Governor Scott Announces First Approved Capital Investment Program Project Applications
Vermont Business Magazine Governor Phil Scott and the Agency of Commerce and Community Development (ACCD) today announced the first wave of approved grant applications to support community recovery and revitalization through the Capital Investment Program (CIP). The program aims to strengthen communities by reversing the harm caused by the COVID-19 pandemic through assistance with capital investments that will help businesses to recover, retain existing jobs and spur economic growth.
This first round of 16 approved applicants, following a multi-step evaluation and approval process, grants $3 million to projects in six different counties, across multiple sectors, including housing improvements for low- and moderate-income households, arts and culture, outdoor recreation, accommodation and food service, health care, food distribution and agriculture.
“My administration remains focused on our continued economic recovery and increasing economic equity from region to region to help communities recover stronger than they were before the pandemic,” said Governor Scott. “These grants will help businesses and organizations critical to their communities survive and grow, and we look forward to seeing more projects like these come to fruition in the years ahead. This is why I advocated for additional funding this legislative session and I am grateful the legislature worked with us to further fund our economic recovery and revitalization efforts.”
The program, first proposed by the Scott Administration and passed by the Legislature in 2021 through Act 74, is funded through the American Rescue Plan Act (ARPA). Additional applicants will be awarded the remaining $7 million in the coming weeks, for a total of approximately $10.5 million allocated to the program.
“These approved applications represent projects that will help impacted industries recover and provide assistance to households, while also working to revitalize and strengthen our communities moving forward,” said Department of Economic Development Commissioner Joan Goldstein. “We look forward to approving more projects in the coming weeks and bolstering this program with new funding just approved this legislative session.”
For the full list of approved applications, visit the CIP website. A sample of approved applications include:
- Central Vermont Habitat for Humanity (Barre)
- Complete repairs on homes of income qualifying homeowners.
- Total project cost: $378,000
- CIP Grant Support: $39,475
- Northern Stage Theater (White River Junction)
- Rehabilitate a building to house performers for theatrical performances by expanding their facilities, which was delayed due to the pandemic.
- Total project cost: 7,504,416
- CIP grant support: $417,621
- Paramount Center, Inc. (Rutland)
- Renovate the Paramount Theatre and the adjacent four-story Richardson building.
- Total project cost: $5,500,000
- CIP grant support: $345,462
- Maple Corner Community Store (Calais)
- Purchase ventilation equipment and expand outdoor seating to re-open the Whammy Bar post-COVID.
- Total project cost: $200,000
- CIP grant support: $10,615
“The pandemic and resulting economic forces have all but depleted our region's housing supply. This investment in housing will allow Northern Stage to survive and thrive through the pandemic and remain one of the major economic engines in our village,” said Northern Stage Managing Director Irene Green. “Once the development is complete, we will be able to put 10% of our operating budget back into education and artistic programming on an annual basis and give 15 rental units that we currently occupy year-round back to our community. It's a win-win-win, and we are so grateful to the state of Vermont for partnering with us to make this project possible.”
“Our project is about the future,” said Paramount Theatre Executive Director Eric Mallette. “The future of The Paramount and the future of the Rutland region. An even more vibrant Paramount will encourage population growth and business development resulting in wide-reaching, positive socioeconomic impacts. As we navigate a post-pandemic environment, investments like this one via the Capital Investment Program, are critical to not only our region’s immediate fiscal and morale health, but its continued growth far into the future.”
The application period closed in December of 2021, and in January of 2022 the U.S. Department of the Treasury released their final rule for how ARPA recovery dollars could be spent. That final rule required additional review of all applications to ensure grants fell within allowable uses.
Additional applications remain under review for use of the remaining $7 million and will be announced as they are approved. In addition to the $10 million allocated for the CIP, the S.11 bill signed by the Governor on June 8, 2022, appropriates an additional $40 million in ARPA funding to create the Community Recovery and Revitalization grant program. This program will be similar to the existing CIP and further details will be made available in the coming months.
6.10.2022. Montpelier, Vt. – Governor