in the most beautiful historic building on the Common.
Barre / Beck & Beck Granite Shed, Tax Credit: $93,713 Total Project Cost: $1,063,769
Collaboration between the ReStore and ReCycle will help ReCycle North clean up building contamination and convert the dilapidated and largely vacant Beck & Beck granite shed into classrooms for training workers to repair and reuse and goods and materials that would have otherwise gone to the landfill.
Brattleboro / Barber Building, Tax Credit: $96,700 Total Project Cost: $533,400
The Barber Building is home of Sam s Outdoor Outfitters. Sam s is a third generation Vermont-owned family business and opened its doors in 1932 as an Army & Navy surplus store. Not only is the building home of the town s most important retailers, it is one of the largest downtown apartment buildings, housing 53 units of affordable housing. The tax credits will help bring the building up to code and protect the entire building with a sprinkler system. Since the devastating Wilder Block fire of 2004, the town and local firefighters have actively promoted and worked hard to raise awareness of the tax incentives and the importance of sprinkler systems in protecting life and property and the vitality of downtown.
Hardwick / Hardwick Inn, Tax Credit: $192,000 Total Project Cost: $1,225,000
Hardwick has undergone a major transformation after two significant fires struck the downtown district over the last five years. The fires left several buildings in need of reconstruction, and a once thriving downtown looking abandoned. Today, Hardwick is coming alive again, with the tax credit-supported revitalization of the Bemis Block, neighboring 1874 Building, and other buildings, bringing in new apartments and commercial space that are filling up fast. This project (along with the Marshall Block below) maintains this momentum with the complete restoration of the long vacant 12,000 square foot building. Upon completion it will provide much needed commercial retail and office spaces downtown. Renovations include a new elevator and sprinkler system. Electrical, plumbing, and heating systems will be brought up to code and modern standards while maintaining the historic character of the building.
Hardwick / Marshall Block, Tax Credit: $82,949 Total Project Cost: $600,000
Prominently located at the intersection of Routes 14 and 15, the Marshall block was one of the last three remaining commercial buildings in downtown, but near collapse. The tax credits will restore the façade of the building to historic appearance and bring the building into compliance with code. The building will provide six units of affordable housing on the upper floors and two commercial units on the ground floor.
Readsboro / Bullock Building, Tax Credit: $108,750 Total Project Cost: $2,066,621
The historic Bullock Building is an 1880 s three-story, French Second Empire wood frame building in the village center. The building nearly 15, 000 sq. ft. is currently condemned and has been a monumental eyesore in the center of town for the last decade or more. For several years, Readsboro Hometown Redevelopment, Inc. (RHR) has been developing a plan for the acquisition and rehabilitation of this important landmark for mixed use community purposes. With the help of the tax credits, the building will be rehabilitated to house community, retail and office space on the ground floors with the upper floors serving as combination of housing and office space. Upon completion, the entire exterior and interior of the building will be restored, fire, electrical and plumbing systems brought up to code, and an elevator and sprinkler system installed.
St. Albans / Former Fishman s Store, Tax Credit: $195,000 Total Project Cost: $1,500,000
The tax credits will support the rehabilitation of the vacant and inhabitable 2nd and 3rd floors of the former Fishman s Store into 7 retail spaces and 14 fully furnished short-term or extended stay apartments/suites for tourists, business travelers and visitors to the St. Albans region. A new elevator and sprinkler system will be installed and electrical, plumbing, and heating systems will be brought up to code.
St. Johnsbury / Catamount Arts, Tax Credit: $163,500 Total Project Cost: $970,000
When it was opened in 1912, the Masonic Temple of St. Johnsbury was the largest and grandest Masonic building in the state with more than 700 members. In a generous gesture intended to benefit the entire community, the Masonic Lodge gave this showplace building to Catamount in 2005, in return for a no-cost lease in perpetuity of the top floor, which continues to be used as the Lodge meeting place. With the help of the tax credits, Catamount Arts embarked on a major construction project to transform the lower two floors into a Community Arts Center with two movie theaters, class room, performance and gallery space for arts education. An elevator was installed and the building was brought up to code with a lion s share of the rehabilitation work done by the St. Johnsbury Academy Building Trades and Electricity Programs and the St. Johnsbury Work Camp participants.
St. Johnsbury / 1867 Building, Tax Credit: $50,000 Total Project Cost: $765,000
It is one of the few remaining wood-framed, non-masonry historical structures in town. The Gilman Housing Trust and Umbrella, a private, nonprofit organization that offers childcare and domestic and sexual violence programs to the Northeast Kingdom, will use the credit to support rehab work. This will provide handicap access to the residential 2nd and 3rd floors with the installation of an elevator/stair tower. The building will be used to provide transitional housing to women made homeless as a result of their partner s abuse and give them a safe place to get back on their feet, keep or find employment, and provide safety and support to their children.
Springfield/The Cobb & Derby Mill, Tax Credit: $60,000 Total Project Cost: $163,000
The Cobb and Derby Mill, or Springfield Mill as it was originally called, was built as a gristmill in 1882 by William Cobb and Granville Derby, dealers in flour, feed, and grain. The tax credit will help offset the cost of a new sprinkler system that will allow use of the upper floors as housing and retail space.
Springfield/Ellis Block, Tax Credit: $209,200 Total Project Cost: $3,050,800
The landmark Ellis Block, built in 1904, was gutted in a fire on July 8, 2008, leaving 40 people homeless and shutting down the Springfield movie theater. The theater attracted national attention in 2007 when it hosted the world premiere of "The Simpsons Movie." The tax credits will help reopen the theater with an additional screen and expanded lobby area and create nine units of affordable housing in the upper floors. The entire building will be brought up to code.
Windsor/ Evarts House, Tax Credit: $45,000 Total Project Cost: $450,000
This project involves the rehabilitation of the former home of William Maxwell Evarts a US Attorney General, and the man who represented President Johnson at his impeachment trial and Maxwell Perkins, the editor of Ernest Hemingway, Thomas Wolfe, and F. Scott Fitzgerald. Until 2005, 26 Main Street was still in the Evarts/Perkins family, but had fallen victim to time and the cost of upkeep. The tax credits underwrite general rehabilitation along with the installation of a sprinkler and alarm system that brings the upper floors back in to use. Upon completion, the former residence will serve as a nine bedroom Inn.
Vergennes / Vergennes Opera House, Tax Credit: $32,588 Total Project Cost: $65,176
The Vergennes Opera House is an important part of Vermont s grand tradition of community-based Opera Houses that served, historically, as cultural centers and performing arts facilities throughout the state. Built in 1897 by, and for the people of Vergennes, it cost $12,000 and took one year to complete. By the early 1970 s the Opera House had fallen into a bad state of disrepair and was closed. It stayed in darkness for 24 years until a group of volunteers decided to raise money to save it. The Opera House proudly reopened its doors in July 1997 and is widely credited with catalyzing the subsequent downtown revitalization; however, recent changes in Vermont Fire Safety Code required the installation of sprinkler system and the tax credit will allow the Opera House continue to operate and support a full range of community and artistic events.
Source: Governor Douglas' office. July 31, 2009